The new federal Opportunity Zone map for Virginia adds Monroe Ward and removes Scott’s Addition and Manchester from the Richmond list. The new zones start January 1, 2027, according to Richmond BizSense reporter Mike Platania, writing on November 9, 2026.
What an Opportunity Zone is
The IRS describes Opportunity Zones as an economic development tool. Congress created them in the Tax Cuts and Jobs Act of 2017. States nominated designated low-income communities, called Qualified Opportunity Zones, and the U.S. Treasury certified them. Investors put money in through Qualified Opportunity Funds. The IRS says the benefit is that investors can temporarily defer tax on eligible gains.
Virginia’s housing and community development agency adds that the first set of 212 zones was designated until December 31, 2028 (Virginia DHCD).
What BizSense reports changed in Richmond
Platania reports that Monroe Ward is the most central new zone in the area. It sits south of Broad Street between VCU and downtown and has many surface parking lots. You can read more about the area on our Monroe Ward community page.
The article says the first map’s zones in Scott’s Addition and Manchester are not on the new map. It also lists Jackson Ward, Carver, Shockoe Bottom, downtown and the Diamond District among the areas dropped, along with parts of the West End.
New Richmond-area zones named in the article include parts of Gilpin, Battery Park and the Virginia Union University area, plus East Highland Park and Lakeside. Southside tracts near Bellemeade, Broad Rock, Warwick, Bellwood and Hioaks were added. The article also names one Chesterfield County zone that includes Chesterfield Towne Center, a large zone in eastern Henrico, and a zone in Ashland in Hanover County.
What this means for housing in these neighborhoods
An Opportunity Zone is a tax designation on a census tract. It does not change zoning, and it does not change what a home on your street is worth by itself. BizSense reports that the program is often used for apartment projects, and that Scott’s Addition saw several mid-rise apartment buildings built under the first map.
Whether a given investment benefits still depends on that investment gaining value, and a developer’s view of the new map is one opinion, not a forecast we are making.
For buyers and owners, the practical step is to look at each address on the official map and ask a tax professional what applies to you. This post is general information, not legal or tax advice. Ask a Virginia real estate attorney or a tax professional about your situation. You can compare these areas on our City of Richmond community hub and in the Richmond area news category.
Browse homes in the neighborhoods named here
See current listings in Monroe Ward, Scott’s Addition, Manchester and across the Richmond area, then save a search for the places you are watching.
Keep an eye on these areas
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Frequently asked questions
When do the new Opportunity Zones take effect?
January 1, 2027, according to Richmond BizSense (November 9, 2026) and Virginia REALTORS (May 7, 2026).
What happens to zones from the first map?
Richmond BizSense reports they remain valid through the end of 2028, so the two maps overlap. Virginia DHCD’s page also states the first designations run until December 31, 2028.
How many Virginia zones are there under the new rules?
BizSense reports Virginia’s potential zones fell from 212 to 153 under the 2025 federal tax law, which lets governors submit 25 percent of eligible tracts. Virginia REALTORS reported in May 2026 that 607 Virginia census tracts met the new eligibility rules.
Where can I check whether an address is in a zone?
Virginia DHCD links an OZ interactive map on its Opportunity Zones page. BizSense also links the state’s second-map viewer in its article.
Does a zone change my property taxes?
The IRS page we read describes a federal benefit: deferring tax on eligible gains invested through Qualified Opportunity Funds. It does not mention property taxes. Ask a tax professional about your own situation.
Does buying a home in a zone qualify me for the benefit?
The IRS describes investment through Qualified Opportunity Funds, not home purchases. Whether anything applies to you is a question for a tax professional or Virginia real estate attorney.
