Chapel Hill Secures Opportunity Zone for Investment in Chapel Hill
The Town of Chapel Hill today (Thursday, Feb. 28) announced that the census tract near Martin Luther King Jr. Boulevard and N. Estes Drive has received designation as an Opportunity Zone. Created by recently passed federal tax legislation known as The Tax Cuts and Jobs Act (H.R.1), Opportunity Zones are part of a new program intended to attract investment capital into low-income areas.
North Carolina Opportunity Zones will offer qualified investors certain tax benefits when they invest unrealized capital gains into designated Opportunity Funds.
“We saw this as an opening to see new investment in our community,” said Town of Chapel Hill Economic Development Officer Dwight Bassett. “We believe that we will continue to see investment stimulated by this zone and improvements to the quality for life for our residents.”
In spring 2018, Chapel Hill Economic Development staff submitted an application to the NC Department of Commerce to have one of two eligible census tracts designated as an Opportunity Zone. The zone application was approved in May 2018, and the Town has already received multiple inquiries about the opportunity to use the tax benefits this new program offers.
Chapel Hill has one pending project dependent on the benefit of being in the Opportunity Zone and others under consideration.
Chapel Hill Economic Development staff created a web page to help inform those who are interested: https://www.open2.biz/opportunity-zone.
For more information, contact the Town’s Economic Development division at 919-968-5010 or firstname.lastname@example.org