Specifically, they’re asking about Opportunity Zones, a program created in the 2017 tax overhaul to spur economic development in low-income neighborhoods while offering investors potentially large tax breaks. “There’s been a tremendous amount of interest, primarily from the real estate community,” said Ransom, a partner and tax specialist with the Jackson Walker law firm in Houston.
Those who own property in one of the designated zones are asking: “‘What does this do to the value?'”. “The Preston is the first of many great opportunities the Cresset-Diversified QOZ Fund is pursuing. It represents a top-quality real estate property in one of the fastest growing urban areas in the United States with a leading developer in Hines,” Avy Stein, Cresset co-founder, said in a recent press release. “Adding in the tax benefits of the Qualified Opportunity Zone, we became even more excited about this property.
We believe it is an excellent first investment for the Fund.”. On this episode of the Looped In podcast, Ransom joins the Chronicle’s Nancy Sarnoff and R. A. Schuetz to discuss how Opportunity Zones could boost real estate values and improve struggling neighborhoods. In Part II of Demystifying Opportunity Zones, we’ll be speaking to Houston City Council member Amanda Edwards on what officials are doing to spur economic investment here through these opportunity zones.