Pennsylvania is a beautiful and unique state with a wide variety of interests and a vast supply of natural resources. Areas that boasted acres upon acres of farmland now support the state and nation in other ways. Pennsylvania is one of the few states that successfully managed the urban sprawl and allowed rural areas to become mindfully developed. Along with this industrial and cultural growth come opportunity zones.
Opportunity Zones in Pennsylvania
Today, Pennsylvania is about 12% rural land, compared to 88% that qualifies as urban landscape. According to the Opportunity Zones Database, there are about 300 opportunity zones. Surprisingly, the opportunity zones in Pennsylvania were spread equally throughout the rural and urban areas. This provides maximum opportunity for residents and investors alike.
Urban Opportunity Zones
The City of Brotherly Love is in an almost continuous state of change. Philadelphia is currently operating 82, or about 27%, of the Opportunity Zones in Pennsylvania. The infamously tough Steel City has undergone one main renovation, from gritty factory to urban industrial. Pittsburgh now has 27 Opportunity Zones, making up about 9% of the state’s total. The urban areas offer a multitude of investment opportunities. Most designated urban tracts are located within low income areas and feature a plethora of low income housing development opportunities.
Rural Opportunity Zones
The roughly 12% of remaining rural areas in Pennsylvania also has room for growth, development, and return on investment. Spread throughout the voluminous state, Pennsylvania offers Opportunity Zones in rural areas as well. From the Southeast Corner close to Baltimore, all the way to the farthest reaches of the mountainous Northwestern region, Pennsylvania offers investors the opportunity to be part of change and advancements. Rural and undesignated tracts are mostly located in low income areas and can be enhanced or entirely redeveloped.
The Promise of Pennsylvania
Carefully structured Opportunity Zones provide investment options and tax incentives. This unique combination draws investors who want to reinvest capital gains to reduce their tax liability. At the same time, investors have the benefit of being part of an urban renewal plan. Alternatively, individuals and corporations who invest in Opportunity Zones throughout Pennsylvania can improve general operations in rural areas. This may include farming conditions, housing opportunities, and sustainable growth programs.