Grand Junction residential project gets boost from OZ investment

GRAND JUNCTION — The Sundance Village Townhomes, a 44-townhome residential development in Grand Junction, recently received an injection of fresh investment Parsonex Properties, which took advantage of Opportunity Zone incentives.
The $2 million opportunity fund investment is the first of its kind for Parsonex, according to Grand Junction Sentinel report.
The 2017 Investing in Opportunity Act established the framework for a new program — opportunity zones — aimed at updating the nation’s tax code to unlock the reinvestment potential of capital gains and direct that capital to the communities that need it most.
The zones are “designed to spur economic development by providing tax benefits to investors,” according to U.S. Internal Revenue Service guidelines.
Local governments selected economically distressed census tracts — those with populations with poverty rates of 20 percent or higher or median family incomes that did not exceed 80 percent of the metropolitan-area median family income — and applied for opportunity zone nomination. Those nominations were reviewed by the federal government, and opportunity zones were designated and certified by the secretary of the U.S. Treasury.
In the Boulder Valley and Northern Colorado, there are qualified opportunity zones in census tracts that include portions of Boulder, Dacono, Estes Park, Evans, Fort Collins, Greeley, Lafayette, Longmont, Louisville, Loveland and Superior.