Vancouver, Wash. -- The City of Vancouver will be submitting an application to nominate certain census tracts within the city limits for a federal Opportunity Zone designation.

The Opportunity Zones Program, included in the U.S. Tax Cuts and Jobs Act, is designed to incentivize new business investments in underserved communities. Under the program, investors are able to defer paying taxes on capital gains that are invested in qualified opportunity funds, which will be invested in distressed communities designated as Opportunity Zones by the governor of each state. Up to 25 percent of eligible low-income census tracts in each state can be designated as Opportunity Zones.

Low-income community census tracts are the basis for determining eligibility for Opportunity Zones. To qualify, a census tract must have an individual poverty rate of at least 20 percent and median family income no greater than 80 percent of the area median. A small number of tracts contiguous to eligible tracts may also qualify.

"The Opportunity Zones Program is designed to catalyze private sector investment in our low income areas, so the City is evaluating census tracts downtown and on Fourth Plain, particularly along The Vine bus rapid transit route," said Teresa Brum, the City's economic development manager. "We are working with the Columbia River Economic Development Council to complete the application and to organize a coalition of local partner organizations in support of this effort."

More information on the program can be found on the Washington State Department of Commerce website: www.commerce.wa.gov/growing-the-economy/opportunity-zones.

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