Treasury Department announces Qualified Opportunity Zones in Arizona

Today, the Treasury Department designated qualified Opportunity Zones in Arizona (see maps below), the first such designations made after the creation of the areas by the Tax Cuts and Jobs Act of 2017, which passed late last year H.R. 1 , in addition to zones in 14 other states, and three U.S. territories. 

"Opportunity Zones are a new community investment tool designed to drive long-term capital to rural and low-income urban communities, allowing for funders to invest in these zones in order to defer tax on prior gains."

These Opportunity Zones are a new community investment tool designed to drive long-term capital to rural and low-income urban communities throughout the nation, and allow Investors in qualified opportunity funds that make investment in qualified OZs to defer tax on prior gains. Today, trillions of dollars in unrealized capital gains are held in stocks and mutual funds alone. This capital could soon be invested in O Funds to uplift local economies throughout the nation. States were required to submit their qualified OZ nominations by March 21 or to request a 30-day extension and today’s designations are for the states and territories that submitted by the March 21 deadline. 

>>> Click maps to enlarge and download 

The Opportunity Zone Program must go through the formal rule-making process before the program can be finalized and investments can be made. The Treasury Department must first propose a structure for implementing the new rule, after which the agency will issue a notice of proposed rule-making and will request public comments on the proposal. Upon reviewing the comments and making any necessary changes to the rule, Treasury will issue a final rule that formally sets up the Opportunity Zone Program.  

This presents an advocacy opportunity for the Arizona Housing Coalition and its members! We support Opportunity Zones as an innovative approach to unlocking private investment to benefit Arizona’s rural and low income urban communities. We look forward to providing comments on behalf of our membership to the Treasury to help ensure that the Opportunity Zone Program is structure to support reinvestment in our local communities, primarily in the form of housing.  

Stay tuned for more details as they become available.

DON'T MISS OUT: Let's talk housing and health care

Join our friends at the Arizona Partnership for Healthy Communities, learn more about the intersection of health and housing, and what's being done in Arizona to bring together experts from all fields to address the complexities of how social determinants of health are impacting our communities at an upcoming networking breakfast and panel discussion about housing and health in Arizona.   

Housing & Health: Panel Discussion 
Thursday, April 12th 
8:30-10:15am Mountain Park Health Center
1840 E. Broadway Road, Tempe, AZ 85281

Our health is inextricably tied to where we live. Having access to stable, affordable homes in healthy communities can lead to better health outcomes. Learn what organizations are doing in Arizona to help bridge the gap between housing and health.

Panelists will include:

  • Jon Ford, Vitalyst Health Foundation (moderator)
  • Andrea Bell, Mercy Maricopa Integrated Care
  • Diana "Dede" Yazzie Devine, Native American Connections
  • Dr. Punam Ohri-Vachaspati, Professor, Arizona State University's School of Nutrition and Health Promotion

8:30-9:00am: Breakfast & networking

9:00-10:15am: Panel discussion

10:30-11:00am: Tour of new Mountain Park Health Center (optional)

Following the panel discussion, there will be time for Q&A and a tour of the newly opened Tempe campus of Mountain Park Health Center. 

This event is co-sponsored by the Arizona Partnership for Healthy Communities and ASU's Stardust Center for Affordable Homes and the Family.