Ohio Designates 44 “Opportunity Zones” in Columbus To Entice Developers to Invest in Opportunity Neighborhoods
Columbus neighborhoods from the Far East Side to Hilltop
will benefit from a new “Opportunity Zone” program from the U.S. Treasury.
Forty-four census tracts in five of Mayor Andrew J. Ginther’s Opportunity Neighborhoods
were recently designated based on recommendations from a community coalition
lead by the City of Columbus. These neighborhoods will be eligible for
“Opportunity Funds” that can help close funding gaps for current projects and
provide more resources to benefit neighborhood-based economic development.
“I am committed to making sure every person in every
neighborhood has the opportunity to succeed,” said Mayor Ginther. “The areas we
suggested are already being targeted for public and private development and
revitalization. We strongly believe that designating these tracts as
Opportunity Zones can play a pivotal role in ramping up the work already taking
place in these neighborhoods, both in scope and speed.”
The recently passed federal tax bill allowed states to
identify up to 25% of low-income, high-poverty census tracts to the U.S.
Treasury, which made the final determination of Opportunity Zones. A total of
320 tracts were accepted throughout the state. Once the U.S. Treasury
Department establishes federal administrative rules for Opportunity Funds
investment opportunities will be available for projects within the designated
The City of Columbus evaluated potential tracks and
consulted with the business community, institutes of higher education, other
governmental partners and social service providers.
The city looks forward to working with developers on
strategic plans for development within these census tracts.
An interactive map of the Opportunity Zones throughout the
State of Ohio can be accessed here.