Philadelphia Opportunity Zones
Opportunities For Equity
The federal Opportunity Zone program, passed as part of the Tax Cuts and Jobs Act of 2017, empowered cities and states to nominate historically underserved census tracts as targets for investment. Investors in those tracts can claim significant potential savings on taxes from asset sales.
Philadelphia has experienced 11 straight years of population growth. At the same time, Philadelphia's cost of living remains significantly lower than its peer northeast cities. Philadelphia offers an ideal opportunity for additional growth and value creation that investors are seeking. The city has proven to be a prime incubator for culture, entrepreneurism, innovation, civic engagement, and diversity. More than 45 million people live within 200 miles, putting Philadelphia at the core of the country's most densely populated region.
Development has expanded beyond Center City Philadelphia into the Opportunity Zone communities of North Broad and West Philadelphia, with 43 major development projects happening right now. While this development is important to growing Philadelphia, we are working hard to ensure that all residents have access to quality housing. According to the City's Housing Action Plan, we have produced or preserved over 16,000 housing units with 73% impacting low income and affordable housing.
Note: The above information came from About page.
In The News
- Experts: Biden Should Continue HUD's Opportunity Zones--Created 500K Jobs, Decreased Poverty, Breitbart News, January 14, 2021.
- Sen. Tim Scott: Opportunity Zones are really working, Washington Examiner, October 18, 2019.
- Philly developers start cashing in on Trump tax break, as 'opportunity zone'-funded projects advance, Philadelphia Inquirer, April 5, 2019.
- Will Trump's 'Opportunity Zone' tax break help residents along North Broad — or push them out?, Philadelphia Inquirer, December 14, 2018.
Info
- Description: Federal Opportunity Zone Program (at Pennsylvania Housing Finance Agency)
- List of Zones: Final Federal Opportunity Zones Spreadsheet (in Pennsylvania, by county, PDF)
- Tract ID Numbers: Census Tracts (at Open Data Philly)
- Twitter: @PhillyOppZones
- YouTube: Philadelphia Opportunity Zones
