Commercial Property Executive
By Paul Fiorilla
This was slated to be a critical year for Opportunity Zones, the feature of the 2017 Tax Cuts and Jobs Act that provides a tax break for property investment in low-income areas. The Treasury Department last year finally clarified some regulations that the original legislation left unclear at a time when demand for apartments and other commercial property was still riding high.
Fate, however, had other ideas. When COVID-19 hit the U.S. with full force in March, investors hit the pause button on capital allocations, and the outlook for commercial development demand abruptly turned cloudy. “Everybody's assessing,” said Michael Novogradac, managing partner of a San Francisco-based accounting firm that bears his name. Read more.