New Jersey Nominates 130 Census Tracts for Federal Opportunity Zone Designation Across All 20 Eligible Counties
The New Jersey Department of Community Affairs (DCA) announced on October 29 that the state has submitted the maximum 130 census tracts to the federal government for designation under the new round of the federal Opportunity Zone program. Chosen from 518 eligible tracts, the nominees cover all 20 eligible counties, and designations will run for ten years.
Opportunity Zones are a federal economic-development tool: investors who place capital gains into qualified projects in low-income communities receive tax deferral and reduction benefits, channeling long-term private capital into neighborhoods that have historically seen little investment. New Jersey's four-month selection process drew more than 200 letters recommending specific tracts, and the final list includes areas in Trenton, Atlantic City, Camden, Newark, Paterson, Jersey City and Elizabeth.
Governor Mikie Sherrill said the designations can steer private investment toward communities that most need jobs and housing. DCA Commissioner Jacquelyn A. Suárez said the selection was made in consultation with local governments, development agencies and community organizations so that nominated tracts align with local plans. NJEDA CEO Evan Weiss and Acting Secretary of State Shirley Emehelu also took part in the nomination process.
According to the state, during the first round of Opportunity Zones (2018-2028), 78 percent of New Jersey's zones received investment totaling $3.14 billion, an average of about $18.6 million per tract. The administration hopes the new round will sustain that momentum and steer more capital toward housing and small-business projects.
Source: GSM · USA (original Chinese edition)
Photo: 新泽西州州长Mikie Sherrill官方肖像。经GSM州长素材包。 / Official portrait of New Jersey Governor Mikie Sherrill. GSM governors asset pack.
