City of North Lauderdale Opportunity Zone
What Are Opportunity Zones?
Opportunity Zones are census tracts designated by the federal government, where investments receive preferential tax treatment under the Tax Cuts and Jobs Act of 2017. The idea is to encourage economic development and job creation in these areas by providing tax incentives.
What is an Opportunity Fund?
An Opportunity Fund is a new investment vehicle created as part of the Tax Cuts and Jobs Act of 2017 to incentivize investment in targeted communities called Opportunity Zones.
Why Invest in Opportunity Fund?
Qualified Opportunity Funds allow investors to defer federal taxes on capital gains until December 31, 2026. Investors can reduce their capital gains taxes by up to 15%, and if they hold the investment in the Opportunity Fund for 10 years, investors pay no taxes on gains earned on the new investment.
The City’s Role in the Opportunity Zone
The City’s role in the Opportunity Zones program is to connect Qualified Opportunity Zone Funding with eligible projects. The City will focus on fostering a relationship with commercial investors and developers to promote growth for existing businesses and residents.
Where is the Opportunity Zone in North Lauderdale?
Census tract (12011020412) is located on the west side of the City bordered by SW 81st Avenue on the west side and Rock Island on the east between north (Stranahan River) and south (Tam O’ Shanter Blvd.). The area is comprised of a variety of uses including neighborhoods, commercial establishments and schools. A four-story office building that was vacated by a single user, non-profit (Family Central) was recently sold, rehabilitated and is now 80% occupied by a variety of tenants, making it a successful reuse project. There are other commercial and residential properties that could benefit from this type of investment and also be put back on the market including a gas station, shopping center and smaller strip centers. Investors looking to generate an attractive return on investment while simultaneously effecting change and increasing the availability of affordable housing in the City’s opportunity zone will make a positive impact to the community.
Opportunity 360 Measurement Report
For More Information on Opportunity Zones
Please call the City of North Lauderdale’s Community Development at (954) 597-4739
Opportunity Zone News and Updates
Seizing on Opportunities in Opportunity Zones, May 24, 2019
Opportunity Zones Seen as Bonus Rather Than Driving Force on Deals, May 16, 2019
Will New Opportunity Zone Rules Propel an Office Boom? May 3, 2019
The 7 Most Important Things We Learned From The Latest IRS Opportunity Zone Regulations, April 22, 2019
IRS Releases Latest Round Of Opportunity Zone Regulations: Where Do We Stand Now?, April 17, 2019