Opportunity Zones are a new community development program established by the United States Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide. The Opportunity Zones program provides a tax incentive for investors to re-invest their unrealized capital gains into Qualified Opportunity Funds (QOFs) that are dedicated to investing into Opportunity Zones designated by the chief executives of every U.S. state and territory.
On April 17, 2019, the United States Treasury Department and Internal Revenue Service (IRS) issued a second round of guidance and regulations for this new program; click here.
How An Opportunity Zone Investment Works - A Visual Representation
IRS Guidance and FAQ’s
Click here to access the latest (released 4/17/2019) IRS guidance relating to deferral of gains for investments in a qualified opportunity fund.
Click here to access frequently asked questions about Opportunity Zones.
Opportunity Zones in Lowell
There are five (5) U.S. Treasury designated Opportunity Zones in Lowell. They are U.S. Census Tracts:
Please refer to the below map to see the areas that these U.S. Census Tracts cover, and click here to access an interactive map on which you can zoom into Lowell and other geographic areas containing Opportunity Zones.
Investing in Lowell’s Opportunity Zones
There are many reasons why one should consider investing in one or more of Lowell’s Opportunity Zones. In fact, according to a recently released report by Smart Growth America’s LOCUS entitled National Opportunity Zones Ranking Report, Lowell’s Opportunity Zone in Census Tract 25017310100, which includes much of the city’s downtown, as well as the Hamilton Canal Innovation District and Jackson / Appleton / Middlesex (JAM) Urban Renewal Area, is ranked #6 in Massachusetts for "Smart Growth Potential." Walkability, job density, and housing diversity are used as key criteria for the ranking.
Learn more about the City and its priorities for investment, by clicking here or reading the below graphic.
Recent News/Press Clippings About Opportunity Zones
- 12/15/2019: Treasury and IRS Issue Final Regulations on Opportunity Zones
- 9/25/2019: Investments in opportunity zones To benefit American communities
- 9/19/2019: Exploring Opportunity Zones: Part I
- 9/9/2019: Why Opportunity Zones could be key to transforming our cities
- 9/6/2019: How to Ensure Opportunity Zone Investments Strengthen Local Communities
- 9/4/2019: Pairing the Opportunity Zones Incentive and Historic Tax Credits
- 8/23/2019: Opportunity zones and capital gains: What your clients need to know
- 8/23/2019: Qualified Opportunity Funds: The Gift That Keeps On Giving
- 8/20/2019: Opportunity Zones Are Heating Up As The Year Progresses
- 8/15/2019: If You’re Chasing Tax Savings In Opportunity Zones, Be Sure Your Team Is Asking The Right Questions
Available Private Properties For Lease or Sale in Lowell Opportunity Zones*
The following listings are only a sample of available properties within Lowell’s Opportunity Zones and should not be construed as a complete list of all available properties. If you are seeking assistance in identifying available properties, please contact the City’s Economic Development Office.
- 7 C St. (Commercial/Auto Repair Business for Sale)
- 241-245 Central St. (Commercial for Sale)
- 517 Chelmsford St. (Commercial for Sale)
- 80 Gorham St. (Residential w/Ground Floor Retail for Sale)
- 345-347 Market St. (Mixed-Use, Residential w/Ground Floor Retail for Sale)
- 36 Prescott St. (Two Separate Office Condos for Sale)
- 16 and 24 Stedman St. (Two Adjacent Commercial Properties for Sale)
- 81 Bridge St. (Office for Lease)
- 900 Chelmsford St. - Cross Point (Office for Lease)
- 10 George St., #210-B (Office for Lease)
- 11 Kearney Sq. (Office for Lease)
- 59 Lowe’s Way (Office for Lease)
- 189 Market St. (Retail for Lease)
- 100 Merrimack St. (Office and Ground Floor Retail for Lease)
- 134-156 Merrimack St. (Office for Lease)
- 61-83 Merrimack St. (Retail and Office for Lease)
- 262 Merrimack St. (Ground Floor Commercial for Lease)
- 16 Stedman St. (Office for Lease)
- 165 Thorndike St. (Ground and Upper Floor Commercial for Lease) *New Building
- 17 Kearney Sq. (Multi-Family Condo for Sale)
- 41 Wellman St. - building 2 (Office for Lease)
*The City of Lowell cannot guarantee the accuracy of information contained in the above linked property listings.
In addition to the information contained on this page, you may also find following resources helpful:
- Commonwealth of MA Opportunity Zone Program page
- U.S. Treasury Community Development Financial Institutions (CDFI) Fund Opportunity Zones Resources
- Novogradac's Opportunity Funds Listing*
- Economic Innovation Group
- Develop Advisors' Opportunity Zone Index
- Opportunity Zone Catalyst Challenge
*This list of Opportunity Funds was compiled by Novogradac as a free resource. The list may not include all funds that exist and the City of Lowell cannot guarantee its accuracy, nor does it endorse the use of any of the funds listed.