Submit Opportunity Zones to Governor Holcomb – Deadline tomorrow!

What is an Opportunity Zone:

The Tax Cuts and Job Acts of 2017 established Opportunity Zones to spur long-term private sector investments in low-income urban and rural communities. Under this Act, governors from each state can designate up to 25 percent of the total number of low-income census tracts in a state as Opportunity Zones. Investments in these areas will benefit from tax incentives. The program establishes Opportunity Zones as a mechanism through which investors with capital gains tax liabilities across the country may receive preferential tax treatment for investing in Opportunity Funds certified by the U.S Treasury Department. Opportunity Funds use the capital invested to make equity investments in businesses and real estate on Opportunity Zones designated by each state.

How will the Opportunity Zones be determined?

Governor Holcomb will nominate up to 156 census tracts with the help of a group of advisors from around the State. Census tracts will be selected based on a combination of factors, including existing economic development programs and local coordination of efforts, demographic data, likelihood of attracting short- and long-term investment, growing industry sectors within the community, and recommendations and information submitted through the online application below.

What census tracts will have the greatest impact?

In 2017 alone, National LISC raised and deployed approximately $1.3 billion of capital into low-income urban and rural communities – including close to $1 billion that utilized federal Low Income Housing Tax Credits and New Markets Tax Credits. Based upon our significant experience in deploying federal, state and local resources for targeted economic development, including resources raised through tax incentives, we feel the best approach to identifying Opportunity Zones is to concentrate investments in targeted neighborhoods or rural communities that have established, targeted initiatives that are part of an existing strategy for economic revitalization. These census tracts are characterized by “severe economic distress” including a poverty rate of greater than 30%, with a median family income of less than 60% of the applicable area median family income, or with an unemployment rate greater than 1.5 times the national average.

Below are the census tracts LISC Indianapolis is recommending as Opportunity Zones:

NEAR EASTSIDE
18097352400, 18097352500, 18097352600, 18097352700, 18097352800, 18097354500, 18097354700, 18097354800, 18097354900, 18097355000, 18097355600, 18097355700, 18097355300, 18097355100, 18097355400
 
NORTHEAST CORRIDOR

18097390500, 18097351900, 18097322600, 18097350600, 18097350700, 18097350800, 18097322500, 18097330500, 18097322700, 18097322500, 18097321600, 18097351700, 18097390900

MIDNORTH

18097350300, 18097350400, 18097350900, 18097351000, 18097322000, 18097351500

NORTHWEST CORRIDOR
18097350100, 18097351200, 18097353600, 18097340500, 18097353500, 18097340600
NEAR WESTSIDE
18097341600, 18097356400, 18097340600, 18097341200, 18097341200, 18097340600
SOUTHEAST
18097357100, 18097357200, 18097357300, 18097357400, 18097355500
SOUTH INDY
18097356900, 18097357800, 18097357900, 18097357600, 18097380300, 18097380200
INTERNATIONAL MARKETPLACE
18097310306, 18097310312, 18097340400, 18097310305
How can I submit a census tract for consideration to become an Opportunity Zone?
Recommendations from the public must be submitted on the below application no later than this Friday, March 23. Click the Submit Application button below to start the process. Please remember, you must include the full 11-digit census tract number.