The U.S. Department of the Treasury today certified 150 census tracts in Louisiana as Opportunity Zones.
The certification means the zones, nominated by Gov. John Bel Edwards in March, will now feature federal tax incentives to attract developers and investors to boost low-income census tracts.
The Treasury Department runs the program, part of the 2017 tax overhaul, through its Community Development Financial Institutions Fund, or CDFI Fund, which sought nominations from the state and had a public comment period in March.
“This federal certification means we have new tools at our disposal to bring much-needed investment and new jobs to the areas of Louisiana who most need them,” Edwards says in a news release. “Through a collaboration of private investors, state agencies and local communities, we can work hand-in-hand to ensure that new opportunities for growth are created in Louisiana through this program.”
The Treasury Department will issue additional guidance about how investors may qualify for the program through equity investments in the selected Opportunity Zones. See a map of Louisiana’s newly approved opportunity zones.