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Opportunity Zones will spur new investment

Florida Senator Tim Scott is a big proponent of the program

Senator Tim Scott said yesterday that additional guidance on the Opportunity Zones program will be released soon. As we mentioned earlier this week, the program provides tax incentives in exchange for development in low-income areas.

Parameters: There have been discussions in the Office of Management and Budget as to whether areas with no residents will also qualify for the program, according to Bloomberg.

What comes next: Senator Scott believes that total investment in Opportunity Zones will near $100 billion in the next few years. Firms like Goldman Sachs, Normandy Real Estate Partners, EJF Capital, and RXR Realty are all raising funds for this specific strategy.

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