Throughout the United States and its territories, there are more than 8,700 Qualified Opportunity Zones. Currently, every U.S. state, Washington DC, the Virgin Islands, American Samoa, Guam, Northern Mariana Islands, and Puerto Rico all have designated Opportunity Zones. To help you navigate these Zones, below is a Texas searchable Opportunity Zone map.
The purpose of and intention behind the creation of Opportunity Zones is to hopefully stimulate economic growth and bring transformation to neighborhoods. In Houston alone, there are 150 Opportunity Zones. Furthermore, Texas Governor Greg Abbott has highlighted specific areas that were hit hard by Hurricane Harvey. Our searchable map allows you to view specific addresses within certain census tracts to see if it is within an Opportunity Zone.
Gov. Abbott believes that these 150 Opportunity Zones could bring billions of investment dollars into Houston.
According to the guidelines and regulations, O-Zones keep their designation for 10 years. What’s more, these investments also provide tax benefits for investors. Regarding these tax benefits for investors, you could defer capital gains taxes for 7 years if done correctly. However, in addition to simply being a good investment, Opportunity Zones also have the potential to connects investors to communities with real needs.
Investors may be able to defer capital gains taxes for 7 years if done correctly
Currently, there are a number of Opportunity Zone projects in various stages of development. In Downtown Houston Hines is working on The Preston, which is located within an Opportunity Zone. Once completed in 2020, this 373-unit luxury tower will be Downtown Houston’s tallest residential development. Also, in East Downtown (EaDo) and East End (both directly east of Downtown Houston), several Opportunity Zone projects in the works. And north of Houston lies Porter, TX. It is also one of the top Opportunity Zones in the Greater Houston area. This O-Zone is directly north of the Grand Parkway expansion. As a result, it connects Spring to the west and Kingswood to the southeast.
If you’re considering this type of commercial real estate investment, start with our Texas searchable Opportunity Zone Guide.