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Opportunity Zone Workshop

PTRC is partnering with the Federal Reserve on a regional Opportunity Zone initiative.

Post Date:03/29/2019 1:13 PM
Opportunity zone meeting
On Thursday, March 28th, approximately 80 economic and community development representatives from across the Piedmont Triad gathered at the PTRC for an Opportunity Zone Workshop, co-hosted with the Federal Reserve Bank of Richmond.  

Participants learned about opportunity zone incentives and tax benefits for investors from Tara Sherbert of the Sherbert Group, a premier provider of accounting, tax, consulting, development, and management services to the real estate tax credit industry.  David Putnam, Strategic Initiatives Planner at the PTRC showcased a sample of local opportunity zones and potential projects in those zones.  Jeanne Bonds, Senior Manager of Community Development for the Federal Reserve Bank of Richmond then covered emerging best practices for successful implementation of opportunity zones at the local level.  

The Opportunity Zones incentive is a new community investment tool established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide. Opportunity Zones provide a tax incentive for investors to re-invest their unrealized capital gains into dedicated Opportunity Funds. The PTRC is the first council of governments in NC to work directly with the Federal Reserve on a regional Opportunity Zone initiative.  

A follow-up workshop to talk about potential projects within local opportunity zones and to establish financing packages is planned for June of 2019.     
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