HARTFORD, Conn. (AP) — Connecticut cities and towns are being encouraged to apply for a new federal community development program to help low-income areas.

Each governor must submit a plan to the federal government for designating tracts as Opportunity Zones. Interested communities must return their completed applications to the state Department of Economic and Community Development by March 16.

Qualified tracts must have a poverty rate of at least 20 percent of the median income that does not exceed 80 percent of the area median income.

Under the program, participating investors will be allowed to re-invest unrealized capital gains into these special zones by pooling money with other investors through Opportunity Funds.

DECD Commissioner Catherine Smith says the tool will “help engage a new set of investors” in communities that need capital infusions.


Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Connecticut

CBS Entertainment
Storm Center: Latest School Closings
CBS Local App

Listen Live