San Bernardino County Cited in White House Opportunity Zone Report

Last year the White House Opportunity and Revitalization Council published the Opportunity Zones Best Practices Report and included San Bernardino County as one of the examples of a best practice case study.

The San Bernardino County Opportunity Zone project cited in the report was the development of an 11,325-square-foot medical office building in San Bernardino that will house San Bernardino County Department of Behavioral Health (DBH). The investment benefits both public and private sectors and creates vital community benefit. It is led by Opportunity Zone fund manager RevOZ Capital, in a joint venture with Sudweeks Development and Investment Company.

“We are committed to economic and community revitalization for the region, especially considering the devastating effect of COVID-19 on our region. The County appreciates the commitment of investors and developers who pursue work within our County Opportunity Zones as these areas deserve public and private investment to help further spur much needed economic development and job creation,” said San Bernardino County Board of Supervisors Chairman Curt Hagman. “We are honored to be included in the White House report and look forward to encouraging more investment in the County’s Opportunity Zones.”

Qualified Opportunity Zones were created by Congress through the 2017 Tax Cuts and Jobs Act to spur economic development and job creation in distressed and low-income communities. It provides a capital gains reinvestment mechanism that defers, reduces, and excludes tax liability on gains from qualified investments. San Bernardino County has 57 Opportunity Zone tracts which is one of the highest concentrations in California.

For the full report, visit https://opportunityzones.hud.gov/sites/opportunityzones.hud.gov/files/documents/OZ_Best_Practices_Report.pdf .