A nonprofit has unveiled its newly acquired headquarters in Jersey City, where it will combine affordable housing, classrooms and co-working space in support of underserved entrepreneurs.
State officials are hoping to spur action by municipalities that are home to Opportunity Zones, unveiling a grant offering to help local leaders strategize for the federal program.
Amid the rollout of the new federal Opportunity Zone program, developers and public officials are trying to balance two key objectives: Identifying shovel-ready projects — allowing investors to maximize the tax benefits of the law — and steering capital to low-income areas that weren’t already attracting investment and may have higher barriers to entry. The state believes it can check both boxes with the right coordination and by layering in the subsidies that have helped revitalize many of New Jersey’s cities and downtowns.
State officials have launched a new website and interactive mapping tool aimed at helping local governments, investors and other stakeholders navigate the 169 census tracts in New Jersey that have been designated under the federal Opportunity Zone program.
New Jersey has “everything we need for our future success,” Gov. Phil Murphy said Tuesday, as he highlighted new proposals for tax credits tied to brownfield cleanups, historic rehabilitations and other policies meant to spur new affordable housing and economic growth.