Chicago Opportunity Zones

The Qualified Opportunity Zone incentive is part of the Tax Cuts & Jobs Act of 2017 and is the largest new federal economic development program enacted in years. There are 181 Opportunity Zones in Cook County that offer several tax benefits to investors that could spur substantial new capital influx into targeted neighborhoods within Chicago and Cook County.

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How the Qualified Opportunity Zone Program Works

The Qualified Opportunity Zone (“QOZ”) program seeks to encourage investment and stimulate economic growth in certain distressed communities by providing various federal income tax benefits to taxpayers who invest in real estate and businesses that operate within these zones.

Investment Timeline

When you invest your capital gain in a Qualified Opportunity Fund, you can defer those gains until December 31, 2026

5 Year
5 Year Hold

After a 5-year holding period taxable basis decreases by 10%

7 Year Hold

After a 7-year holding period taxable basis decreases by 15%

7 Year

10 Year
10 Year Hold

After a 10-year hold Opportunity Fund gain become tax exempt (exclusive of original capital gains)

Opportunity Zones By The Numbers


The total number of census tracts certified as Opportunity Zones by the U.S. Treasury.


Potential unrealized capital gains eligible for Qualified Opportunity Fund investment and tax treatment.


Treasury Secretary Steven Mnuchin’s estimate of private capital that will flow into Opportunity Zones.

News Articles & Announcements

2021 OZ Deadline Extensions

The IRS recently issued Notice 2021-10, which automatically extends several deadlines that had previously been extended under Notice 2020-39 issued on June 4, 2020 and Notice 2020-23 issued on April 9, 2020.

OZs Could Be The Place-Based Solution We Need To Tackle USDA Food Deserts?

In conversations about economically distressed communities, the term "Food Deserts" often comes up. Is there a way that Opportunity Zones can aid in the elimination of Food Deserts in these areas?

What Does the 2020 Election Result Mean for Opportunity Zones?

Whether Donald Trump or Joe Biden wins the presidential election this week, commercial real estate can expect the opportunity zone program will remain intact but receive some tweaks.