NJEDA selects five communities for Opportunity Zone Challenge grants.

Byline: NJBIZ STAFF

The New Jersey Economic Development Authority selected five communities to receive grants through the Opportunity Zone Challenge Program.

Cumberland County, Hackensack, Flemington Borough, Paterson and Jersey City have each won $100,000 through the program to support efforts to attract community-supported opportunity zone investments, build investment readiness, and help the community to meet its goals for opportunity fund investment, according to the EDA.

"Working hand-in-hand with community partners is critical to ensuring Opportunity Zone investments have the greatest possible positive impact," NJEDA Chief Executive Officer Tim Sullivan said. "The Opportunity Zone Challenge facilitates the close partnerships between the NJEDA and municipal, county, and local leaders that are critical to realizing each community's vision for equitable, inclusive revitalization."

Championed by Democratic U.S. Sen. Cory Booker of New Jersey, the opportunity zone program is a federal tax incentive designed to spur investment in the most disinvested rural and urban communities...

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