The U.S. Department of the Treasury has approved all 169 tracts that Gov. Phil Murphy recommended the department include in its Opportunity Zone Program, aimed at driving 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,” Murphy said in an April 9 statement. “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."
Municipalities selected Opportunities Zones in each of the state’s 21 counties.
To qualify for the zones, communities have to have a poverty rate of 20 percent or a median family income of up to 80 percent of the median for the area.