Sunnyside has also been designated an “Opportunity Zone” through the federal “Investment in Opportunity Act,” which provides incentives to significantly increase the scale of private investments in vulnerable and underserved areas at a low risk to investors.
Over the past decade, Sunnyside has experienced an increase in the scale and density of new housing, which has made the neighborhood more attractive and marketable. However, even with this new construction, Sunnyside is home to some of Morgantown’s oldest housing units and several old factories and industrial sites, which can impact redevelopment.
The Opportunity Zone program seeks to provide incentives for a broad array of investors to pool and deploy their resources in specified areas. As the incentives are linked to the duration of the investor’s commitment to the Opportunity Zone rather than an upfront subsidy, the program provides an incentive for investors to reinvest their capital gains in Opportunity Funds to provide patient capital for low-income communities. Experts estimated as much as $6.1 trillion in unrealized capital gains resources that may be available to support this Opportunity Zone market.
Learn more about Opportunity Zones from the WV Development Office.
Invest in Opportunity Zones
Qualified Opportunity Funds (QOF) are the investment vehicles used to invest in Opportunity Zones. Organized as corporations or partnerships, the fund account must hold at least 90% of its assets in designated Opportunity Zones.
Investors who are interested in investing in a potential Opportunity Zone may submit letters of interest.
Please submit letters of interest to Patricia.J.White@wv.gov