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Four local Opportunity Zones poised for an influx of investment
The Daily Progress Thursday, July 05, 2018 at 11 p.m.

Parts of Charlottesville and Albemarle County are primed to receive influxes of capital investment in the next few years, thanks to a little-discussed federal tax incentive created by the Republican tax overhaul.

The provision — tucked into the pages of the tax bill signed into law in December — allowed states to designate some high-poverty areas as “opportunity zones.” The program, which hasn’t been finalized, is drawing interest from regional, state and economic development officials, as well as developers and nonprofit organizations that could benefit from it.

At the same time, some experts, including the Brookings Institution, have criticized the program as a “subsidy for gentrification,” while others say the real estate inside the local zones is already too expensive to appeal to investors.

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