STREAMING NOW: Watch Now

'Opportunity Zones' created in southeastern Minnesota

New federal program in Fillmore, Freeborn, and Olmsted counties.

Posted: May 18, 2018 4:09 PM
Updated: May 18, 2018 4:10 PM

ST. PAUL, Minn. – 128 low-income areas in Minnesota have been designated “Opportunity Zones” by the U.S. Treasury.

It’s part of a new economic and community development program created by the Tax Cut and Jobs Act of 2017 in order to encourage long-term development and housing investments nationwide.

“Expanding access to good jobs and better opportunities has been a top priority for my Administration. These efforts have been especially important in communities that are experiencing continuing economic disparities,” says Governor Mark Dayton. “The Opportunity Zones program provides Minnesota a great opportunity to work with local community leaders and our federal partners to build upon that important work and improve people’s lives.”

Projects in the zones will be eligible for funding through “Opportunity Funds,” which are an investment vehicle that is set up as either a partnership or corporation for investing in eligible property that is located in an “Opportunity Zone” and that utilizes the investor’s gains from a prior investment.

“This approval by the U.S. Treasury Department will open the door to much needed investment to some of Minnesota’s lowest-income areas to spur economic development,” said Minnesota Department of Employment and Economic Development Commissioner Shawntera Hardy. “This program could lead to new strategies to bridge public-private partnerships.”

“Opportunity Zones” have now been established in Fillmore, Freeborn, and Olmsted counties. To find other zones, click here.

Article Comments

Mason City
Broken Clouds
12° wxIcon
Hi: 17° Lo: 0°
Feels Like: -7°
Albert Lea
Broken Clouds
10° wxIcon
Hi: 14° Lo: -1°
Feels Like: -5°
Austin
Scattered Clouds
14° wxIcon
Hi: 18° Lo: 1°
Feels Like: -1°
Charles City
Overcast
14° wxIcon
Hi: 18° Lo: 1°
Feels Like: -2°
Rochester
Clear
11° wxIcon
Hi: 17° Lo: 0°
Feels Like: -8°
January like temperatures will hold for the next few days
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Carbon Monoxide Dangers

Image

Klobuchar Vets Day

Image

The 411 on 911

Image

HyVee Celebrates Veterans Day

Image

1-on-1 with Bernie Sanders during north Iowa stop

Image

My Money: The difference between APR and APY

Image

Tracking Monday's weather: Get ready for the cold

Image

Preparing for Veterans Day events

Image

Bernie Sanders makes his way to North Iowa

Image

Chris' PM Weather Forecast 11/10

Community Events