OZ Working Group Letters Propose Investments Qualify for CRA Consideration

Tuesday, October 22, 2019 - 11:00am

The Novogradac Opportunity Zones Working Group has submitted letters to the Federal Reserve Board of Governors and to the Senior Deputy Comptroller for Bank Supervision Policy concerning the Community Reinvestment Act (CRA) law and regulations as they relate to opportunity zones (OZs). The letters propose that OZ investments should qualify as public welfare investment under the CRA because they primarily benefit low- and moderate-income individuals and areas. The letters also propose that OZ investments outside of low-income communities qualify for CRA consideration if they provide benefits to low-income individuals or are combined with other community development incentives.