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The opportunity zone tax incentive and qualified opportunity funds could be a “game changer” for workforce or affordable housing development, according to Scott Choppin of Urban Pacific Group of Cos. Urban Pacific is currently building multi-generational urban townhomes in blue collar communities, and he has seen significant early success. The opportunity zone incentive is part of the recent tax reform package and is intended to encourage investment in distressed markets. Choppin’s townhouses are already located in the designated opportunity zone markets, and will be integral in building larger communities that he can hold for the long-term.

“The new opportunity zone tax structure and the qualified opportunity funds, to me, will be a game changer for this business plan,” Choppin, founder of Urban Pacific, tells GlobeSt.com. “We are already building these projects in qualified opportunity zones, so all three of the active projects that we have right now and the fourth project that we have in the pipeline are all in qualified census tracks. The opportunity zone funds will give us the opportunity to do bigger projects and hold them in the long term. The funds will also give us the capability to control the rental rates better than we are able to now.”

Kelsi Maree Borland

GlobeSt

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