Opportunity Zones explained.
Through the Tax Cuts and Jobs Act of 2017, Congress incentivized investment in lower-income areas through the Opportunity Zones program. The program provides tax relief for investors who re-invest their unrealized capital gains into specific low-income communities. By providing tax breaks to investors, the program helps unlock additional investment dollars for low income communities.
The United States Department of Treasury answers many frequently asked questions about Opportunity Zones on its website. Don't hesitate to contact us for more detail and help.
Saint Paul's approach to Opportunity Zones.
Saint Paul will work to guide Opportunity Zone investments to align with the core values of the Carter Administration, which are:
- Equity
- Innovation
- Resilience
- Lifelong Learning
- Economic Inclusion and Justice
- Community-first Public Safety
The City will work in partnership with Opportunity Zone funds, developers, and investors, to leverage capital gains equity and other investments in projects that meet City values.
Priority Investment Categories include the following:
- Minority Business and Cultural Corridors
- Job Creation
- Targeted Redevelopment sites
- Mixed-income housing opportunities
Meet Saint Paul's Opportunity Zones.
Saint Paul's Opportunity Zones areas are grouped in seven focus geographies. These are:
City Center and Riverfront, including District del Sol
Creative Enterprise Zone
Midway Soccer Stadium, including Little Africa
Green Line East, including Little Mekong and Rondo
North End Nexus
Phalen Corridor
Gold Line East
Each of these links contains a Prospectus that provides regional economic and demographic data, along with information about City educational institutions, amenities and cultural attractions. Redevelopment site opportunities are identified with easily accessible information about real estate, zoning and area plans.
