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Opportunity Zone Program

Solutions for Opportunity Zone Investors, Opportunity Zone Fund Managers and the Assets/Companies they invest in.


Founded in 1960, Northern Bank is a top performing, $2.1B asset commercial bank, headquartered just outside of Boston. With innovation at the core of the company vision – innovation is imperative – Northern Bank provides products and services for local businesses to fill gaps in their financial needs. We make decisions quickly but take the time to truly understand our customers. To stay true to our promise, we have launched a specialized practice to serve the banking needs of Qualified Opportunity Zone Funds.

Send a message or Give us a call 800 273 6908

What is An Opportunity Zone?

Opportunity Zones are a new community development program established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide. The program provides a tax incentive for investors to re-invest their unrealized capital gains into an OZF (OZ Fund) that is dedicated to investing into OZ designated by the chief executives of every U.S. state and territory. States have designated up to 25% of low-income census tracts as Opportunity Zones. There are 8,761 census tracts that have the OZ designation spread across the country. These tracts have an average poverty rate of 32% compared with the national average of 17%. 

Opportunity Zone Fund Incentives

Deferral of Capital Gains taxes. Capital gains from the sale of any asset (if reinvested within 180 days) are deferred until the sale of the new investment, or Dec 31, 2026, whichever is earlier.*

Step-up in Basis. Any investment re-invested and held for 5 years gets a tax basis increase of 10%, and any investment held for 7 years gets a tax basis increase of 15% - thereby reducing the original capital gains tax by that amount. 

Permanent Elimination. Investments held for 10 years will pay no capital gains tax on the post-acquisition gains. This permanent exclusion only applies to the gains accrued in an Opportunity Fund. 

*Northern Bank does not provide tax, legal or accounting advice, nor can we make any representations or warranties regarding the tax consequences of your transaction. We strongly encourage you to seek appropriate professional advice regarding your specific facts and circumstances.

Northern Bank Opportunity Zone Services

Outstanding Customer Service

  • OZ Relationship Manager:  Every Opportunity Zone Fund customer works with our specialized relationship manager to define a solution tailored to your needs
  • Daily Banking Support: Dedicated Business Banking support team
  • Security: Our team will work closely with your team to develop control and security procedures to help mitigate your risk for your transaction 

Operating Accounts for OZ Portfolio Companies 

  • Full-service online and mobile banking for portfolio companies

Opportunity Zone Fund Administration

Northern Bank does not provide Opportunity Zone fund administration but we work with experienced companies who deliver fund administration services for their clients.

Let us know if you have any questions.  

Northern Bank Cash Management Services

You know the value of smooth cash flow. We have the tools and the cash management professionals to make that happen for your business. No matter your size or location, put Northern Bank to work for you. 

Key Features & Benefits

  • Knowledgeable service: Our cash management experts understand your business and tailor custom solutions.
  • Bank online: Whatever works for your schedule, we make your banking easy and convenient.
  • Wires: Initiate domestic and international wire transfers.
  • Fraud Protection: Using our Business e-Banking, you can create unique logins for each user and limit access to only the accounts and transactions they need.


Michelle Fitzpatrick

1031 Exchange Relationship Manager, VP



Inquire Now

Call Us 800 273 6908

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