Governor Bob Ferguson announced that 99 low-income and rural communities in Washington state have been nominated for the federal Opportunity Zones 2.0 program, aimed at promoting private investment in economically distressed areas. This initiative provides tax incentives for investors and developers funding real estate and businesses in these zones.
The first generation of the program attracted about $100 billion in private investments nationwide. Among the 99 nominated areas, 36 are rural communities. Ferguson emphasized the potential of Washington as a business-friendly state.
Investors in rural Opportunity Funds can benefit from a 30% tax reduction over five years, compared to 10% for non-rural zones, and lesser capital improvements are required for eligibility.
Recent projects include the Peyton Lofts in Spokane, which will transform an old office building into a residential complex. Other completed developments include The Koz on MLK in Tacoma and Marina Square in Bremerton.
For more details, the full list of nominations can be viewed in the Summary OZ Dashboard.
