RALEIGH, N.C.
North Carolina has achieved a significant milestone with the U.S. Department of the Treasury certifying 204 census tracts as Opportunity Zones. This certification is part of a larger federal initiative to stimulate private investment in economically challenged areas, with the intention of fostering job creation, business growth, and housing expansion.
Governor’s Announcement
Governor Josh Stein highlighted the potential of the Opportunity Zone program to revitalize both rural and urban areas across the state. He stated, “The Opportunity Zone program has the potential to bring new investment to distressed rural and urban communities across North Carolina.” Stein emphasized the program’s ability to leverage partnerships at federal, state, and local levels to enhance the state’s economic future.
About Opportunity Zones
The Opportunity Zone initiative is a federal effort aimed at promoting long-term investment in designated low-income communities. Under the second phase, known as Opportunity Zone 2.0, governors can nominate up to 25% of their state’s eligible low-income census tracts to be considered by the Treasury.
Selection Process
North Carolina received 340 nominations during its public comment phase. These were assessed based on the roles of the organizations submitting them, alignment with state principles, and data evaluating each area’s potential for development and economic necessity. Greater consideration was given to submissions from county officials, municipal officers, and economic development leaders.
Collaboration and Future Impact
N.C. Commerce Secretary Lee Lilley noted the collaborative effort in identifying these zones, stressing the program’s potential to draw private investments and improve conditions in communities affected by economic distress and disasters. “Identifying North Carolina’s new opportunity zones has been a collaborative effort between state and local partners to ensure communities across the state have the chance to benefit from this program,” Lilley remarked.
Eligibility and Nomination Details
Initially, 807 census tracts in North Carolina qualified under the Opportunity Zone 2.0 criteria, allowing the state to nominate 202 tracts. The Treasury later added six more eligible tracts, raising the state’s nomination capacity to 204. Information about the nominated tracts is available on the state’s Opportunity Zone website.
Formal Certification
The Treasury has formally certified the new Opportunity Zone designations, which will become effective on January 1, 2027.
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