FAAR to host meeting on Opportunity Zones
More than half of the City of Fredericksburg is in the federal government’s Qualified Opportunity Zone program, which will be the topic of an upcoming free event hosted by the Fredericksburg Area Association of Realtors (FAAR).
Kristen Dahlman and Adam Northup of the Virginia Department of Housing and Community Development will be the featured speakers at an event scheduled from 8:30 a.m. to 10:30 a.m. Thursday, Nov. 14 at the Germanna’s Fredericksburg Center for Advanced Technology (FredCAT) at 1325 Central Park Blvd.
The event aims to bring together government officials, developers, Realtors and other stakeholders to learn about Qualified Opportunity Zones and how they can impact the Fredericksburg region in a positive way. Anyone who works with investors or has an interest in economic development is encouraged to attend and be part of the discussion. People interested in attending should RSVP to FAAR’s Kim McClellan at firstname.lastname@example.org by Friday, Nov. 8.
Two of Fredericksburg’s six Census tracts are part of the Opportunity Zone program, which allows investors to receive tax benefits on capital gains by investing those gains in qualified census tracts designated as part of the program. More information about the program and tax benefits is available here.
Fredericksburg’s two designated tracts comprise all the land west of U.S. 1, in addition to a small section east of U.S. 1 in the northern part of the City between the canal and river. Among the areas of the City located in the two tracts are the Hylton property, Celebrate Virginia South, Central Park, Eagle Village, the Route 3 and 1 corridors, the Mary Washington Hospital campus, Idlewild and the Mill District/Princess Anne corridor.