Cuyahoga County Launches Opportunity Zone Digital Campaign
Cuyahoga County is launching a digital campaign to attract private investments into certain higher poverty census tracts designated as Opportunity Zones.
Opportunity CLE is a collaboration made up of city and county entities. They're trying to attract investors to put their capital gains into these federally-approved neighborhoods in exchange for tax breaks.
Joe Roman, president and CEO of Greater Cleveland Partnership says there are many projects happening in the 64 opportunity zones in Cuyahoga County, but he says the website will help get the word out to investors across the country.
"What we were trying to do here is identify those projects that may not be exposed to the national or local market without a little additional help. And these are projects that we think are in neighborhoods that can be more synergistic," Roman said.
The opportunity zone tax breaks are part of the Tax Cuts and Jobs Act of 2017.
Roman says he expects substantial activity from developers and investors into the opportunity zones once federal rules are finalized in the coming weeks.