Rural Opportunity Zone 2.0 Government Engagement Playbook

By Michael O’Mara | Ascension OZ Advisors & Opportunity Zone Alliance 2.0
Empowering Economic Development Agencies to Unlock Private Capital for Rural Growth

Preface: The Rural OZ Imperative

The new Opportunity Zone 2.0 legislation has permanently redefined the landscape for rural communities. Public–private partnerships are now the cornerstone of revitalization—blending capital gains investment with community impact.

Ascension OZ Advisors was founded to guide EDCs, municipalities, and local leaders through the complex yet transformative Opportunity Zone framework.

Purpose of this Playbook: To equip government leaders and economic development organizations with the tools, strategies, and frameworks to attract capital, build business ecosystems, and accelerate rural prosperity.

Section 1: The New OZ 2.0 Framework

Key Legislative Enhancements:
  • Permanent designation of Opportunity Zones
  • Five-year rolling deferral periods
Fifty percent (50%) improvement threshold
  • Thirty percent (30%) rural step-up in basis incentive
  • Ten-year re-designation cycles tied to census tracts
  • Fair Market Value (FMV) audit requirements by 2026
  • Enhanced transparency and community impact metrics
Implications for Local Governments:
  • Renewed opportunity to shape the next 10-year economic development cycle
  • Control over census tract nominations
  • Competitive positioning to attract QOF and QROF capital

Section 2: Rural EDC Strategy Framework

A. Identify and Map Rural OZ Assets:
  • Inventory available land, infrastructure, and utilities
  • Use census tract and FIPS code analysis to verify OZ eligibility
  • Identify anchor employers and underutilized sites
B. Engage Local Stakeholders:
  • County commissioners, chambers of commerce, universities, and workforce boards
  • Align with philanthropic and state-level incentives
C. Develop a Rural OZ Prospectus:
  • Market-ready document showcasing shovel-ready projects
  • Include demographic, infrastructure, and workforce data
D. Promote Public-Private Collaboration:
  • Define clear ROI and community impact metrics
  • Create incentive stacking strategies: OZ + NMTC + LIHTC + USDA RD

Section 3: Local Government Role in OZ Activation

  • Establish a Local OZ Steering Committee
  • Facilitate Qualified Opportunity Zone Business (QOZB) formation
  • Coordinate with CPAs, appraisers, and attorneys for compliance
  • Issue letters of support and streamline local permitting

Key Deliverable: Launch a Community OZ Readiness Plan in partnership with Ascension OZ Advisors.

Section 4: Opportunity Zone 2.0 Partnership Model

Public Sector Responsibilities:
  • Designate OZ project pipeline
  • Provide local data and development support
  • Endorse qualified projects
Private Sector Responsibilities:
  • Structure QOF/QROF investment vehicles
  • Bring equity capital and sponsor expertise
  • Deliver long-term job creation and economic impact
Ascension OZ Advisors’ Role:
  • Strategic guidance on OZ policy, fund structuring, and investor relations
  • Training and certification for EDO staff
  • Creation of compliance-ready documentation templates and dashboards

Section 5: Implementation Roadmap for EDCs

Phase 1: Assessment & Alignment
  • Conduct Rural OZ Diagnostic
  • Identify top 3 development tracts
Phase 2: Education & Coalition Building
  • Host local OZ 2.0 training workshop
  • Build stakeholder committees
Phase 3: Investment Readiness
  • Package OZ projects for marketing to QOFs
  • Develop FMV and audit documentation
Phase 4: Investor Engagement & Deal Flow
  • Present to OZ Alliance 2.0 network
  • Coordinate ribbon-cutting events and media

Section 6: Case Study Example

Rock Row Rural Innovation Hub (Maine):

  • Rural data center and mixed-use model
  • Leveraged OZ 2.0 rural incentives and private family office capital
  • Structured as a QROF with 10-year hold and 30% step-up

Section 7: Ascension OZ Advisors Government Partnership Offerings

  • OZ 2.0 Readiness Workshops
  • Rural Economic Development Advisory Packages
  • QOF/QROF Structuring Services
  • EDC Staff Training & Certification
  • OZ Marketing Collateral Development
  • FMV Valuation and Audit Preparation Support

Schedule a discovery session

“The future of rural prosperity begins with informed leadership.” Schedule a discovery session to evaluate your community’s readiness and access our OZ 2.0 Government Toolkit.

Contact:
Michael O’Mara
Founder | Ascension OZ Advisors & Opportunity Zone Alliance 2.0
mike@ascensionoz.com | (617) 549-5154

Disclaimer
This playbook is intended for educational and informational purposes only. It does not constitute legal, tax, or investment advice. Communities should consult with licensed professionals before implementing Opportunity Zone strategies.