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Last updated on Sunday, April 22, 2018
(STATEHOUSE) - The city of Bedford has been nominated by Gov. Eric Holcomb as an Opportunity Zone, according to State Rep. Chris May (R-Bedford).
May said this nomination, which is sent to the U.S. Secretary of Treasury, could result in additional private-sector investments in the community. The goal of this new federal program is to revitalize low-income communities with tax incentives that encourage investment and job creation.
"Being selected an Opportunity Zone would put Bedford on the radar for new business opportunities and future investments," May said. "Our city would greatly benefit from this program for years to come."
Earlier this year, May sent a letter to Holcomb requesting Bedford be considered for the initiative. In addition to Bedford, Holcomb nominated 155 other communities. The federal initiative allows up to 20 percent of the state's eligible low-income census tracts to receive the designation.
Upon approval of the Secretary of the U.S. Treasury, these Opportunity Zones will cover over 1,000 square miles and more than 500,000 Hoosier residences. The average poverty rate in these census tracts is 31 percent. Once approved, designations remain in place for 10 years.
To learn more, visit eig.org/opportunityzones.
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