Harnessing the power of Opportunity Zones to transform Alabama
Opportunity Alabama (or OPAL) is a first-of-its-kind nonprofit initiative dedicated to connecting investors with investable assets in Alabama’s Opportunity Zones – 158 Census tracts chosen by Governor Kay Ivey as places that could benefit from a new influx of capital. OPAL will become the catalyst for bringing investors, opportunities, communities and key institutional supporters together to generate real returns while improving economic vitality and quality of life.
Understanding Opportunity Zones
Enacted as part of the tax reform package that was signed into law in December 2017, the Opportunity Zones program is a new tool that allows individuals and corporations to take capital gain incurred from the sale or exchange of property – appreciated stocks, buildings, family businesses, and more – and roll the gain into businesses or projects located within Opportunity Zones.
With that investment comes tax benefits:
Alabama’s 158 Opportunity Zones
Alabama has identified and selected 158 Opportunity Zones with each of our 67 counties having at least one designated zone. The selected zones were chosen objectively from 629 qualifying census tracts. The selected tracts average between 1,200 and 8,000 in population and vary in size from 199 acres to 235,352 acres.
91 tracts have an anchor institution like a university, hospital, airport or military base
82 tracts have easy access to an interstate exit
95 tracts have a downtown area or neighborhood commercial district
average population of an Opportunity Zone
average poverty rate of an Opportunity Zone
median family income of an Opportunity Zone
Major Cities with Largest Number of Zones
What We Do
Opportunity Zones present investors with strong potential tax benefits and have generated a lot of attention within the investor community. However, we believe that for this program to reach its full potential here in Alabama, someone needs to dig the channels that will connect national and local capital to the right investment opportunities in each of our 67 counties. That effort will require a committed team of developers, entrepreneurs, investors, lenders, communities, professionals, and institutional supporters willing to work together. We plan to rally that team and take a data-driven approach to making Alabama the centerpiece of the national conversation about how the Opportunity Zone program can work to create prosperity for all.
As a nonprofit organization, we plan to make Opportunity Zone investment in Alabama smarter, easier, and more resilient by:
The Opportunity Zone program presents a once-in-a-generation chance to have conversations about creating local ecosystems to fund local projects and make a positive impact. Join us in developing that conversation across Alabama.
Get more information on OPAL, including how to join the initiative.