THURSDAY, JAN 28, 2021
“There’s a tremendous amount of data out there that interested parties need to sift through and what we’ve done is synthesize it into easy-to-use and comprehensive tools.”
– Andrew Beveridge, CEO of Social Explorer
The landmark new program, Opportunity Zones, was created in 2017 to boost the revival of economically-distressed neighborhoods across the country. In New York state alone, 514 census tracts have been designated as Opportunity Zones out of a total of 8,764 census tracts countrywide. The zones include roughly 10 percent of the nation’s population.
These days, it is frankly impossible to talk about commercial real estate without bringing up Opportunity Zones. And with TractIQ in your arsenal, delve into the demographic, socioeconomic, and geographic features of opportunity zones at a granular level. Retrieve the most relevant datasets, visualize trends and patterns in the data, and make comparative assessments with just a few clicks.
Opportunity Zones: An overview
Opportunity Zones sit in or alongside communities ranging from some of the poorest and most troubled in the U.S. to others in varying stages of recovery. For instance, New York City’s opportunity zones include the once burned-out Charlotte Gardens neighborhood in The Bronx, historic Harlem in Manhattan, and an area of Brooklyn called East New York, riven with gang activity.
The program aims to direct private investments towards fostering economic development in low-income communities by gradually reducing and eventually eliminating taxes (after 10 years) on real estate investments and other projects within these officially designated Opportunity Zones. The federal government hopes that new development will attract new businesses, jobs, and residents to these areas.
The Opportunity Zones program is unique in that it not only has the potential to transform the real estate investment industry, but also help distressed communities sorely in need of new development in the process.
Exploring Opportunity Zones on TractIQ
Although the program has been specifically created to address the needs of low-income communities, simply noticing that incomes are low in these neighborhoods barely scratches the surface. Therefore, it is vitally important for real estate professionals to thoroughly examine and understand the intricate details of opportunity zones.
TractIQ’s Opportunity Zones data and visualizations are here to help you learn more about the demographic factors and shifts in these zones. Explore opportunity zones visually, and with a few clicks, get detailed, comparative reports of each opportunity zone in the U.S. There are also a number of options to get reports on clusters of zones as well as the local counties.
Easily access the most relevant datasets, narrow down your search to the smallest subset of interest, visualize the results in the form of interactive maps, and make comparative assessments to uncover fresh insights. Add factors like education, age, family composition, employment, and change over time to deepen your research into these zones.
In East New York, for instance, with a population of 28,000 people per square mile, 37 percent of the population lives in poverty, single parents head 66 percent of households with children, and 19 percent of adults do not have a high school degree. However, there might be more to this story. With TractIQ’s Opportunity Zones map, examine crucial differences among contiguous tracts, or extract a report and parse the differences in detail.
In addition to pre-made reports, you can also choose a variety of datasets and filter by multiple variables to generate customized, downloadable data tables in spreadsheets and other formats with zone or county-level comparisons.
On a final note
Even as the IRS continues to revise the rules for how the tax breaks will be worked into the federal tax code, the key data points needed to evaluate where investments might be of most value are already available on TractIQ. Start investigating potential opportunities and plan ahead with TractIQ.
Author: Amrapali Saha