and is development occurring in their boundaries?
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and is development occurring in their boundaries?
I doubt much is happening yet; opportunity zone funds are just getting rolling as I don't think the final IRS regs are out.Quote:
Originally Posted by David L
But the map does exist. https://data.detroitmi.gov/Property-...ones/ryzr-nwzf
I'm going to be interested to see we see any difference in the east and west sides of Livernois below Pembroke, as I believe the east side is not in the zone while the west side is.
It covers a good deal of Detroit.
https://www.michigan.gov/documents/m...0_616755_7.pdf
This will be a really, really big deal when it gets going. If you invest in one of these with an appreciated asset [[i.e. sell a piece of real estate and buy one here), there is no cap gains tax at all after a 10 year hold. This could usher in some serious investment. Properties that can be spruced up will.
https://www.nytimes.com/2019/02/15/b...ntroversy.html
This is a recent story about how those with capital gains are trying to
invest in Opportunity Zones. Is anyone keeping track of what is
currently happening in the many Opportunity Zones in Detroit designated by former Governor Snyder?
Thanks.
Just to be clear, you get a deferral and a 15% discount on the pre-opportunity zone appreciation of the initial investment, and then no cap gains on what you earn on the opportunity zone investment if you hold for ten years. It is a good deal, but it will be interesting to see if actually results in anything significant other than tax avoidance. I hope so, but I'll wait and see. There are a lot of opportunity zones in places [[not just in Detroit) that would probably get significant investment anywayQuote:
Originally Posted by BankruptcyGuy
Just because you have an opportunity, doesn't mean you are empowered
Different zone, different meaning
https://data.detroitmi.gov/Governmen...Zone/x6ig-wfg4
There is a link here to a long essay in yesterday's paper about Opportunity Zones. It is longest story about this attempt to reinvigorate low income neighborhoods I have read recently. Clearly there are many individuals and firm with unrealized capital gains who wish to avoid capital gains taxes by investing in an opportunity zone. And, it appears, investors are
"cherry picking" their opportunity zones to invest in some that are
hardly impoverished urban neighborhood.
How will Detroit benefit? Do I recall reading that Mr. Hantz's firm will invest a couple of hundred million in new housing and commercial building in the Hantz farm area or am I confused?
https://www.nytimes.com/2019/02/15/b...sultPosition=1