The Tax Cuts and Jobs Act of 2017 (TCJA) created a new economic development program named “Opportunity Zones” that provide tax benefits to investors who elect to reinvest capital gain realized from the sale of any property in a “Qualified Opportunity Fund” (QOF). The program encourages private investment in low-income communities throughout the country that have census tracts designated as Qualified Opportunity Zones (QOZs). Fund sponsors, fund investors, real property owners and developers, and businesses potentially benefit by participating in the program.
This whitepaper is intended to provide a general overview of this new economic development program as we await further guidance from Treasury and the IRS.
To receive your copy of this whitepaper via email, please click here and submit your information.
Attorney Dan Ujczo (pronounced “yout-so”) enters a large room so congested with tables, chairs, television cameras and monitors that it feels cramped. At the head table, on risers slightly above the level of the seating for the working group and observers, sit the three principal negotiators for the United States, Canada and Mexico, each silhouetted in front of his nation’s flag. read more >
Observers of the real estate market in Western New York have witnessed a pace of development not seen in this region for generations. Both casual observers and industry insiders are enthusiastic about recent trends. Both see that public dollars and public project have fueled the rebirth of Buffalo. read more >
There was no drama on this Election Day as mayors in Rochester and Buffalo won easy re-election.
As incumbents Lovely Warren (D-Rochester) and Byron Brown (D-Buffalo) prepare for another term in office, they need to be planning to make sure the economies in each city are on sound footing.
It will not be an easy task. read more >
Bob Richardson and Therese Fuerst believe there isn’t enough capital available locally to fund all the potential development possibilities. So they’re trying to do something about it. The duo are partners in Blue Cardinal Capital, a new real estate private-equity firm in Buffalo designed to pool investment dollars from wealthy individuals, families or organizations to fund new developments. read more >
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