RPR Adds Qualified Opportunity Zones to Platform
August 1, 2019
For investor clients wanting to buy into an opportunity zone, a real estate database can help you pinpoint some possibilities to share with them. The REALTORS Property Resource® announced this week that it has added qualified opportunity zones to its platform.
RPR is a nationwide data resource owned by the National Association of REALTORS® and available to its members, covering 160 million residential and commercial properties in the U.S. The addition of opportunity zones to RPR will allow real estate pros to use its maps to analyze and search for properties within the 8,700 designated zones throughout the country.
Opportunity zones were created in 2017 as part of the Tax Cuts and Jobs Act to drive economic growth through long-term investments in economically disadvantaged communities. Tax incentives exist in areas that are designated as opportunity zones.
“With the opportunity zone initiative poised to transform American communities that have long been shunned by investors, NAR has developed resources to help facilitate and expedite investments in these areas,” says Joseph Ventrone, NAR’s vice president of federal policy and industry relations. “As our work continues, REALTORS® are committed to ensuring Americans can take full advantage of this valuable new initiative.”
Using RPR, real estate pros can search in a geographic area and choose to display the opportunity zone layer. That will then reveal areas that qualify for the tax incentive. Real estate pros can also view economic and demographic statistics for the area and generate reports to share with their investor clients.
“These opportunity zones encourage private investment in low-income communities, with the intent of stimulating economic growth and job creation,” says Bob Turner, NAR’s 2019 commercial liaison and RPR advisory council member. “Residential practitioners will notice homes that fall within opportunity zones gain a boost to their marketability because of increased attention, while commercial practitioners will likely see properties once being skipped over turn into desirable investment opportunities.”
National Association of REALTORS®
Updated: April 03, 2020