Opportunity Zones were created by the 2017 Tax Cuts and Jobs Act. These zones are designed to spur economic development and job creation in distressed communities throughout the country, including in a large part of Austin, by providing tax benefits to investors who invest eligible capital into these communities. Taxpayers may defer tax on eligible capital gains by making an appropriate investment in a Qualified Opportunity Fund and meeting other requirements.
Austin's Approved, Qualified Opportunity Zone encompasses a broad swath of Austin ranging from Interstate 90 through downtown Austin. Here's a map, Austin Opportunity Zone.