Gov. Murphy Lauds Federal Approval of 169 Opportunity Zones in NJ
On Apr 10, 2018
Governor Phil Murphy announced that the United States Department of Treasury has approved his 169 recommended designations 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,” said Governor Murphy. “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, eligible 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. Governor 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 following municipalities have at least one Opportunity Zone: