Since there are Opportunity Zones that are also eligible for the New Markets Tax Credit program, how can funds take advantage of both programs? What are some good strategies?
You can do it if you separately meet the requirements of both programs. There is no relaxation of compliance requirements for a project if it tries to get both benefits. You will need to enlist the expertise of advisors who are familiar with both incentives.
I do a great deal of work in the NMTC and OZ spaces. The programs can certainly be used together.
Easy. Just apply. You can have both.
Another benefit of the Opportunity Zone program is that other incentives, such as New Market Tax Credits, can be used to develop property within an OZ. For communities wanting to encourage the development of projects within Opportunity Zones, this allows for additional public partnerships with developers and investors to layer multiple incentives for community development, job growth and increasing the tax base of that community.
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