The Democrat had created an application process for municipalities interested in participating in the Opportunity Zone Program. Each governor must submit a plan to the federal government designating tracts as Opportunity Zones.
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Qualified tracts must have a poverty rate of at least 20 percent of the median income that does not exceed 80 percent of the area median income.
The program provides a federal tax incentive for investors to re-invest unrealized capital gains into these special zones by pooling money with other investors through Opportunity Funds.
Department of Economic and Community Development Commissioner Catherine Smith says the 72 zones are “ripe for redevelopment.” She hopes the designation spurs economic growth.