Redevelopment in Augusta, ME may be the first opportunity zone project

The redevelopment of Odd Fellows Hall at 333 Water Street in downtown Augusta, ME is believed to be the first opportunity zone project in the United States.

According to Mainebiz’s correspondence with Jason Richardson, director of research and evaluation for the National Community Reinvestment Coalition:

“We have heard about people getting the funds set up, but if this is really a project already moving ahead with money invested by a fund, it would be a big step ahead of anything I have heard about,” Richardson said.

“A lot of our members are interested in this program as a way to spur investment in the hardest-hit parts of their communities,” Richardson said. He’s tracking any Opportunity Zone funds that are operational and providing capital investment across the country.

“At this time I am not aware of any that are in operation yet,” he said.

Richardson said that nationally many people are in the “How do we use this?” stage.

Read more: Downtown Augusta redevelopment may be first U.S. Opportunity Zone project

Jimmy Atkinson

Jimmy Atkinson

Hi, I'm Jimmy Atkinson... I founded OpportunityDb in August 2018. I'm a veteran Internet entrepreneur with a background in economics and Web marketing. I previously founded ETFdb.com. These days, I am passionate about impact investing and tax-advantaged investment opportunities. At the crossroads of these two ideals is the opportunity zones program, a place-based tax policy intended to economically transform some of the poorest areas of the United States with new real estate and business development.

Leave a Reply