The Opportunity Zone program, established in The Tax Cuts and Jobs Act of 2017, is a tax incentive, designed to encourage long-term private investment in low-income communities. The program essentially runs on two tracks – first, Governors in each state nominate opportunity zones, which are low-income community census tracts that could benefit from significant private investment. Second, once the zones are certified by the U.S. Treasury Department, interested private investors must invest in opportunity funds, specialized vehicles that can then be utilized to invest in the certified opportunity zones.
US Dept. of Treasury - Community Development Financial Institutions Fund Mapping Tool.
*New* U.S. Government Accountability Office Report: Opportunity Zones - Census Tract Designations, Investment Activities, and IRS Challenges Ensuring Taxpayer Compliance.