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Ryan McCormick and Jeffrey DeBoer

On October 19, Treasury and the IRS released highly anticipated regulatory guidance related to the Opportunity Zone program. GlobeSt.com asked Real Estate Roundtable President and CEO Jeffrey DeBoer and Roundtable Senior Vice President and Counsel Ryan McCormick to explain the proposed rules and their implications for the real estate industry.

What is your main takeaway from the new Treasury regulations on Opportunity Zones?

DeBoer: The Treasury guidance is a clear indication the Administration is fully committed to an Opportunity Zone program that spurs broad-based job creation and creates new economic opportunity for businesses, entrepreneurs, and residents in low-income communities. The regulations help to implement the objectives of the lawmakers who designed the program, such as Senator Tim Scott (R-SC). With the regulatory regime now taking shape, we foresee Opportunity Fund investors actively partnering with local leaders and entrepreneurs on projects that both drive economic activity and respond to the needs of communities.

 What do the proposed regulations mean for real estate?

DeBoer: For real estate, the proposed regulations are unquestionably positive. They clarify key technical questions and open issues, and they should allow investments in funds and in underlying projects to go forward. While some important questions remain, we continue to believe that the Opportunity Zone program will be a powerful catalyst for transformational real estate investment in these designated low-income areas.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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