The U.S. Department of Treasury officially designated 212 Qualified Opportunity Zones in the state of Virginia as part of the Opportunity Zone and Opportunity Fund, a provision for a new revitalization tool by the Federal Tax Cuts and Jobs Act of 2017. The Zones and Funds allow investors to receive tax benefits on currently unrealized capital gains by investing those gains in qualified low-income census tracts (called Opportunity Zones).

Governor Northam submitted 212 nominations out of the 901 eligible low-income census tracts in the Commonwealth to the Treasury Department in April 2018. The U.S. Department of the Treasury and the Internal Revenue Service issued the final regulations on Opportunity Zones in December 2019.

Albemarle County’s Opportunity Zones

Albemarle County has two Opportunity Zones, which lie adjacent to the City of Charlottesville (highlighted below). These zones are best viewed through the County’s GIS-web tool.

• Rio/Hydraulic Zone, Census Tract ID: 51003010700
• 5th Street Zone, Census Tract ID: 51003011302

The City of Charlottesville also contains two Opportunity Zones. More information on these zones can be found by contacting the City’s Office of Economic Development.

For more information on the Opportunity Zones in Albemarle County, please contact staff at economicdevelopment@albemarle.org.

State and Federal Resources

Additional resources on Opportunity Zones can be found on the following websites.

• Opportunity Virginia
• Virginia Department of Housing and Community Development
• U.S. Department of the Treasury