Designated Opportunity Zone in Richmond

Opportunity Zones in Richmond

The City of Richmond has two census tracts and a portion of a third census tract granted as Opportunity Zones by California's Governor as Opportunity Zones.
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1. Census tract: 376000 - Central Richmond
2. Census tract: 365002 - Spans both the City of Richmond and
    Unicorporated North Richmond
3. Census tract: 382000 - Boarder between the City of El Cerrito and
    the City of Richmond

The map to the right illustrates:

  • City of Richmond owned Property
  • Richmond Housing Authority Property 
  • Successor Agency Property
  • vacant parcels (vacant parcels include residential, multifamily, commercial, and industrial parcels) 

DISCLAIMER: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. 

The U.S. Department of the Treasury has certified California's 
nominated eligible census tracts and has designated all 879 nominated tracts as Qualified Opportunity Zones under Internal Revenue Code (IRC) Section 1400Z-1(b)(1)(B).

Project Contact

Samantha Carr
Management Analyst
(510) 620-6512
samantha_carr@ci.richmond.ca.us
Opportunity_Zone City of Richmond Map 11-13-18

Background

The Tax Cuts and Jobs Act passed at the end of December 2017 allowing Governors in each state to designate certain census tracts as Opportunity Zones. The Opportunity Zone program was enacted to spur economic development by providing tax benefits to investors encouraging long-term private sector investments in low-income communities. 

The IRS states that, "Opportunity Zones are designed to spur economic development by providing tax benefits to investors. First, investors can defer tax on any prior gains until the earlier of the date on which an investment is sold or exchanged, or December 31, 2026, so long as the gain is reinvested in a Qualified Opportunity Fund. Second, if the investor holds the investment in the Opportunity Fund for at least ten years, the investor would be eligible for an increase in basis equal to the fair market value of the investment on the date that the investment is sold or exchanged."

  1. US Department of  the Treasury
  2. state of California, Department of Finance
  3. January 24th, 2019 Richmond Workshops
  4. City of Richmond Policies and Ordinances
  5. Richmond Works for Business 
  6. San Francisco Business Times: Richmond Supplement

US Department of the Treasury



Authority to implement IRC 1400Z-1 and 1400Z-2 has been delegated to the IRS and Community Development and Financial Institutions (CDFI) Fund is supporting the IRS with the Opportunity Zone nomination and designation process under IRC 1400Z-1 only.

The US Department of Treasury is continuously releasing information regarding the newly created Opportunity Zones. Comments on proposed regulations can be submitted electronically to www.regulations.gov.

To monitor additional Opportunity Zone information, visit the IRS' Tax Reform webpage, www.irs.gov/tax-reform. For any other questions, please call (800) 829-1040.

The IRS has posted a helpful Frequently Asked Question (FAQ) document and can be found by visiting, www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions

For more information, visit the US Department of the Treasury's Opportunity Zone Resources website.

Maps

Current Development Projects

The City of Richmond is experiencing significant growth, with hundreds of housings units currently in the pipeline. Please view our Development Projects Overview to see the variety of projects currently in development.


Affordable Housing Developments in Richmond



Please view the map of Affordable Housing Developments in Richmond 2018 and the Affordable Housing in Richmond Matrix 2018 for the locations and names of all of the affordable housing developments in Richmond.



City of Richmond Opportunity Zone #1 Census Tract: 376000

City of Richmond Opportunity Zone

City of Richmond Opportunity Zone #2 

Census tract: 365002



Opportunity Zone North Richmond

City of Richmond Opportunity Zone #3 Census tract: 382000

Opportunity Zone City of Richmond Census Tract 386000