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.