Texas Maps Out Its Next Opportunity Zones

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Texas is positioning hundreds of neighborhoods for a new round of federal Opportunity Zone incentives, potentially reshaping where tax-advantaged development capital flows across the state.

A new opportunity zone 2.0: Gov. Greg Abbott has nominated 605 census tracts for the revamped program, which begins Jan. 1, 2027, and runs through 2036. The new rules tighten eligibility, generally requiring median family income below 70% of the state or metro median, while offering investors a five-year tax deferral and a 10% basis step-up.

Dallas-Fort Worth: Suburbs expand the map: Dallas County nominated 60 tracts, reaching into Richardson, Addison, Garland, Carrollton and Lewisville, as well as areas west and south of downtown. Tarrant County submitted 20 nominations, including Uptown Fort Worth and neighborhoods such as Southside, Meadowbrook, Haltom City, Watauga and Hurst. None of Tarrant County’s original zones were resubmitted.

Austin: Fewer tracts, different focus: Travis County submitted 12 nominations, including downtown Austin, Robinson Ranch and Dog’s Head. Most of the city’s 21 original Opportunity Zones were not eligible for the new program, shifting the focus of the proposed map.

San Antonio: Focus on strategic locations: Bexar County nominated 34 of 146 eligible tracts, primarily inside Loop 410. Proposed zones include downtown, the East Side, West Side and South Side, with areas near the airport, universities and Alamodome receiving particular attention.

Houston: North and East gain ground: Houston nominated 48 tracts from a pool of 427 eligible locations in the city and surrounding areas. The proposed zones are concentrated in northern and eastern neighborhoods, including Northside and Trinity Houston Gardens, while many downtown areas from the original program are no longer eligible.

What Changes for developers: The new map could shift development opportunities toward different suburban, infill and strategically located neighborhoods. Developers and investors will have to wait for final federal designations later this year before determining which projects can benefit from the new incentives.

A short window for distressed assets: DFW multifamily may be shifting from a development story to a distress-and-repositioning story. With Colliers estimating roughly 18 months of opportunity, investors willing to tackle older properties could find significant upside as market conditions improve.

➥ DFW’s AI usage reached 26% among businesses in July, outpacing New York and LA while reinforcing the region’s growing tech and data center presence.

➥ Bishop Arts rents held at $1,797 despite Dallas declines, but concessions reached 11% as new supply pressured occupancy and demand, extending the leasing recovery.

➥ North Texas MUDs are increasingly financing infrastructure for rapid suburban development, with Collin County tax rates generally ranging from $0.80 to $1.20 per $100 of assessed value. 

➥ The Wentwood Fields West opened leasing for 1,150 apartments in Frisco, with first move-ins planned for January and Fields West already 75% preleased.

➥ Onyx Legacy Group plans 200+ rental and for-sale homes on nearly 50 acres in west Oak Cliff, with pricing starting in the $400Ks and rental cottages in the low-to-mid $2,000s. 

Austin’s apartment rents remain negative at -1.1% YoY, but the market posted the nation’s strongest momentum from March to August, improving 650 bps as rent declines moderated sharply.

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