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How can our economic development agency attract more Opportunity Zone capital to our rural community?

Are there certain steps we can take to target investors for public and private sector capital?


Answers
  • Matthew Rappaport
    September 28, 2022

    I would suggest the following. First, see whether your municipality can offer its own incentives. This could include cutting red tape, tax incentives like PILOTs and stuff, exceptions to certain rules, and other perks. Second, consult your Governor's office and see if the State is willing to do anything on top of what your own municipality can do. Third, I would send a rep from your EDA to industry conferences and other events to let the sponsors and allied professionals know that you are open for business. I'd try to be specific about what types of businesses and real estate developments your municipality is suited for right this second. Workforce housing and agriculture businesses are two particularly popular rural initiatives in the OZ space. Best of luck with these efforts.

  • Marko Belej
    September 27, 2022

    As a first step, you will need to determine where your community has opportunity zones (OZ), if any. You can find this out on the HUD website. Once you have that, if you have any OZs, you can prepare maps showing the OZs and give them to potential investors in your community. You might also want to obtain brochures that summarize OZ benefits and pass them along to potential investors who may not be familiar with the OZ program.

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