Investors all over the country may soon be looking to invest in areas listed by the federal government as “opportunity zones.”
According to IRS.gov, an opportunity zone is an “economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment.”
Ardmore has one such opportunity zone. Its borders are east of North Washington St., bordered by Sam Noble Parkway, Mary Niblack Rd. and McClain Rd.
Ardmore Development Authority CEO Mita Bates said they have received several calls and emails asking about what types of properties are currently available in the zone. Most of Ardmore’s opportunity zone is located inside a residential area. However, there are still investment opportunities available.
“The benefit for us as an economic development organization is the ability to get new market tax credits and all kinds of additional financing,” Bates said. “We could do multifamily housing. We could do a nursing facility. One of the things that’s really been needed is some type of grocery store.”
Bates said the ADA will heavily promote these options for those interested in taking advantage of the tax credits. She added that state officials have made two trips to Ardmore to look at the options available.