Follow-Up: New Jersey's 130 Opportunity Zones Win Federal Approval: Governor Says Designations Open the Door to Investment and Housing in Trenton, Atlantic City and Beyond
New Jersey Governor Mikie Sherrill issued a statement on November 6 announcing that the state's 130 Opportunity Zones were approved on November 5. New Jersey had previously nominated the 130 census tracts for federal Opportunity Zone designation; the approval makes the nominations official.
Opportunity Zones are federally designated areas intended to steer long-term investment, through tax incentives, into communities that have been historically overlooked. Sherrill said the approval opens the door to new investment, housing and jobs for communities that stand ready to grow but have been overlooked, and that she is especially focused on putting the designations to work in Trenton - the state capital, in Mercer County - Atlantic City, and downtowns across the state.
According to the state, the program will help turn vacant properties into homes and businesses, advance smart growth near transit, and strengthen New Jersey's vital urban centers. Qualifying investments in approved zones can receive federal tax benefits, while the state works to align the designations with local planning.
Sherrill framed the approval as part of her urban agenda: after September's comprehensive housing affordability plan, which doubled planned homes on state-owned land from 20,000 to 40,000, the Opportunity Zone approvals add another investment tool for downtowns and older industrial cities. The state says it will work with municipalities to turn the designations into projects. (Source: Office of the Governor of New Jersey)
Source: Office of the Governor of New Jersey
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Photo: 图片来源：Wikimedia Commons「New Jersey State House north panorama.jpg」（Niagara 摄，CC BY-SA 3.0） Image: Wikimedia Commons "New Jersey State House north panorama.jpg" (by Niagara, CC BY-SA 3.0)
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