Opportunity Virginia One Year Later
How a Team Formed and Evolved to Make a Difference
The Tax Cuts and Jobs Act of 2017 introduced a new tax incentive intended to boost economic development in under-resourced communities and tied the benefits to specially designated census tracts dubbed Opportunity Zones (OZs). In response, Virginia Housing, Virginia Department of Housing and Community, and the Secretary of Commerce and Trade, helped create Opportunity Virginia. The new program led by LOCUS and Virginia Community Capital set about launching an OZ market place designed to leverage the incentive and drive revitalization in Virginia's under-invested communities.
This month, we sidebar with the Opportunity Virginia team as they celebrate their first anniversary with the release of the program’s 2019-20 annual report. The report includes data and project profiles that show the team's dedication to delivering on the original intent of the program: igniting impact investments in the Commonwealth's OZs. Listen to our conversation with Director of Project Development Rebecca Richardson, where we introduce the initiative to newcomers, take stock of lessons learned, and look ahead to what’s next for Virginia’s premiere OZ marketplace.
Click here to read Opportunity Virginia's 2019-20 annual report.