As policymakers prepare for a new round of Opportunity Zone designations, policy leaders gathered at the REALTORS® Legislative Meetings for the State and Local Issues Roundtable to examine how the program’s next phase could shape housing, economic development and community revitalization efforts nationwide.
The session, “The Next Opportunity: Opportunity Zones 2.0,” was moderated by NAR State and Local Issues Senior Policy Representative Drew Myers and brought together federal, state and local experts to discuss lessons learned from the original program and to outline how REALTORS® and community stakeholders can engage as the new designation process begins in 2026.
Panelists reflected on Opportunity Zones 1.0, which was designed to attract private investment to economically distressed areas through targeted tax incentives. While the first iteration of the program helped direct capital into certain communities, speakers emphasized that outcomes varied widely, often depending on local planning, infrastructure readiness and coordination among stakeholders.
“Communities that looked at this holistically and understood the opportunity that Opportunity Zones present, and also had somebody in place who could think through both those policies, was really critical and really paid off for the communities that did do that,” said Catherine Lyons, senior director of policy and coalitions, Economic Innovation Group.
With Opportunity Zones 2.0 on the horizon, the program enters a new phase that includes changes to eligibility criteria, a revised timeline and additional incentives aimed at rural communities.
The updates are intended to refine how zones are selected and how investment is distributed over time. Panelists noted that governors will once again play a central role in nominating eligible census tracts, with input from local governments, economic development organizations and private sector stakeholders helping inform those decisions.
The conversation also focused on the role of counties and municipalities in translating designation into meaningful development outcomes. Panelists described “investment readiness” as a key factor—highlighting the need for communities to have clear land‑use plans, infrastructure capacity and development priorities in place to attract capital aligned with local needs.
Housing emerged as a central theme throughout the discussion, with speakers noting the intersection between Opportunity Zones and efforts to increase housing supply, support mixed‑use development and revitalize commercial corridors.
Participants emphasized that local strategies integrating housing, infrastructure and economic development goals may be critical to maximizing the impact of the program.
As the next phase of Opportunity Zones takes shape, the panel highlighted the importance of coordinated planning and stakeholder engagement in determining how effectively the program supports long‑term community development.
Jared Grigas, associate legislative director, National Association of Counties, closed out the session pointing to the value that REALTOR® associations bring, as they “have data that might make the decision for local leaders when the designation cycle is approaching that much easier.”
