COLUMBUS, Ind.–The State Street Corridor project recently received good news from Washington, D.C., by way of Indianapolis. In April, Governor Eric Holcomb approved the city’s application to have the area declared a Qualified Opportunity Zone, and now the U.S. Department of Treasury has given its blessing.
The purpose of the designation is to spur investment in distressed communities throughout the country by offering preferential tax treatment. Community development programs coordinator Robin Hilber says investors may defer tax on gains until no later than December 31, 2026, so long as the gain is reinvested in a Qualified Opportunity Fund. Other benefits are available if the investor holds the investment in the Opportunity Fund for at least ten years.
Hilber also hopes that the recent effort by RealAmerica LLC to develop workforce housing near the State Street Corridor will complement the Qualified Opportunity Zone designation to rehabilitate the area.