US Treasury OKs 169 NJ Opportunity Zones; Three County Municipalities Designated

TRENTON – Wildwood, West Wildwood and Lower Township were among 169 “opportunity zones” in the state approved April 9 by the U.S. Department of Treasury.
Gov. Phil Murphy announced the designations April 10 in a release.
He had made recommendations for Opportunity Zones throughout the Garden State. The Opportunity Zone program is designed to drive long-term capital investments into low-income rural and urban communities.
“I’m pleased the Treasury Department has accepted all 169 sites I proposed last month for designation as Opportunity Zones,” stated Murphy in a release. “Now, these cities and towns will have additional means to generate economic growth throughout their respective communities and, more importantly, create economic opportunities for their residents.”
Under federal legislation, Opportunity Zones were census tracts with a poverty rate of 20 percent or a median family income up to 80 percent of the area median. Murphy was authorized to designate up to 25 percent of the state’s eligible low-income census tracts (up to 169 tracts) as Opportunity Zones.
Designated census tracts reflect key economic indicators (e.g., income, unemployment rate, property values) that also take into consideration geographic distribution, access to transit, and the value of existing investments, including those encouraged by state programs and incentives.
The Program
The program provides opportunities for private investors to support investments in distressed communities through participation in Opportunity Funds under rules released by the U.S. Department of the Treasury.
Murphy worked directly with U.S. Sen. Cory Booker’s (D-NJ) office, convened meetings and roundtables with mayors throughout the state to receive feedback and input, and met with the New Jersey Congressional delegation to ensure a fair and transparent selection process.
Designated census tracts reflect key economic indicators (e.g., income, unemployment rate, property values) that also take into consideration geographic distribution, access to transit, and the value of existing investments, including those encouraged by state programs and incentives.