TNECD hosts regional meeting in Clarksville

On the left, Michelle Austin, director of Clarksville Neighborhood and Community Services, and Janet Wilson, vice president of urban development in Montgomery County, speak at the TNECD regional event. CHERI REEVES On Wednesday, May 27, the Tennessee Department of Economic and Community Development hosted a regional meeting on Opportunity Zones 2.0 in Montgomery County. The meeting drew local and state officials, city planners from north and west of Nashville, developers, and lenders. It was held in Kimbrough Auditorium at Austin Peay State University’s Department of Business in Clarksville. Opportunity Zones are a community development tool created by Congress through the 2017 Tax Cuts and Jobs Act to encourage long-term investment in low-income communities. They offer federal tax incentives for investors to reinvest capital gains through Opportunity Funds in underserved areas. The zones are selected using Census data. With Opportunity Zones 1.0 set to expire this year, Opportunity Zones 2.0 will take effect in January 2027, creating new ways for communities like Clarksville to address low- to moderate-income areas, according to Chris Coffman, a partner and tax attorney at FBT Gibbons. TNECD Innovation Director Lamont Price provides a “snapshot” of potential Montgomery County areas that could be selected by the state this year for Opportunity Zones. CHERI REEVES “Those areas may have been overlooked for investment,” Coffman said. “The goal of the program is to unlock areas in need of investment and development.” Walter Perry, field office director for the U.S. Department of Housing and Urban Development, said faith-based organizations could help create lower-income housing opportunities. “We have churches across the state of Tennessee that hold land,” Perry said. “That land may have been deeded by congregants who have passed on. It could include large tracts on church property.” Perry said ministers and faith leaders have at times shown interest in using that land for housing as part of a church’s ministry. “Think creatively about faith-based partnerships and how you can work with local churches in Clarksville and Montgomery County to potentially use that land for housing.” Perry told developers and lenders that HUD can support assisted living, retirement housing, long-term senior care, and multifamily apartment projects. “Let’s talk,” Perry said. “Jan. 1 will be here before we know it, and that’s when investors, funders, and lenders will want to put Opportunity Zone funds to work.” TNECD Innovation Director Lamont Price said 176 Census tracts were selected under Opportunity Zones 1.0, which expires this year. Counties will submit Opportunity Zones 2.0 nominations to the state in July. “This year, based on the 2.0 figures, Tennessee will drop from 176 to 127,” Price said. “So it is going to be highly competitive.” For more information, visit: tnecd.com or contact the Clarksville Economic Development Council.