Credit: State of NJ: Department of Community Affairs
Enacted as part of the 2017 Federal Tax Cuts and Jobs Act, the Opportunity Zones program will bring development into low-income areas. While investors and developers form Qualified Opportunity Funds (QOFs), Langan is well positioned to support substantial improvement projects among the 169 tracts within 73 municipalities in New Jersey. In fact, because of our near half-century of providing engineering and environmental services in our state, we have the right experience and site knowledge to help maximize investments in our OZs.
Some facts about New Jersey Opportunity Zones:
- 108 out of 169 tracts are within half an hour of one of the state’s 244 mass transit stations
- 127 out of 169 tracts are located in municipalities that score well on all three of NJ Future’s neighborhood walkability metrics: population and employment density, local street network density, and presence of a mixed-use downtown
- Population growth in the zones outpaced that of the statewide average; population grew by 4.4% compared to 1.9% statewide
- 83 of the 169 tracts have been flagged as distressed by the Low Income Housing Tax Credit Program
Langan’s New Jersey team is well versed with local, county, state, and federal regulations; the associated permitting processes; and the approvals that are necessary for land development projects in the state. We have also secured grant funding for Brownfield-related projects for our municipal clients from numerous sources within federal and state agencies.
Mark Devaney, LEED AP