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Phoenix staff outline tighter federal Opportunity Zones rules and warn of May 8 state nomination deadline
Summary
City staff told the Economic Development & Arts Subcommittee that federal Opportunity Zones 2.0 tightens eligibility and that Phoenix must submit a narrowed map by May 8 to avoid losing its chance at state nominations; staff will continue council-district outreach to finalize up to 33 candidate tracts.
City staff briefed the Economic Development & Arts Subcommittee on April 8 about new federal Opportunity Zones 2.0 rules and a fast-approaching state nomination deadline that will require Phoenix to narrow its candidate census tracts.
"The federal government has issued new guidance on this program and that's requiring the city to establish a new opportunity zone map," Community and Economic Development Research Manager Jasmine Lumbera said. She reviewed the program's origins in the 2017 Tax Cuts and Jobs Act and explained that Phoenix previously had 42 designated tracts.
Under the updated 2.0 criteria, staff told the subcommittee, a tract must meet one of two thresholds…
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