Urban Institute: What We Do and Don’t Know about Opportunity Zones

A curious thing has happened in the Opportunity Zone space, now more than five years after the program was created. The investment tool has largely dropped off the radar of media, philanthropy, and legislators, but it’s become a darling of real estate investors. But with substantial market activity and federal expenditure, it’s important to discover what this program is delivering for communities.

Taking stock of Opportunity Zones is no easy task. Currently, investment reporting is handled through IRS forms 8996 and 8997. Unlike other federal programs, the data collected are too limited to adequately understand the program, and because data are collected via the tax form, there are legal constraints on sharing them publicly.

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