Residents can learn how to leverage federal tax incentives by investing in low-income areas throughout Victoria when the City of Victoria hosts an opportunity zone workshop 8-10:30 a.m. at the Leo J. Welder Center for the Performing Arts, 214 N. Main St.
Developers, investors, lenders, real estate agents and others with connections to property development are invited to learn more about this federal program, which will help to encourage equitable development in Victoria.
To RSVP, contact Victoria Main Street Program Director Danielle Williams at 361-485-3060 by 5 p.m. July 21.
The “opportunity zone” designation was created under the federal Tax Cuts and Jobs Act of 2017 to incentivize the creation of new businesses, residential properties, mixed-use facilities and other types of developments in low-income areas. Opportunity zones in Victoria include census tracts located downtown, along U.S. 59 and along North Navarro Street near John Stockbauer Drive.
MAP: This map provided by the Community Development Financial Institutions Fund shows federally designated opportunity zones in Victoria. The blue-shaded areas are opportunity zones.
Local tax attorney Paul D. Carman with Chapman and Cutler LLP will give a presentation about the program, and panelists representing different areas of economic development will provide further information and answer residents’ questions.
For more information about the workshop or to learn more about the opportunity zone program, contact Williams at 361-485-3060. To learn more about the Victoria Main Street Program, visit www.victoriatx.gov/mainstreet.