Opportunity for All?
December 3, 2020
They’re cities of dreams. They’re the nation’s glamor capitals. But they’re attracting the lion’s share of Opportunity Zone funds meant to spark the economies of neighborhoods struck more by poverty than by fame.
Analysis published in September 2020 by tax break experts Novogradac found that investment in more than 800 Qualified Opportunity Funds (QOFs) tracked by the organization exceeded $12 billion, though the total amount in all QOFs was “undoubtedly more.” The White House Council of Economic Advisers put the total around $75 billion. But where are those funds targeted for action?
“QOFs can focus on a national, regional, state or city investment areas,” wrote Michael Novogradac, noting a pretty even split among those with a national, multi-city or single-city focus. Based on available information, California and New York are the leading states for QOF investment, driven by their star-struck cities.