Los Angeles CA
7-19-2024 12:27pm

Home in Opportunity Zone Ablaze

There are 194 designated Opportunity Zones in Los Angeles, representing 20% of the Los Angeles population.

Frequently Asked Questions | California Community Economic Development

Opportunity Zones are census tracts that are economically-distressed communities where new investments may, under certain conditions, be eligible for preferential federal tax treatment or preferential consideration for federal grants and programs. They were added to the Internal Revenue Service tax code in 2017.

Opportunity Zones were nominated by state governors and certified by the Secretary of the U.S. Treasury in April 2018. A nominated tract had to meet one of the criteria under the definition of “low-income community” in Internal Revenue Code Section 45D(e): (1) a poverty rate of at least 20%; (2) a median family income below 80% of the greater of the statewide or metropolitan area median family income if the community is located in a metropolitan area; or (3) a median family income below 80% of the median statewide family income if the community is located outside a metropolitan area.

The Community Development Financial Institutios Fund’s Opportunity Zones Resources’ page hosts a spreadsheet link to a list of designated Qualified Opportunity Zones (QOZs). This spreadsheet allows you to filter Opportunity Zones by state, county, census tract number, and census tract type.

KNOCKDOWN #NorthHollywood Structure Fire

07-19-2024 12:14pm 6401 N Camellia Av MAP: https://bit.ly/46jY2S0  An outside fire spread into the attic of a vacant, one-story, single-family home. Firefighters protected an exposed neighboring home and extinguished all active flames within 25 minutes. No injuries reported; fire cause is under investigation.

The property is zoned [Q]R3-1 and is located in an Opportunity Zone. The property is entitled for a 30-unit, 13,700 SF, eldercare housing development. Plans call for 6 senior independent units, 18 assisted living care with guest room, and 6 Alzheimer care with guest room units. Plans also call for 3,310 SF of open spaces and 9 parking stalls. The building would be 4 stories with Type V-A construction.  6401 N Camellia Ave — MDGLA (mdglandadvisors.com)

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