President Donald Trump signed an Executive Order this week to direct resources to state and local municipalities to improve basic conditions within the 8,700 designated Opportunity Zones.
The new tax-sheltering Qualified Opportunity Zone program establishes the White House Opportunity Council, which will be led by the U.S. Department of Housing and Urban Development Secretary Ben Carsonand include representatives from 13 federal agencies. Trump’s order sets a 90-day timetable for the new council to produce a list of best practices, regulatory and policy changes.
Many large investors have already started setting up funds to invest in Opportunity Zones, such as RXR Realty, Youngwoo & Associates, SkyBridge Capital, and Normandy Real Estate.
