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Pennsylvania to submit 217 tracts for Opportunity Zones 2.0 by Sept. 28
Philadelphia is expected to see about 30% fewer census tracts included than in the first Opportunity Zones round.
Pennsylvania officials are racing to finalize the second iteration of the Opportunity Zone program, with Gov. Josh Shapiro’s administration due to submit a final set of census tracts for Treasury approval by Sept. 28.
The state has 866 census tracts previously deemed eligible, but only 217 will be included in Opportunity Zones 2.0, and the federal final map is set to take effect Jan. 1.
In Philadelphia, officials expect roughly 30% fewer tracts to make the cut this time, according to the city’s planning and development leadership. Deputy Director Emily Persico said her office began generating recommendations in mid-May and submitted them about a month later, collaborating with the city’s commerce department, Philadelphia Industrial Development Corp, and Mayor Cherelle Parker’s team.
The program offers tax benefits to investors funding real estate projects and operating businesses in eligible low-income areas. Bisnow reports that officials and advisers flagged political tradeoffs around which areas are selected, and Persico said the mayor was particularly engaged in aligning the effort with the city’s HOME Initiative housing goals.