ALBANY, N.Y. — Empire State Development (ESD) has recommended 514 census tracts to the U.S. Department of the Treasury for designation as Opportunity Zones, a new federal community development program administered by Treasury.
The federal program establishes Opportunity Zones, or low-income Census tracts, to boost private investment in under-served urban and rural communities, according to ESD. These Census tracts may receive funding from Opportunity Funds, which allow investors to pool resources to rebuild distressed neighborhoods.
“In New York State, we’ve focused on revitalizing our downtowns and investing in the communities that need it most,” Empire State Development President, CEO and Commissioner Howard Zemsky said in a release.
The governor may designate up to 25 percent of New York State’s low-income community Census tracts as Opportunity Zones. The U.S. Treasury identified more than 2,000 eligible tracts in New York state eligible for the designation, with the governor able to designate up to 514 by April 20. Final nominations were made by Gov. Andrew Cuomo and submitted to Treasury Friday.
ESD’s website has more information and maps of the selected tracts.
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Image credit: ESD