Norfolk Opportunity Zones
What is an Opportunity Zone?
An Opportunity Zone is a portion of an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. Localities qualify as Opportunity Zones if they have been nominated for that designation by the state and that nomination has been certified by the Secretary of the U.S. Treasury via his delegation authority to the Internal Revenue Service. Opportunity Zones were added to the tax code by the Tax Cuts and Jobs Act on December 22, 2017.
Norfolk’s Opportunity Zones
The City of Norfolk is comprised of 16 opportunity zone tracts. The corresponding Census Tracts are available on the map here. To be considered as an Opportunity Zone, each tract must adhere to certain Selection Criteria. Selection Criteria includes:
- Identifiable state and/or local incentive programs (e.g., Enterprise Zone)
- In a locality with above average or high Fiscal Stress Index rankings
- Contains or near an economic investment driver (e.g., research facility, port, university, hospital)
- Has access to major roadways
- Identified by the locality as a strategic development area
Norfolk’s sixteen census tracts each offer unique opportunities for development and investment.
Is Your Property in an OZ?
It’s easy to locate your property to see if it’s in a location-based incentive zone such as an Opportunity Zone, Enterprise Zone or HUBZone. Visit Norfolkair.com and search your address. Click the planning tab under info to see your census tract number. If your census tract number matches those listed, your property is in a confirmed Opportunity Zone.
You could also use Norfolk’s Interactive Map in order to find what zones your location falls under. Interactive Norfolk, is a web mapping application that gives users the ability to view and interact with various GIS map layers. For further instructions on how to use effectively, please find a guide here.
What references exist to inform me of the City’s land use and future plans?
The City of Norfolk has been recognized internationally for its community input strategies.
How Do I Exchange Information?
The City of Norfolk has convened briefings for Developers, Investors and our various communities with opportunities in order to exchange information and provide updates. If you would like to receive meeting notifications by email, send us your contact information to firstname.lastname@example.org. To become an active participant with fund managers and developers, join the Norfolk Opportunity Zone Exchange Group on LinkedIn Here
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