Opportunity Zone Tax Incentive Hopes to Benefit Neighborhoods in Need
These zones include five areas in Duluth where investors can receive federal tax incentives for helping with development.
DULUTH, Minn. – Developers, community leaders, and employers gathered in Lincoln Park to learn about investing in new Opportunity Zones in the Northland.
These zones are areas in communities where investors can receive federal tax incentives for helping with development.
Duluth has five different zones and other towns around the Northland have them as well.
Eligible investments in these zones include commercial real estate, housing developments and operating businesses.
Investors can gain immediate benefits for building in designated neighborhoods that would benefit most from more development.
“These are designated neighborhoods who have a higher rate of poverty, have community needs, and they have been recognized by the federal government as zones for investment and for improving the quality of life,” said Pam Kramer, the executive director of Duluth Local Initiative Support Corporation (LISC).
One of the workshop’s panelists is head of Titanium Partners, a local real estate agency.
He’s already taken advantage of Opportunity Zones with the new Voyageur Lakewalk redevelopment site.
“This could be a game changer and force us as investors to look at communities like the Northland, like Duluth and makes it more competitive for us to stay home,” said the managing principal at Titanium Partners, Brian Forcier.
Investors are encouraged to look into Opportunity Zones as a form of social impact investing, which can not only benefit the investory, but transform neighborhoods and lives of people who live there as well.