WASHINGTON, D.C. (TDR) — The Trump administration is moving to expand its signature economic revitalization initiative, with Housing and Urban Development Secretary Scott Turner announcing on Tuesday that he will travel to states like Ohio to assess how the Opportunity Zone program can be scaled up to create more affordable housing and jobs in distressed communities.

“$90 billion of private money was invested in opportunity zones — urban, tribal, and rural. And now that they’ve been made permanent, we’re looking for millions more to be lifted out of poverty,” Turner said during a cabinet meeting. He added that the second iteration of the program is expected to deliver “hundreds of thousands of units of housing” and “hundreds of thousands of jobs.”

Trump’s Praise for Tim Scott

President Donald Trump hailed Sen. Tim Scott of South Carolina, who originally proposed the initiative with Sen. Cory Booker in 2017. “Tim really came up with opportunity zones, and we did a good job of working with them,” Trump said. “Together we created something that nobody speaks of very much, but it’s probably the most successful thing that’s ever been done of its kind.”

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The Opportunity Zone program, first enacted in 2017, provided tax incentives to encourage investors to channel capital into designated low-income communities.

OZ 2.0 and the One Big Beautiful Bill Act

The revival and expansion, known as OZ 2.0, is codified under the One Big Beautiful Bill Act of 2025. This legislation makes the program permanent, preventing it from sunsetting in 2026.

Beginning in 2027, state governors will redesignate eligible zones every decade, with criteria that cut the number of qualifying tracts by roughly 20% to sharpen focus on truly distressed communities. Investors will receive a flexible five-year deferral on capital gains and a 10% basis increase after five years. Gains held for 10 years will remain tax-free.

A new feature is the creation of Qualified Rural Opportunity Funds (QROFs), which carry a 30% basis boost and lower improvement thresholds, designed to steer capital into struggling small towns and farming regions. Rural advocates argue these provisions may finally level the playing field for communities left behind by decades of disinvestment.

Opportunity Zones in Trump’s First Term

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Introduced as part of the 2017 Tax Cuts and Jobs Act, the original program was championed by HUD Secretary Ben Carson. Nearly 8,800 census tracts were designated nationwide, covering 35 million Americans. By the end of 2019, the White House estimated $75 billion in investments flowed through OZs, generating more than half a million jobs and moving roughly one million people closer to economic self-sufficiency.

Even skeptics acknowledged the visible improvements. The New York Times reported on Birmingham, Alabama, where an abandoned movie theater was restored for community use. Meanwhile, cities like Erie, Pennsylvania saw neighborhoods revitalized after decades of decay.

The Balancing Act: Revitalization vs. Gentrification

Supporters describe OZs as a lifeline for working-class communities. Ways and Means Committee Chairman Jason Smith said the tax incentives sparked new businesses, affordable housing, and jobs in overlooked regions.

Critics, however, continue to raise concerns over gentrification and whether wealthier investors reap more benefits than residents. OZ 2.0 attempts to address this by tightening eligibility and offering special provisions for rural zones where displacement pressures are less severe.

Forgotten America First

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For President Trump, the program is a direct extension of his campaign promise to prioritize “the forgotten men and women of America.” The White House says OZ 2.0 represents the president’s long-term economic vision, blending tax reform with targeted revitalization.

Turner emphasized that the expansion will keep low-income families at the center. “This isn’t just about investors,” he said. “It’s about real people, real families, and communities that deserve the chance to thrive.”

Will Trump’s Opportunity Zones 2.0 lift more families out of poverty—or simply enrich developers in struggling towns?

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