CHARLOTTE, N.C. — President Donald Trump talked a lot about "opportunity zones" Tuesday night in his State of the Union address. It will also be the focus of his speech in Charlotte on Friday.
Opportunity zones were created in 2017. They are specific areas of a city considered economically-distressed. When there is a long-term investment in a property or businesses in a zone, the investor may qualify to receive tax incentives for up to 10 years or more.
“I definitely think it's caused a bit of a problem with gentrification, however, some of these areas that were completely ignored by developers are now in the path of progress,” Legacy Real Estate Advisors Partner Greg Godley said. Legacy has purchased a number of properties in opportunity zones.
Mecklenburg County has the most in the state with 17 zones. They are all in Charlotte.
The city says it's not sure how many investors have taken advantage.