Opportunity Zone Projects Take Off Around the Country
There’s been a lot of talk about Opportunity Zones and the opportunities they open for real estate investors since Congress passed the Tax Cuts and Jobs Act of 2017. The legislation provides tax incentives to real estate developers who invest at least 90% of their capital into low income urban or rural communities to fund affordable housing projects. The program is designed to encourage capital investment in regions that traditionally have trouble accessing it and to encourage growth throughout the country.
Investors are offered a sizable tax incentive for making the investment. These incentives include a temporary tax deferral for capital gains reinvested in an Opportunity Fund, a step-up in basis for capital gains reinvested in and Opportunity Fund, and a permanent exclusion from taxable income of capital gain from the sale or exchange of an investment in a qualified Opportunity Zone Fund.
Josh Friedensohn and Dave Codrea with Greenleaf Capital Partners, LLC are joining the first wave of real estate developers in the country to take advantage of the new Opportunity Zone initiative. Greenleaf Capital Partners, LLC will be investing in multi-family properties located within opportunity zones in the southeastern United States along the I-75 and I-85 corridors.
“Greenleaf currently owns and operates in most of the neighborhoods and now there are even more incentives to purchase and improve the communities for our residents while making our investors attractive returns,” said Josh Friedensohn of Greenleaf Capital Partners, LLC.
Investing in opportunity zones presents a variety of unique legal issues. Jason Powell, a Partner in Cara Stone, LLP’s Spokane, Washington office is working with Greenleaf Management, LLC on structuring the fund.
“Navigating the new regulations around Opportunity Zones can seem challenging,” said Powell, “but putting the right structure in place early allows organizations to invest safely and maximize their returns.”
As Opportunity Zone Funds continue to grow across the country, real estate developers and related investors will continue to monitor the impact of this program.
To learn more about Opportunity Zones or to talk about setting up an Opportunity Zone Fund, contact Jason Powell at jpowell@carastone.com.
About Greenleaf Management: Greenleaf is a real estate investment company founded in 2007, by Josh Friedensohn and Dave Codrea. Greenleaf has built an organization that strives on goal setting and dreaming big. Greenleaf operates by doing what is right for our residents first, while continually improving the communities it owns.
There’s been a lot of talk about Opportunity Zones and the opportunities they open for real estate investors since Congress passed the Tax Cuts and Jobs Act of 2017. The legislation provides tax incentives to real estate developers who invest at least 90% of their capital into low income urban or rural communities to fund affordable housing projects. The program is designed to encourage capital investment in regions that traditionally have trouble accessing it and to encourage growth throughout the country.
Investors are offered a sizable tax incentive for making the investment. These incentives include a temporary tax deferral for capital gains reinvested in an Opportunity Fund, a step-up in basis for capital gains reinvested in and Opportunity Fund, and a permanent exclusion from taxable income of capital gain from the sale or exchange of an investment in a qualified Opportunity Zone Fund.
Josh Friedensohn and Dave Codrea with Greenleaf Capital Partners, LLC are joining the first wave of real estate developers in the country to take advantage of the new Opportunity Zone initiative. Greenleaf Capital Partners, LLC will be investing in multi-family properties located within opportunity zones in the southeastern United States along the I-75 and I-85 corridors.
“Greenleaf currently owns and operates in most of the neighborhoods and now there are even more incentives to purchase and improve the communities for our residents while making our investors attractive returns,” said Josh Friedensohn of Greenleaf Capital Partners, LLC.
Investing in opportunity zones presents a variety of unique legal issues. Jason Powell, a Partner in Cara Stone, LLP’s Spokane, Washington office is working with Greenleaf Management, LLC on structuring the fund.
“Navigating the new regulations around Opportunity Zones can seem challenging,” said Powell, “but putting the right structure in place early allows organizations to invest safely and maximize their returns.”
As Opportunity Zone Funds continue to grow across the country, real estate developers and related investors will continue to monitor the impact of this program.
To learn more about Opportunity Zones or to talk about setting up an Opportunity Zone Fund, contact Jason Powell at jpowell@carastone.com.
About Greenleaf Management: Greenleaf is a real estate investment company founded in 2007, by Josh Friedensohn and Dave Codrea. Greenleaf has built an organization that strives on goal setting and dreaming big. Greenleaf operates by doing what is right for our residents first, while continually improving the communities it owns.
