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A primer for emerging real estate and private equity funds

A primer for emerging real estate and private equity funds

With the surge in capital formation and the growing interest of investors in alternative assets, an increasing number of entrepreneurs, developers, and operators are launching investment funds.
Whether you're raising capital for a value-add real estate project, a portfolio of operating businesses, or a targeted private equity strategy, achieving success in forming and managing an investment fund requires strategic planning and execution.
Learn recommended practices for emerging real estate and private equity funds. Embracing these key practices can significantly enhance your chances of success and boost returns for you and your investors.
Structuring the fund
Fund sponsors should select the appropriate legal and tax structure for their fund. Most real estate and private equity funds are structured as limited partnerships or limited liability companies treated as partnerships for federal income tax purposes. This pass-through treatment allows gains and losses to flow to investors while avoiding entity-level taxation.
However, fund structuring is not a 'one-size-fits-all.' Considerations include:
Investor pool (domestic vs. foreign, tax-exempt vs. taxable)
Carried interest allocations
Preferred return waterfalls
State of domicile/registration and related state tax implications
Blocker entities for unrelated business taxable income (UBTI) or Foreign Investment in Real Property Tax Act (FIRPTA) concerns
Recent discussions on the treatment of carried interest also highlight the importance of thoughtful structuring from the outset.
Carried interest: What's changed and what may lie ahead
Carried interest is the share of partnership profits a general partner receives from the investing partners for managing the investment and taking on the entrepreneurial risk. It can be taxed as either ordinary income or capital gain, depending on the nature of the income generated by the partnership.
Typically, carried interest is a form of equity compensation granted to investment fund managers (i.e., real estate, private equity, venture capital, or hedge funds) in exchange for their investment services. Fund managers benefit from long-term capital gains tax treatment (20%) on their carried interest when underlying fund investments are sold, as opposed to ordinary income tax treatment (up to 37%) typically imposed on wage or service income.
Over the past 20 years, lawmakers have introduced various proposals to increase the tax burden on carried interest. For example, the Tax Cuts and Jobs Act of 2017 increased the holding period requirement to three years to generate long-term capital gains treatment on carried interest.
Most recently, there was a proposal to treat carried interest as an interest-free loan from the limited partners to the general partner, which would be taxable upon grant. Imputed interest on the loan would have been treated as deemed compensation to the general partners, regardless of profit generation. This proposal did not go into effect.
Although sweeping changes have not yet passed, this remains a hot-button issue and an area of legislative focus. Fund sponsors are advised to meticulously document the services provided by general partners and structure partnership agreements in accordance with evolving tax guidance. Sponsors should collaborate with tax advisors to rigorously test current waterfall models and assess potential tax liabilities under various scenarios.
Regulatory environment: SEC oversight and the evolving definition of accredited investor
In 2020, the U.S. Securities and Exchange Commission (SEC) expanded the definition of an accredited investor to include individuals with certain professional certifications, such as Series 7, 65, or 82 licenses, and entities meeting specific criteria. This expansion increased the pool of potential investors. However, further reforms may tighten or reshape this definition.
As of 2024, the SEC has signaled renewed interest in enhancing investor protections in the private markets. Potential changes could include:
Reassessment of financial thresholds for accredited investors, which are currently set at $200,000 annual income or $1 million net worth
Implementing enhanced disclosures for private offerings
Enforcing more robust regulations around Form D filings and general solicitation rules
For fund sponsors raising capital under Regulation D exemptions — particularly Rule 506(b) or 506(c) — it's crucial to comply with accreditation standards. This includes maintaining up-to-date and defensible verification processes, investor questionnaires, and recordkeeping.
Fund administration: Getting it right from day one
Strong fund administration is essential for maintaining compliance, scaling operations efficiently, and building investor trust. Outsourcing also allows fund managers to focus on sourcing deals and fostering investor relationships, rather than reconciling ledgers or calculating tax basis. While investment strategy often drives returns, disciplined back-office execution can provide the foundation for long-term success.
Emerging funds often underestimate the operational complexity of ongoing fund administration. Accurate capital accounting, investor reporting, K-1 issuance, and waterfall calculations are mission-critical and increasingly scrutinized by investors and regulators alike.
Key focus areas for strong fund administration include:
Establishing a strong operational framework with documented accounting policies and internal controls
Implementing effective onboarding processes for investors
Leveraging technology for efficiency and access
Prioritizing timely, transparent, and accurate reporting
Providing consistent support and proactive communication
Cultivating and maintaining a culture of responsiveness and accountability
Staying compliant and ahead of regulatory changes
Adopting investor relations and governance best practices
Effective fund administration helps deliver a consistent, transparent, and scalable investor experience. By adopting these recommended practices, private investment funds can build trust, provide compliance, and achieve long-term success in the competitive real estate and private equity markets.
Outsourced accounting: Enhancing efficiency and transparency
For many emerging managers, outsourced accounting and finance solutions offer scalability and cost efficiency. These services typically include bookkeeping and general ledger maintenance, financial reporting and budgeting, cash flow management and treasury services, as well as assistance with audit and tax documentation.
Investors increasingly expect financial transparency and timely reporting. An outsourced accounting function tailored to fund structures can deliver investor-ready statements, real-time dashboards, and improved decision-making. This approach is also important for preparing for eventual institutional capital or future fund raises.
Tax compliance and state nexus considerations
Funds investing across multiple states — particularly in real estate — must also contend with a patchwork of state and local tax rules. Filing requirements for composite returns, withholding obligations for nonresident investors, and sales/use tax exposure are all concerns.
Additionally, pass-through entity (PTE) tax elections — now available in over 30 states — can mitigate the $10,000 federal state and local tax deduction cap for individual investors. Fund managers should evaluate whether PTE elections are beneficial for their investor base and structure their tax compliance accordingly.
Proactive tax planning, including quarterly estimate management and basis tracking, is essential for maintaining investor confidence and avoiding unpleasant surprises.
Safeguarding your funds and your business
Real estate and private equity funds must prioritize cybersecurity to protect sensitive data, provide business continuity, and maintain the trust of stakeholders. These industries are particularly vulnerable to cyber threats due to collecting and storing sensitive information, such as social security numbers and banking details of tenants and investors.
A data breach can lead to identity theft, fraud, and legal liabilities, while insecure online transactions can result in payment fraud and phishing attacks.
Complying with various regulations and state privacy laws is essential to avoid fines and reputational damage. By implementing strong security measures and educating employees about potential threats, real estate and private equity funds can mitigate risks and protect their digital assets against cyber crime.
How CLA can help with real estate and private equity funds
Private investment offers significant opportunities for emerging real estate and private equity fund managers. Whether you are forming your first fund or scaling an existing platform, getting the structure, strategy, and service providers right is critical to long-term success.
At CLA, we understand the complexities and challenges associated with real estate and private equity funds. Our team of experienced professionals provides comprehensive support tailored to your needs, helping you to navigate with confidence.
For more information on real estate and private equity, contact Carey Heyman at carey.heyman@CLAconnect.com or 310-288-4220.
The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting, investment, or tax advice or opinion provided by CliftonLarsonAllen LLP (CLA) to the reader. For more information, visit CLAconnect.com.

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Our ‘big, beautiful bill' will provide New Yorkers tax relief they desperately need
Our ‘big, beautiful bill' will provide New Yorkers tax relief they desperately need

New York Post

time2 days ago

  • New York Post

Our ‘big, beautiful bill' will provide New Yorkers tax relief they desperately need

Whether it's a constituent contacting my office, shaking my hand along a parade route, coming up to me at Sunday mass or sitting next to me at the barbershop, the one issue I hear more than any other is how damn hard it is for people to make ends meet in the Hudson Valley. The affordability crisis is real, and it's severe. Well, here's some good news: The House just took a significant step toward doing something about it. The passage of HR 1, a k a 'the Big, Beautiful Bill,' quadrupled the SALT cap to $40,000 and is poised to deliver significant tax relief to nearly every home and business owner in the Hudson Valley (and beyond). It was a hard-fought victory for middle-class and working families, already drowning under the tax-and-spend policies in Albany that have made New York the highest-taxed state in the nation. Quadrupling the SALT cap will be a lifeline for the teachers, nurses, small-business owners and first responders who keep our communities strong, and for all of the working-class families and retirees on fixed incomes across the Hudson Valley. That's why I took on House leadership and members of my party to secure this win, and to block efforts to cut the federal share of Medicaid funding to the state. These changes would have resulted in a massive tax increase. For those who falsely claim lifting the SALT cap was only a tax cut for the rich, that's a bunch of bull. Over 93% of Hudson Valley home and business owners will see a tax cut if this bill is signed into law. Those are the facts. Better still, we achieved more than just increasing the SALT cap to help ease the affordability crisis for local families and seniors. The bill eliminates federal taxes on tips and taxes on overtime pay, directly helping restaurant workers, firefighters and other hourly employees who rely on these earnings. It prevents a looming middle-class tax hike by preserving key provisions from the Tax Cuts and Jobs Act of 2017, like the $2,500 Child Tax Credit for nearly 88,000 families in NY-17 and the Small Business Deduction for over 78,000 businesses in our district. Without this legislation, families earning our district's median income would have faced a tax increase of nearly $4,000 starting next year. We also made health care more affordable by preventing harmful cuts to safety-net hospitals, boosting physician reimbursements and cracking down on pharmacy benefit managers to lower prescription-drug costs. Sadly, instead of working with us to deliver much-needed tax relief for New Yorkers, hyperpartisan politicians like Senate Minority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries continue to sit on the sidelines and launch bogus, class-warfare attacks that have no basis in fact or truth. Frankly, to hear them criticizing an increase in the SALT cap is truly astonishing. When they had complete and total power to raise or scrap the cap, they sat on their hands and chose to let it stay in place, once again being held hostage by radical leftists like AOC and Bernie Sanders. Get opinions and commentary from our columnists Subscribe to our daily Post Opinion newsletter! Thanks for signing up! Enter your email address Please provide a valid email address. By clicking above you agree to the Terms of Use and Privacy Policy. Never miss a story. Check out more newsletters And this bill doesn't stop at tax relief. We expanded Pell Grants to include workforce training and eased access to out-of-state pediatric care for kids on Medicaid and CHIP. Plus, despite the lies being told, we protected Medicaid for those who genuinely need it, like seniors, single parents and those with intellectual and developmental disabilities. The so-called 'cuts' you hear about were actually common-sense reforms that require able-bodied adults without dependent children to work, volunteer or go to school 20 hours a week. They were enhanced eligibility checks to cut waste, fraud and abuse, so people can no longer scam the system, including registering in two different states. And they were citizenship verifications that prevent illegal immigrants from siphoning benefits from this critical program. These are practical and popular solutions that reflect the values of the Hudson Valley. Anyone who tells you differently is lying. Plain and simple. As an independent voice in Washington, I've never been afraid to challenge my own party or work across the aisle to get results. This bill is a historic step forward — a tax cut that rewards hard work, supports families and levels the playing field. I'll always keep fighting for NY-17. Now let's just hope the Senate passes the bill soon. Mike Lawler represents New York's Hudson Valley area in the House of Representatives.

A primer for emerging real estate and private equity funds
A primer for emerging real estate and private equity funds

Business Journals

time6 days ago

  • Business Journals

A primer for emerging real estate and private equity funds

With the surge in capital formation and the growing interest of investors in alternative assets, an increasing number of entrepreneurs, developers, and operators are launching investment funds. Whether you're raising capital for a value-add real estate project, a portfolio of operating businesses, or a targeted private equity strategy, achieving success in forming and managing an investment fund requires strategic planning and execution. Learn recommended practices for emerging real estate and private equity funds. Embracing these key practices can significantly enhance your chances of success and boost returns for you and your investors. Structuring the fund Fund sponsors should select the appropriate legal and tax structure for their fund. Most real estate and private equity funds are structured as limited partnerships or limited liability companies treated as partnerships for federal income tax purposes. This pass-through treatment allows gains and losses to flow to investors while avoiding entity-level taxation. However, fund structuring is not a 'one-size-fits-all.' Considerations include: Investor pool (domestic vs. foreign, tax-exempt vs. taxable) Carried interest allocations Preferred return waterfalls State of domicile/registration and related state tax implications Blocker entities for unrelated business taxable income (UBTI) or Foreign Investment in Real Property Tax Act (FIRPTA) concerns Recent discussions on the treatment of carried interest also highlight the importance of thoughtful structuring from the outset. Carried interest: What's changed and what may lie ahead Carried interest is the share of partnership profits a general partner receives from the investing partners for managing the investment and taking on the entrepreneurial risk. It can be taxed as either ordinary income or capital gain, depending on the nature of the income generated by the partnership. Typically, carried interest is a form of equity compensation granted to investment fund managers (i.e., real estate, private equity, venture capital, or hedge funds) in exchange for their investment services. Fund managers benefit from long-term capital gains tax treatment (20%) on their carried interest when underlying fund investments are sold, as opposed to ordinary income tax treatment (up to 37%) typically imposed on wage or service income. Over the past 20 years, lawmakers have introduced various proposals to increase the tax burden on carried interest. For example, the Tax Cuts and Jobs Act of 2017 increased the holding period requirement to three years to generate long-term capital gains treatment on carried interest. Most recently, there was a proposal to treat carried interest as an interest-free loan from the limited partners to the general partner, which would be taxable upon grant. Imputed interest on the loan would have been treated as deemed compensation to the general partners, regardless of profit generation. This proposal did not go into effect. Although sweeping changes have not yet passed, this remains a hot-button issue and an area of legislative focus. Fund sponsors are advised to meticulously document the services provided by general partners and structure partnership agreements in accordance with evolving tax guidance. Sponsors should collaborate with tax advisors to rigorously test current waterfall models and assess potential tax liabilities under various scenarios. Regulatory environment: SEC oversight and the evolving definition of accredited investor In 2020, the U.S. Securities and Exchange Commission (SEC) expanded the definition of an accredited investor to include individuals with certain professional certifications, such as Series 7, 65, or 82 licenses, and entities meeting specific criteria. This expansion increased the pool of potential investors. However, further reforms may tighten or reshape this definition. As of 2024, the SEC has signaled renewed interest in enhancing investor protections in the private markets. Potential changes could include: Reassessment of financial thresholds for accredited investors, which are currently set at $200,000 annual income or $1 million net worth Implementing enhanced disclosures for private offerings Enforcing more robust regulations around Form D filings and general solicitation rules For fund sponsors raising capital under Regulation D exemptions — particularly Rule 506(b) or 506(c) — it's crucial to comply with accreditation standards. This includes maintaining up-to-date and defensible verification processes, investor questionnaires, and recordkeeping. Fund administration: Getting it right from day one Strong fund administration is essential for maintaining compliance, scaling operations efficiently, and building investor trust. Outsourcing also allows fund managers to focus on sourcing deals and fostering investor relationships, rather than reconciling ledgers or calculating tax basis. While investment strategy often drives returns, disciplined back-office execution can provide the foundation for long-term success. Emerging funds often underestimate the operational complexity of ongoing fund administration. Accurate capital accounting, investor reporting, K-1 issuance, and waterfall calculations are mission-critical and increasingly scrutinized by investors and regulators alike. Key focus areas for strong fund administration include: Establishing a strong operational framework with documented accounting policies and internal controls Implementing effective onboarding processes for investors Leveraging technology for efficiency and access Prioritizing timely, transparent, and accurate reporting Providing consistent support and proactive communication Cultivating and maintaining a culture of responsiveness and accountability Staying compliant and ahead of regulatory changes Adopting investor relations and governance best practices Effective fund administration helps deliver a consistent, transparent, and scalable investor experience. By adopting these recommended practices, private investment funds can build trust, provide compliance, and achieve long-term success in the competitive real estate and private equity markets. Outsourced accounting: Enhancing efficiency and transparency For many emerging managers, outsourced accounting and finance solutions offer scalability and cost efficiency. These services typically include bookkeeping and general ledger maintenance, financial reporting and budgeting, cash flow management and treasury services, as well as assistance with audit and tax documentation. Investors increasingly expect financial transparency and timely reporting. An outsourced accounting function tailored to fund structures can deliver investor-ready statements, real-time dashboards, and improved decision-making. This approach is also important for preparing for eventual institutional capital or future fund raises. Tax compliance and state nexus considerations Funds investing across multiple states — particularly in real estate — must also contend with a patchwork of state and local tax rules. Filing requirements for composite returns, withholding obligations for nonresident investors, and sales/use tax exposure are all concerns. Additionally, pass-through entity (PTE) tax elections — now available in over 30 states — can mitigate the $10,000 federal state and local tax deduction cap for individual investors. Fund managers should evaluate whether PTE elections are beneficial for their investor base and structure their tax compliance accordingly. Proactive tax planning, including quarterly estimate management and basis tracking, is essential for maintaining investor confidence and avoiding unpleasant surprises. Safeguarding your funds and your business Real estate and private equity funds must prioritize cybersecurity to protect sensitive data, provide business continuity, and maintain the trust of stakeholders. These industries are particularly vulnerable to cyber threats due to collecting and storing sensitive information, such as social security numbers and banking details of tenants and investors. A data breach can lead to identity theft, fraud, and legal liabilities, while insecure online transactions can result in payment fraud and phishing attacks. Complying with various regulations and state privacy laws is essential to avoid fines and reputational damage. By implementing strong security measures and educating employees about potential threats, real estate and private equity funds can mitigate risks and protect their digital assets against cyber crime. How CLA can help with real estate and private equity funds Private investment offers significant opportunities for emerging real estate and private equity fund managers. Whether you are forming your first fund or scaling an existing platform, getting the structure, strategy, and service providers right is critical to long-term success. At CLA, we understand the complexities and challenges associated with real estate and private equity funds. Our team of experienced professionals provides comprehensive support tailored to your needs, helping you to navigate with confidence. For more information on real estate and private equity, contact Carey Heyman at or 310-288-4220. The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting, investment, or tax advice or opinion provided by CliftonLarsonAllen LLP (CLA) to the reader. For more information, visit

HOME-PRICE TRENDS IN OPPORTUNITY ZONES STILL FOLLOWING NATIONAL PATTERNS DURING FIRST QUARTER OF 2025
HOME-PRICE TRENDS IN OPPORTUNITY ZONES STILL FOLLOWING NATIONAL PATTERNS DURING FIRST QUARTER OF 2025

Yahoo

time22-05-2025

  • Yahoo

HOME-PRICE TRENDS IN OPPORTUNITY ZONES STILL FOLLOWING NATIONAL PATTERNS DURING FIRST QUARTER OF 2025

Price Gains Inside Opportunity Zones Targeted for Economic Redevelopment Settle Down Along with Broader U.S. Housing Market During Slow Winter Period IRVINE, Calif., May 22, 2025 /PRNewswire/ -- ATTOM, a leading curator of land, property data, and real estate analytics, today released its first-quarter 2025 report analyzing qualified low-income Opportunity Zones targeted by Congress for economic redevelopment in the Tax Cuts and Jobs Act of 2017 (see full methodology below). In this report, ATTOM looked at 3,558 zones around the United States with sufficient data to analyze, meaning they had at least five home sales in the first quarter of 2025. The report found that median single-family home and condo prices increased from the fourth quarter of 2024 to the first quarter of 2025 in 48 percent of Opportunity Zones around the country with enough data to measure. That happened as the national median price remained the same. Medians were up annually in 59 percent of Opportunity Zones during a time when the typical nationwide price went up 8 percent. As the U.S. housing market boom continued into in its 14th year, median prices grew more than 10 percent annually in close to half the Opportunity Zones analyzed. Those trends, in and around low-income neighborhoods where the federal government offers tax breaks to spur economic revival, extended a long-term pattern of home values inside Opportunity Zones closely tracking broader nationwide price shifts for at least the last four years. That scenario has held regardless of whether the housing market has seen small, moderate or robust gains. Despite prices continuing to rise in a majority of Opportunity Zone markets when measured year over year, the first-quarter trends again were mixed, with typical values again rising far more often in higher-priced zones than in the very lowest-priced neighborhoods. That continued to show more significant weakness at the very bottom of the U.S. housing market, suggesting that those areas are reaping the fewest benefits from rising home values and could be more vulnerable if the broader market surge stalls. Nevertheless, the latest patterns mark yet another sign that some of the most distressed communities in the nation are showing economic strength, or limited weakness, compared to other markets around the country. By several important measures, Opportunity Zones continued to enjoy even better price trends than the nation as a whole during the first quarter of 2025. For example, annual median price increases bested typical nationwide gains in a slightly larger portion of Opportunity Zones than elsewhere. "Home-value patterns inside Opportunity Zones remain pretty much in lock-step with the rest of the country, just as we've seen ever since we started looking at this niche of the market. From one to another, those very local markets remain volatile, with troubling signs in the very lowest-priced areas. But the big picture shows remarkable, and mostly positive, consistency," said Rob Barber, CEO for ATTOM. "This likely reflects the ongoing short supply of homes for sale across the country and rising prices, which pushes marginal buyers to roll the dice on locations with varying levels of economic distress." Barber added that "the home-buyer money flowing into these communities shows enduring potential for them to turn around, providing solid foundations for investors looking to use the Opportunity Zone incentives." Opportunity Zones are defined in the Tax Act legislation as census tracts in or alongside low-income neighborhoods that meet various criteria for redevelopment in all 50 states, the District of Columbia and U.S. territories. Census tracts, as defined by the U.S. Census Bureau, cover areas that have 1,200 to 8,000 residents, with an average of about 4,000 people. Amid varying levels of economic challenges, typical home values across wide swaths of Opportunity Zones remained far below those around most of the nation in the early months of 2025. Median first-quarter prices inside 80 percent of the zones with enough data to measure stood below the U.S. median of $355,000. That was about the same portion as in other time periods since 2020. In addition, median prices remained less than $200,000 in almost half the zones. Considerable price volatility also continued inside Opportunity Zones, with median values either dropping or increasing by at least 5 percent in nearly three-quarters those locations from late 2023 to early 2024. That again likely reflected small numbers of sales in many zones. Still, when taken as a whole, the latest overall trends in Opportunity Zones still generally matched the nationwide path of home prices during the first few months of 2025. High-level findings from the report: Median prices of single-family homes and condos increased from the fourth quarter of 2024 to the first quarter of 2025 in 1,491 (48 percent) of the Opportunity Zones around the U.S. with sufficient data to analyze, while staying the same or decreasing in 52 percent. Measured annually, medians remained up from the first quarter of 2024 to same period this year in 1,762 (59 percent) of those zones. (Among the 3,558 Opportunity Zones included in the report, 3,120 had enough data to generate usable median-price comparisons from the fourth quarter of 2024 to the first quarter of 2025; 3,004 had enough data to make comparisons between the first quarter of 2024 and the first quarter of 2025). Both the quarterly and annual trends in Opportunity Zones matched patterns in other areas: median prices rose quarterly and annually in the same portion of census tracts outside of Opportunity Zones - 48 percent and 59 percent. Typical values were up more than 10 percent annually in 42 percent of Opportunity Zones, compared to 37 percent of neighborhoods outside the zones. However, in a continuing potential sign of trouble, median prices were up annually in only 47 percent of Opportunity Zones where homes commonly sold for less than $125,000 during the first quarter of 2025. Among states that had at least 25 Opportunity Zones with enough data to analyze during the first quarter of 2025, the largest portions of zones where median prices increased annually were in Indiana (medians up from the first quarter of 2024 to the first quarter of 2025 in 75 percent of zones), New York (72 percent), Missouri (70 percent), Colorado (69 percent) and New Jersey (65 percent). States where prices were up annually in the smallest portion of zones included Nevada (median prices up in 44 percent of zones), Washington (49 percent), Florida (49 percent), Iowa (52 percent) and Tennessee (52 percent). Of the 3,558 zones in the report, 1,097 (31 percent) had median prices below $150,000 in the first quarter of 2025. That was down from 34 percent of zones with sufficient data a year earlier and 57 percent five years ago. Another 556 zones (16 percent) had medians in the first quarter of this year ranging from $150,000 to $199,999. Median values in the first quarter of 2025 ranged from $200,000 to $299,999 in 24 percent of Opportunity Zones while they topped the nationwide first-quarter national median of $355,000 in just 20 percent. The Midwest continued in the first quarter of 2025 to have larger portions of the lowest-priced Opportunity Zone tracts. Median home values were less than $175,000 in 61 percent of zones in the Midwest, followed by the Northeast (42 percent), the South (39 percent) and the West (6 percent). Report methodologyThe ATTOM Opportunity Zones analysis is based on home sales price data derived from recorded sales deeds. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. ATTOM's analysis compared median home prices in census tracts designated as Opportunity Zones by the Internal Revenue Service. Except where noted, tracts were used for the analysis if they had at least five sales in the first quarter of 2025. Median household income data for tracts and counties comes from surveys taken by the U.S. Census Bureau ( from 2019 through 2023. The list of designated Qualified Opportunity Zones is located at U.S. Department of the Treasury. Regions are based on designations by the Census Bureau. Hawaii and Alaska, which the bureau designates as part of the Pacific region, were included in the West region for this report. About ATTOMATTOM powers innovation across industries with premium property data and analytics covering 158 million U.S. properties—99% of the population. Our multi-sourced real estate data includes property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, neighborhood and geospatial boundary information, all validated through a rigorous 20-step process and linked by a unique ATTOM ID. From flexible delivery solutions—such as Property Data APIs, Bulk File Licenses, ATTOM Cloud, Real Estate Market Trends—to AI-Ready datasets, ATTOM fuels smarter decision-making across industries including real estate, mortgage, insurance, government, and more. Media Contact:Megan Data and Report Licensing:949.502.8313datareports@ View original content to download multimedia: SOURCE ATTOM

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