BISMARCK, N.D. – Gov. Doug Burgum today announced North Dakota will participate in the newly created Opportunity Zones Program, a community development incentive established by the federal Tax Cuts and Jobs Act of 2017.
The program gives each state’s governor the authority to designate Opportunity Zones, or areas of populations that are eligible to receive private investments through Opportunity Funds.
Opportunity Funds allow U.S. investors holding unrealized gains in stocks and mutual funds to pool their resources in projects located in Opportunity Zones, which will be focused on rebuilding low-income communities. Opportunity Zones are defined as low-income census tracts where the poverty rate is 20 percent or greater and/or family income is less than 80 percent of the area’s median income.
“These Opportunity Zones and the funds that support them will provide access to capital in low-income communities that otherwise may not attract it,” Burgum said. “It’s another tool to help cities reach their full potential and create healthy, vibrant communities that can attract and retain a 21st century workforce.”
The Opportunity Zone application form and details on the application process will be available at https://business.nd.gov/opportunityzones. Nominations will be made by the governor by March 21. If the application extension is granted by the U.S. Department of the Treasury, the governor will make nominations by April 20.
When finalized, the U.S. Department of the Treasury will approve the nominated census tracts and administer the Opportunity Zone Program.