The Opportunity Zone Technical Support Grant provides up to $2,000 to helping communities pay for professional services. Communities will need to select the vendor and set the service agreement for the project.
Potential professional service categories include:
- legal assistance
- accounting, financial services, and investment banking
- economic development and planning
- investment facilitation
- measurement and evaluation
- community engagement and input
- marketing and design
- other miscellaneous services
If your community would like to apply for funding over $2,000, you should apply for the Opportunity Zone Technical Support Grant.
The Colorado Opportunity Zone Program encourages long-term private investments by giving investors tax incentives for investing in real estate projects in designated low-income communities. Investors receive tax incentives in the form of deferrals, reductions, and possible elimination of certain federal capital gains taxes.
For communities to attract capital to projects that the community wants and will benefit the residents, stakeholders need to build prospectuses, structure deals, and work to engage investors.
Elected leaders or your local economic development organization (or equivalent, like chamber of commerce or municipality) need to submit your application. Nonprofit organizations may apply if they have a letter of support from the local economic development organization.
Projects can be private or publicly funded and/or organized. Projects need to:
- be in a designated opportunity zone
- have broad community support
- be reasonably concepted by the time of application
- be funded by opportunity fund capital
Your community can only apply for either the Opportunity Zone Mini Grant or the Opportunity Zone Technical Support Grant. Communities wanting to request over $2,000 should apply for the Opportunity Zone Technical Support Grant. Communities wanting to request $2,000 or under should apply for the Opportunity Zone Mini Grant.
The Opportunity Zone Mini Grant application is open and operates on a rolling deadline, meaning we will review applications as we receive them.
Apply online through the OEDIT application portal. Log in or create a new account. New users are manually added to the portal for security reasons, so it may take several days to activate your account.
The Opportunity Zone Program team will review your application. We try to provide a funding decision within five business days.
Answer these questions in narrative form (maximum 5,000 characters per question):
- describe the project that you are seeking funding for
- describe how much funding you are seeking and what the funding will be used for
- select the category of technical assistance that most closely matches what you are looking for (legal assistance; accounting, financial services and investment banking; economic development and planning; investment facilitation; measurement and evaluation; community engagement and input; marketing and design; other)
- describe how this project aligns with your economic development goals, and how the initiative will help you achieve these goals
- describe how this project relates to opportunity zones and the role that opportunity zone capital will play
- share the names and biographies of the main project leaders (including engagement with other similar projects), and describe the role they will play in the project
- demonstrate broad community support for this project by sharing a list of individuals and organizations who support this effort, and include at least two letters of support
- explain why your project needs this grant funding (as opposed to other sources of funding) and include examples of other funding sources you have have already considered
- is the community able to meet the matching requirement? If so, describe who will provide matching funds. If you seek a waiver from the match, please explain why.
- certify that you are willing to provide brief, quarterly progress reports and complete short surveys about the project for two years
This is a competitive program. Not all eligible applications will be funded. The Opportunity Zone Steering Committee awards grants on an as-needed basis and reviews and scores applications on:
- alignment with economic development goals
- potential for impact
- feasibility of project
- evidence of community and regional support
- financial need
- overall strength of application
After the Opportunity Zone Steering Committee approves your grant application, you need to spend the money within 90 days.