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. A directory of these funds can be found at the National Council of State Housing Agencies website with each fund listed by location and investment focus.
The City's OZ's are located at Census Tract #370010203.00 and #370010208.01 and are outlined in the image below. Census Tract 208 straddles Interstate 40/85 and is largely taken up by Burlington's industrial district below the interstate. This Census Tract also has Burlington's Maple Avenue Corridor Plan area of study and suggests the redevelopment of two catalyst sites primed for light industrial, mixed use, and multi-family development. Census Tract 203 is in Burlington's Northeast corner and is highlighted by the Western Electric catalyst site. The redevelopment of Western Electric, Cum Park Plaza, and other properties in the district are a high priority for the City. If you have any questions on Burlington's Opportunity Zones, local Funds, or potential projects please contact Director Peter Bishop at 336-222-5147 or PBishop@BurlingtonNC.gov.