We bought a property/vacant land in Ontario, CA. How can I find out if this property is counted as an opportunity zone property? What are some steps or actions we can take in order to get the benefits and also make it part of an Qualified opportunity zone property/business? Who can I contact to work with on trying to create an opportunity zone if this area is not an OZ already?
To view the Opportunity Zone map, I would suggest using the CDFI map available on the government's website. To get the OZ benefits, if you've already closed the purchase, you can either have the purchasing entity elect Qualified Opportunity Fund status or lease to a new Qualified Opportunity Zone Business for development and improvement.
You can see if the address is in an opportunity zone (OZ) using HUD's map (https://opportunityzones.hud.gov/resources/map). If the property is not in an OZ, then there is nothing you can do to "create an opportunity zone." Given that you've already purchased the property, you'll need to have an OZ expert determine whether your existing structure can somehow meet all of the qualifications.
You can go here to confirm: https://opzones.ca.gov/find-opportunity-zones/. Assuming this is in an Opportunity Zone, there are a number of steps that need to be taken right away.
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