Treasury designates eight opportunity zones in Richmond

Richmond, VA — The City of Richmond is proud to announce that the U.S. Department of the Treasury has approved the designation of eight new “Opportunity Zones” in the city, providing an important vehicle to attract private investment to revitalize and reinvigorate communities throughout Richmond.

First created in 2017, the Opportunity Zone program is an economic development tool meant to spur economic growth, encourage investment and uplift communities by providing tax incentives to investors. In 2025, the program was made permanent by establishing a recurring program framework in which, every 10 years, new census tracts will be eligible for Opportunity Zones designation.

Earlier this year, the City of Richmond submitted its priority investment areas to the commonwealth and, with support and advocacy from the city’s state delegation, Governor Abigail Spanberger nominated eight Census Tracts for Opportunity Zone designation to the U.S. Department of the Treasury.

“We are thrilled with the outcomes from the 2026-2037 Opportunity Zone designation,” said Mayor Danny Avula. “To meaningfully strengthen our communities, we need to find ways to encourage investment. Federal tax incentives like the Opportunity Zone program, when applied to priority reinvestment areas such as Gilpin Court, Monroe Ward, Southside, and others, can spur important economic and community development that is sure to last far beyond the program years.”

A map of the 2026-2037 Virginia Opportunity Zones can be found on the Virginia Department of Housing and Community Development website. City of Richmond designations include areas around Monroe Ward, Gilpin Court, Southside Plaza, Hioaks, Virginia Union University and more.

“There are so many partners to thank for making this possible,” said Richmond Director of Housing and Community Development Merrick Malone. “From local leaders and advocacy groups to local and state legislators, there are no shortage of smart, talented Richmonders doing the hard work necessary to attract investment and encourage thoughtful growth in priority areas.”