In an article for Multifamily & Affordable Housing Business magazine, Scott Manning and Bruce Thompson explained how real estate developers, investors, and community leaders have a unique opportunity in the coming months to ensure that state officials appropriately designate low-income census tracts that will most benefit from investment dollars related to the federal Opportunity Zone program.

"Since the enactment of the program in 2017, Qualified Opportunity Zones across all 50 states, the District of Columbia, and U.S. territories have attracted significant private investment, fueling housing development, job creation and economic revitalization in underserved communities," they wrote. "With the current Opportunity Zone program set to sunset as of Dec. 31, 2026, recently enacted legislation expands and makes permanent Opportunity Zone tax benefits for investments made on or after Jan. 1, 2027, into newly designated Qualified Opportunity Zones."

"Beginning on July 1, 2026, the governor of each state may nominate up to 25 percent of the state’s low-income communities for designation as new Qualified Opportunity Zones effective Jan. 1, 2027," they continued. "Consequently, multifamily and affordable housing developers — and the investors that support them — have a short window to provide elected leaders with insight as to the low-income communities that could benefit most from Opportunity Zone designation, particularly those where additional housing supply is both needed and economically viable."

Click here to read the full article: Opportunity Zone Program Presents Strategic Window for Multifamily and Affordable Housing Investment

Multifamily & Affordable Housing Business is a national magazine serving investors, developers, owners and operators, and other decision-makers in the multifamily and affordable housing sectors.