Opportunity Zones

A great opportunity for your next investment

Harrisonburg is home to two federally designated Opportunity Zones. An Opportunity Zone is an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. For detailed information about Harrisonburg’s Opportunity Zones, please read our Harrisonburg Opportunity Zone Prospectus.

Opportunity Zones are designed to spur economic development by providing tax benefits to investors:

Investors can defer tax on any prior gains invested in a Qualified Opportunity Fund (QOF) until the earlier of the date on which the investment in a QOF is sold or exchanged, or December 31, 2026.
If the QOF investment is held for longer than 5 years, there is a 10% exclusion of the deferred gain.
If held for more than 7 years, the 10% becomes 15%.
If the investor holds the investment in the Opportunity Fund for at least ten years, the investor is eligible for an increase in basis of the QOF investment equal to its fair market value on the date that the QOF investment is sold or exchanged.

For more information visit the IRS website at: http://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions.

Harrisonburg’s Opportunity Zones follow along North Main and South Main Street. They are census tracts 51660000302 and 51660000101. Click on the map below to enlarge.

“Harrisonburg provides an ideal context for the highly technical work we perform for the U.S. Government. We are ideally located next to many excellent colleges and universities, which provide exceptional talent, and close enough to DC and Northern Virginia that we can conveniently interface with our customer and partners. To me, it comes down to quality of life. Our employees have very short commutes and there are a plethora of activities in the area that suit almost every interest.”

Mike Goertzen, Sr. Program Manager, Serco

“As Rocco considered options for our expansion, we were pleased with the partnership that Harrisonburg Economic Development provided as we worked our way through plan reviews, permit approvals, and inspections. It was helpful to have an ombudsman guiding us through the process. We are excited that we have the opportunity to continue to grow and invest in Harrisonburg.”

Fontaine Canada, President, Rocco Building Supplies