Opportunity Zones (OZs) are federally designated, economically distressed communities where new investments can qualify for special tax benefits. Created by the Tax Cuts and Jobs Act of 2017, the program’s goal is to spur economic growth in underserved areas by incentivizing investors to reinvest capital gains into projects in these zones. There are over 8,700 Opportunity Zones across the U.S., spanning all 50 states, D.C., and territories. Under the program, investors can defer and reduce taxes on prior gains and potentially eliminate tax on future appreciation, making OZs a powerful tool for both community development and tax planning.
Now in 2025, Opportunity Zones remain highly relevant. Since inception, OZs have attracted nearly $100 billion in private capital, financing projects from affordable housing to new businesses and infrastructure. These investments have brought jobs and revitalization to many communities that had seen little private investment for decades. With key tax deadlines approaching (like the end of 2026 date for deferred gains) and policymakers debating extensions, 2025 is a pivotal year for the program. Below, we explore recent legislative updates, current investment strategies, tax considerations, and what the future may hold for Opportunity Zones.
Legislative and Policy Updates
Recent changes in Opportunity Zone regulations and tax incentives: The fundamental rules of the Opportunity Zone program established in 2017 have largely remained consistent through 2025. However, some aspects of the incentive have evolved due to timing. Notably, the bonus tax benefits for early investors have now phased out – investors who started by 2019 or 2020 enjoyed a 15% or 10% reduction in the deferred gain, but those breaks are no longer available for new investments made in 2025. The core tax advantages (deferral of capital gains and tax-free growth after a 10-year hold) remain in place. In terms of regulations, the IRS issued final guidelines in late 2019 and additional clarifications in 2020, so by 2025 the program’s mechanics are well defined. No major new rules have been introduced in the past couple of years, but investors and fund managers are now operating with the understanding that some benefits are time-sensitive.
Expiring provisions and potential extensions in 2025: Under current law, the latest date to defer an eligible capital gain into an Opportunity Zone investment is December 31, 2026 – after that, any remaining deferred gain must be recognized and taxed. This impending “end” of the deferral period in 2026 is on the minds of investors and lawmakers alike. To address this, a bipartisan effort is underway to extend the program’s key deadlines. The Opportunity Zones Transparency, Extension, and Improvement Act (H.R. 5761) was introduced in Congress, proposing to push the deferral cutoff from 2026 to 2028. Such an extension would give investors two additional years to roll over gains and would align with the fact that initial implementation of OZ rules was slow. This legislation also seeks to reinstate some lapsed incentives and refine zone designations (for example, phasing out a few census tracts that have become high-income). As of 2025, the bill has broad support from both Democrats and Republicans, but it had not passed in the previous session. Many observers expect that after the 2024 elections, Congress will take up this extension, possibly as part of a broader tax package, to ensure the Opportunity Zone program continues strong through the latter 2020s.
Government-backed initiatives to enhance Opportunity Zone effectiveness: Beyond legislation, there’s a push to ensure OZ investments truly benefit the communities in need. One major initiative is improving transparency and reporting. Originally, the OZ law lacked strict reporting requirements, making it hard to track outcomes. Regulators and lawmakers are moving to change that – the proposed extension bill would mandate that funds report data on their investments, and the Treasury Department could begin releasing more information on the types and locations of projects. This helps policymakers evaluate success and adjust policy if needed. Additionally, the government is encouraging impact-focused investments. For instance, federal and state agencies have highlighted Opportunity Zones in programs for affordable housing, small business development, and infrastructure, effectively steering additional support to projects in OZ communities. Some states have even introduced their own tax credits or grants to pair with OZ funds for local priorities like affordable housing. Another idea on the table is allowing “early sunsetting” of zones that are no longer economically distressed (and replacing them with new zones that meet the criteria in 2025), to refocus the incentive on areas that genuinely need help. While not yet implemented, these policy discussions in 2025 show a commitment to refining Opportunity Zones so that they deliver meaningful, equitable development alongside the tax benefits.
Investment Strategies in 2025
Why investors are still interested in OZs: Even as the timeline for some tax perks winds down, investors in 2025 continue to seek out Opportunity Zone deals. The primary draw is the long-term tax-free growth potential. An investor with a significant capital gain (from selling stocks, real estate, a business, or even cryptocurrency) can reinvest that gain into an Opportunity Zone and defer paying taxes on it until the end of 2026. More importantly, if that OZ investment is held for at least 10 years, any profit on that new investment can be completely free of federal capital gains tax. This 10-year benefit is increasingly the main reason investors participate now – it can drastically boost after-tax returns on projects that appreciate substantially over a decade. Additionally, many investors have gains from the past couple of years that they still want to shelter. By 2025, some early birds have already realized successes (exiting OZ investments with no tax on the gains), which demonstrates the strategy’s effectiveness. Seeing those outcomes, new investors are motivated to jump in while the program is active. Finally, Opportunity Zones offer a chance to diversify investment portfolios: they often involve real estate developments or operating businesses in emerging neighborhoods, which can provide returns uncorrelated with the stock market. The combination of tax advantages and solid investment fundamentals keeps OZs attractive in 2025, especially for patient, long-term investors.
Best-performing states and cities for Opportunity Zone investments: Over the past few years, certain regions have stood out for their robust Opportunity Zone activity. Sunbelt states such as Florida, Texas, and Arizona have been leaders, thanks to strong population and job growth creating demand for new development. Cities like Austin, Dallas, Miami, and Phoenix have multiple Opportunity Zone projects underway, ranging from apartment communities to tech office campuses. On the West Coast, parts of Silicon Valley and Los Angeles that qualified as OZs attracted major investments – for example, downtown San Jose, CA (which has several OZ tracts) saw significant capital infusions through funds focusing on high-density projects there. In the Northeast, areas of New York City (like parts of the Bronx and Brooklyn) and Washington, D.C. have utilized OZ funding to complement large redevelopment plans. Beyond the usual big markets, some Midwestern and Southern cities have also shined. Nashville, Tennessee and Raleigh, North Carolina, for instance, combined their strong local economies with OZ incentives to draw investors to up-and-coming neighborhoods. It’s worth noting that states which fully conform with the federal OZ tax benefits have seen more activity than those that don’t offer a state-level tax break. (For example, California does not provide a state tax deferral for OZ investments, which slightly dampened OZ participation there compared to, say, Florida where investors get the full benefit with no state income tax concerns.) Overall, by 2025 the “best” locations for OZ investments tend to be those that were already on a growth trajectory – Opportunity Zones in thriving metro areas or strategic locations have delivered the strongest returns, validating that marrying a tax incentive with fundamentally sound markets is a recipe for success.
Case studies of successful Opportunity Zone developments: One notable success story is Erie, Pennsylvania, a midsize city that embraced the Opportunity Zone program early on. Erie, which had one of the poorest zip codes in the state, designated several downtown tracts as OZs and formed a local development corporation to attract investors. The result has been a downtown revival: historic buildings were renovated into mixed-use apartments and storefronts, new businesses opened, and even a long-awaited grocery store was built in an area that was a food desert. Over $100 million in OZ-driven investment has helped create new housing units, jobs, and renewed optimism in Erie’s urban core. Another example is in Silicon Valley – the Urban Catalyst Opportunity Fund focused on San Jose raised capital from investors across the country and is developing multiple projects, including hundreds of units of housing, office space, and a hotel in downtown San Jose’s Opportunity Zone. These projects are transforming underused parcels into vibrant new buildings, and investors are poised to benefit from the area’s growth with the added bonus of OZ tax treatment. In Detroit, Michigan, Opportunity Zone funding has been used to rehabilitate blighted properties into affordable housing. One project converted a set of vacant homes into quality rentals for low-income families, leveraging OZ equity along with other incentives to make the numbers work. This has provided much-needed housing while giving investors a reasonable return supported by tax benefits. These case studies demonstrate the dual potential of Opportunity Zones: in Erie and Detroit, the community wins with redevelopment and services, and in San Jose, a booming tech city, investors are channeling capital into fast-growing neighborhoods. In all cases, the OZ incentives helped tip the balance toward investing in areas that might have been overlooked, proving the concept can work when local vision and investor interest align.
Tax Benefits and Compliance Considerations
Opportunity Zone investments come with significant tax advantages, but taking full advantage of them requires understanding the rules and staying in compliance with IRS requirements. Here are the key benefits and some important considerations for investors in 2025:
- Capital gains deferral: If you have profits from selling an asset (stocks, real estate, a business, etc.), you can reinvest the gain amount into a Qualified Opportunity Fund and defer paying capital gains tax on that profit. The deferral lasts until December 31, 2026 under current law (or until you sell the OZ investment, if that comes first). This means you get to use money that would have otherwise gone to taxes to earn potential returns for several years.
- Reduction of the deferred gain: Investors who entered the program earlier benefited from this – originally a 10% to 15% reduction of the taxable gain was available after certain holding periods (essentially a tax basis increase on the deferred gain). However, because those holding period milestones (5 years and 7 years) must occur by end of 2026, new investments made in 2025 will not be held long enough to qualify for any reduction before the 2026 taxation event. In short, as a 2025 investor you shouldn’t expect the 10% haircut on the initial gain (that ship has sailed), but you still get the deferral and the next benefit below.
- Tax-free growth on new investment gains: The crown jewel of Opportunity Zones is that after you hold the investment for at least 10 years, any appreciation in value is not subject to federal capital gains tax when you exit. For example, if you invest $500,000 of capital gains into an OZ project in 2025 and by 2035 that investment is worth $1 million, the $500,000 of growth can be entirely tax-free. This benefit continues to apply to investments made now (and is available as long as the investment is made before the zones expire and held for 10+ years, potentially up to 2047 under current rules). This long-term exclusion is what makes Opportunity Zones so attractive for generational investments.
Key IRS compliance requirements: To secure these tax benefits, investors must follow several IRS rules carefully. First, the 180-day rule: after you realize a capital gain, you generally have 180 days to invest that gain into a Qualified Opportunity Fund (QOF) to be eligible for deferral. Missing this window means the opportunity is lost for that gain. Next, the investment must be made through a QOF – this is a special purpose entity (partnership or corporation) that self-certifies with the IRS and must hold at least 90% of its assets in qualified Opportunity Zone property. The QOF, in turn, has its own timelines: it needs to deploy your money into actual OZ projects or businesses within certain periods (generally within 6-12 months) and must periodically meet the 90% asset test. If the QOF is investing in real estate, there is a requirement to either build new or “substantially improve” existing property – for instance, if a fund buys an older building, it must spend an amount equal to the building’s purchase price on improvements within 30 months to qualify (land doesn’t count, only the building value). For operating business investments, the businesses need to derive at least 50% of their income from active conduct in the zone and use a substantial portion of their assets within the zone. Investors should also be aware of compliance paperwork: you’ll need to file forms (such as IRS Form 8949 and Form 8997) with your tax return to report your deferred gain and OZ investments each year. Essentially, the Opportunity Zone deal has to stay within the boundaries of the law for the entire holding period – if at any point the fund fails the requirements (for example, not enough assets in OZ property), there can be penalties and the investor could potentially lose the tax benefits. Therefore, it’s crucial to either have a fund manager who is meticulous about compliance or, if you’re self-directing an investment, to have good legal/tax advisors guiding you.
Common mistakes investors should avoid: Even savvy investors can slip up on the technicalities. Here are some frequent mistakes to watch out for:
- Missing the 180-day deadline – If you wait too long after a sale to decide to invest in an Opportunity Zone, you might miss the window and forfeit the deferral opportunity. Mark that deadline on your calendar as soon as you realize a big gain.
- Investing non-gain money into a QOF – Only capital gains are eligible for the special tax treatment. If you invest other savings (which you can, as there’s no prohibition), that portion won’t get the deferral or exclusion benefit. Some investors mistakenly think any money in an OZ fund is magic – it’s only the portion that came from a prior gain that gets the perks.
- Not completing substantial improvement – If you buy property in an OZ that already exists (as opposed to building new), you must essentially double your basis in the building within 30 months. Failing to do so means the property won’t qualify, and your QOF could fall out of compliance. This is a risk for fix-and-flip style projects; you really need a solid plan to deploy enough capital in improvements on time.
- Exiting too early – Selling your OZ investment before reaching the 10-year mark (and in some cases even before 5 or 7 years) means you won’t get the full benefits. Some investors sold, not realizing that by doing so in, say, 2025 they triggered the deferred gain tax immediately and gave up future tax-free growth. Opportunity Zones are designed for patience; early exits can undermine the whole point.
- Ignoring state tax implications – As mentioned, not all states conform to the federal OZ rules. For example, in states like California, you still owe state tax on the original gain even if it’s deferred federally. Always check how your state treats Opportunity Zone investments so you aren’t surprised by a state tax bill or compliance requirement.
Opportunity Zone Funds: A Simpler Path to Investing
What Opportunity Zone Funds are and how they work: A Qualified Opportunity Fund (QOF) is the vehicle through which OZ investments must be made. In practical terms, an Opportunity Zone Fund is an investment fund (organized as a partnership or corporation) specifically set up to invest in assets located in Opportunity Zones. The fund can invest in real estate developments, or directly in businesses operating in OZs, or a combination. Investors can place their eligible capital gains into the fund in exchange for an equity interest (shares or partnership units). The fund manager then deploys that capital into qualified projects. For individual investors, using a fund greatly simplifies the process – rather than personally hunting for property or managing a development, you entrust your money to professionals who specialize in OZ investments. Some funds are single-asset (for example, created to develop one particular apartment building), while others are multi-asset funds that might invest in numerous projects across different cities. The flexibility of the fund structure also allows pooling of resources: your $100,000 gain can join others to collectively finance a large-scale project that you wouldn’t be able to do alone. In 2025, there are dozens of Opportunity Zone Funds open, ranging from boutique local funds to large institutional funds.
Benefits of investing in a fund vs. buying your own OZ property: Many investors opt to invest via a fund instead of trying to start a project from scratch. The benefits are clear. First, a professional management team handles the heavy lifting – sourcing deals, performing due diligence, dealing with construction or business operations, and ensuring ongoing compliance with OZ rules. This can significantly reduce the risk of running afoul of technical requirements. Second, a fund often provides diversification. Your investment might be spread across multiple properties or ventures, so if one project underperforms, others can compensate. Third, the fund route is often more accessible; you don’t need to have millions to buy an entire building yourself – you can invest a smaller amount into a fund and still get proportional exposure to big projects. On the other hand, doing your own direct OZ investment might appeal to those who have very specialized real estate knowledge or a personal project in mind; it offers control and potentially higher upside if you manage everything well. But the direct approach means you must set up your own QOF entity, find a suitable property or business in a zone, and adhere to all regulations on your own – a complex endeavor. In 2025, for most investors who have a capital gain but aren’t real estate developers by trade, the fund approach is the simpler and safer path. It essentially lets you “outsource” the work while you still reap the tax rewards and potential appreciation. Just remember, funds do charge fees and you are relying on the fund manager’s expertise, so it’s important to choose a fund with a strong track record and strategy that matches your goals.
Top Opportunity Zone Funds in 2025: Since the launch of the OZ program, a number of funds have distinguished themselves. Here are a few prominent Opportunity Zone Funds (and fund managers) to know:
- Fundrise Opportunity Zone Fund: Offered by the Fundrise online real estate platform, this fund was one of the first to accept smaller investors into OZ projects. It focuses on a mix of residential and commercial developments in multiple cities, using technology to provide transparency and low fees for investors. Fundrise’s OZ fund made early bets on Sunbelt apartment complexes and has reported steady progress on its project portfolio.
- Urban Catalyst Opportunity Fund: Urban Catalyst is a real estate firm based in San Jose, California, that created highly successful OZ funds focused on downtown San Jose. Their Fund I (now closed) raised over $130 million and helped finance several developments (including multifamily housing, office space, and a hotel). Urban Catalyst’s approach of concentrating on a specific high-growth tech hub has landed it among the top-ranked OZ fund sponsors, and it continues to launch new funds targeting Silicon Valley real estate opportunities.
- Bridge Investment Group’s OZ Funds: Bridge Investment Group is a large, publicly traded real estate investment manager that has been very active in Opportunity Zones nationwide. Bridge raised multiple OZ funds (over $4 billion across them) to invest in multifamily and mixed-use projects in growing markets like Atlanta, Austin, and others. Investors are drawn to Bridge’s funds due to the firm’s extensive experience and its focus on community revitalization as well as returns. Bridge’s scale allows it to undertake big projects, and by 2025 it had dozens of OZ developments completed or underway.
- Cresset Diversified QOZ Fund: A collaboration between Cresset Partners and Diversified Real Estate Capital, this fund (actually a series of funds) was an early leader in the OZ space. Their strategy has been to invest in institutional-quality development projects, such as high-end multifamily, office, and industrial properties in Opportunity Zones. Cresset’s first OZ fund raised hundreds of millions and invested in projects across states like Florida, Texas, and California. They’ve since launched follow-up funds continuing that model. Cresset’s success has been noted in the industry as proof that large-scale, diversified OZ funds can deliver on both impact and investor returns.
- Grubb Properties Qualified Opportunity Fund: Grubb Properties, a seasoned real estate developer, created OZ funds with a specific niche: developing essential housing (moderately priced apartments) in various urban Opportunity Zones. Their “Link Apartments” concept has been built in OZs in cities such as Charlotte, Atlanta, and Winston-Salem, providing needed housing stock for middle-income renters. Grubb’s OZ fund appealed to investors looking for a combination of stable, income-producing assets and the OZ tax benefits. By 2025, Grubb Properties had completed multiple developments through their OZ program and earned recognition for focusing on community needs.
These examples represent some of the top performers or well-known funds in the market as of 2025. Each fund has its own strategy and geographic focus, so prospective investors should research which one aligns with their risk tolerance and objectives. Importantly, due diligence is key – evaluate the fund manager’s track record, fee structure, project pipeline, and how they plan to achieve OZ compliance over the long term. The good news is that with the OZ industry maturing, investors have a variety of fund options to choose from, making it easier than ever to participate in Opportunity Zones without going it alone.
The Future of Opportunity Zones
Will the program be extended or modified beyond 2025? This is the big question on everyone’s mind. The original Opportunity Zone provisions didn’t create new zones beyond the ones designated in 2018, and they set an end date of 2026 for the tax deferral benefit (and 2028 for the zones themselves). As we approach those dates, there is strong momentum to extend the life of the program. Lawmakers from both parties have indicated support for keeping Opportunity Zones going, given the substantial investments and positive impacts seen in many communities. The most likely scenario is that Congress passes an extension in 2025, probably alongside other tax legislation (since many parts of the 2017 tax law are up for renewal around then). An extension bill would not only push out the deadlines (for example, allowing deferrals until 2028 and maybe allowing investments in zones for a couple more years) but also implement tweaks to address criticisms. We can expect more stringent reporting requirements to become law, so the government can collect data on where money is flowing and who is benefiting. There may also be adjustments to the map of zones – as mentioned, zones that have significantly improved or were initially questionably included might be removed or swapped out for more needy areas. The fate of those earlier tax reductions (the 10% and 5% step-ups) is uncertain; an extension might restore a version of them for investors who hold through 2030 or beyond, but that’s speculative. In any case, most signals point toward the Opportunity Zone program not only getting extended but possibly even expanded. If, hypothetically, an administration in 2025 wanted to double down on OZs, they could even authorize a new round of zone designations or incentives, though that would require new legislation. On the flip side, if extension efforts stalled, the program would effectively stop accepting new investments after 2026, and over time (after 2028) zones would lose their status, which could chill investment interest. Given the bipartisan popularity, an abrupt end seems unlikely. Investors in 2025 should stay tuned to Congress – any changes to the law could impact investment timelines and strategy (for example, if they extend to 2028, an investor might not rush to invest by 2026 and could wait for a better project). Overall, the smart money is betting that Opportunity Zones will be part of the U.S. tax and development landscape for years to come, albeit with some refinements to improve accountability and effectiveness.
Trends shaping Opportunity Zone investment strategies: The landscape in 2025 is different from the late 2010s when OZs first launched. One significant trend is the emphasis on quality over quantity. Earlier on, there was a frenzy to create funds and do deals just to meet deadlines, but now investors are more discerning, focusing on high-quality projects that make economic sense even without the tax break. This is partly due to the general economic climate: interest rates are higher and the real estate market has cooled in some areas, so only the stronger deals are moving forward. As a result, many OZ investments now have additional layers of financing or incentives – we see projects combining Opportunity Zone equity with things like Low-Income Housing Tax Credits, New Markets Tax Credits, or green building grants. This trend of “twinning” incentives helps tough projects pencil out and aligns with broader goals (for example, building affordable housing or clean energy facilities in zones). Another trend is a growing interest in operating businesses within OZs. Real estate has dominated OZ investments so far, but as the program matures, some investors are looking at high-growth startups or expanding businesses located in Opportunity Zones. If successful, these could yield significant tax-free gains after 10 years, potentially even more than real estate. However, they carry more risk and complexity, so this remains a smaller slice of OZ activity. We’re also seeing geographic shifts in strategy: early OZ investments clustered in obvious urban areas, but by 2025, funds are exploring opportunities in smaller cities or suburban areas that have OZ tracts, especially where those areas intersect with trends like remote work or new logistics hubs. For example, a fund might invest in a new fulfillment center in an OZ in the Midwest to take advantage of the e-commerce boom. Lastly, there’s a trend of impact and ESG (Environmental, Social, Governance) integration – fund managers are touting not just the tax and financial returns, but also how their OZ projects help communities (be it building sustainable buildings, creating jobs, or providing services to underserved populations). This reflects a response to critics of the program and also an alignment with many investors’ values in 2025. All these trends indicate that Opportunity Zone investing is evolving: it’s becoming more sophisticated, more integrated with other development efforts, and more mission-oriented while still driven by the pursuit of solid returns.
How Opportunity Zones fit into the broader economic and real estate market: In the big picture, Opportunity Zones are one piece of a larger puzzle of economic development and investment strategy. By 2025, the U.S. economy is dealing with multiple cross-currents: the tail end (hopefully) of the pandemic disruptions, shifts in where people want to live and work, and the need for infrastructure and housing investment, among others. Opportunity Zones help channel private capital into some of these areas of need without direct government spending. For real estate markets, OZs have been a boon to development in neighborhoods that might otherwise struggle to attract financing. For example, in a city with a soft office market but a need for residential units, an OZ might encourage a developer to convert an old office building into apartments – the tax break can make the project financially viable where it might not have been. In this way, OZs complement other market forces and public initiatives like zoning changes or federal grants. Economically, OZ investments can stimulate local job creation (construction jobs in the short term, and then ongoing jobs from new businesses or properties). They also can increase the local tax base indirectly (even though investors get a tax break, the new businesses pay taxes, properties pay property taxes, and so on). It’s important to note, however, that Opportunity Zones are not a silver bullet for struggling economies – they work best when paired with local leadership and planning. A city that has a clear vision for how to use its Opportunity Zones (like Erie, PA did, or like Birmingham, AL did through its Opportunity Alabama initiative) will see better outcomes than one that just passively waits for investors. In the broader real estate cycle, 2025 finds Opportunity Zones as a tool to counteract some slowdown pressures. With higher interest rates, traditional development lending is tighter, so having OZ equity (which is often more patient and flexible) can fill a funding gap. At the same time, high inflation in construction costs means some projects still need additional subsidy beyond OZ money to make sense. So OZs often work in concert with public subsidies. We also see that Opportunity Zone financing is encouraging mixed-use and sustainable projects that align with what cities want post-COVID – more housing, modernized downtowns, life sciences labs, etc. In summary, Opportunity Zones in 2025 have carved out a niche as a catalyst for projects at the intersection of private investment and public good. They are increasingly factored into development strategies alongside other considerations, and many real estate and finance professionals view OZ expertise as part of their toolkit when assembling deals. As part of the broader market, the program’s success will ultimately be measured by the tangible economic growth and community improvements in OZ neighborhoods, which, if current trends continue, should leave a positive legacy even beyond the investors’ tax benefits.
Conclusion
Opportunity Zones have evolved from a novel idea in 2017 into an established component of the investment landscape in 2025. The program’s allure for investors lies in the powerful tax incentives – deferring taxes now and potentially eliminating taxes later – combined with the chance to be part of tangible development projects. While some of the initial benefits have sunset, the core advantage of tax-free growth over a decade makes OZs as enticing as ever for those with capital gains to deploy. In 2025, we see that Opportunity Zones are not just a tax play; they are helping to finance real projects that create housing, jobs, and economic momentum in areas that need a boost. That said, successful OZ investing requires navigating compliance rules and choosing the right projects or funds, as not every OZ investment will automatically yield gold. As lawmakers deliberate the future of the program, the consensus is that Opportunity Zones have more to give – with tweaks and extensions, they could drive even more impact in the years ahead. For investors, the remaining window (through 2025 and 2026) is a time to act, but also to act wisely: perform due diligence, consider community impact, and align with experienced partners. When done right, Opportunity Zone investments can create a win-win scenario – investors potentially enjoy great tax-advantaged returns, and local communities reap the benefits of refreshed economic activity. As we move beyond 2025, the hope is that the lessons learned so far will shape a stronger, more inclusive Opportunity Zones program that continues to unlock capital for community growth well into the future.
