Enacted as part of the 2017 tax reform package (Tax Cuts and Jobs Act), Opportunity Zones address uneven economic recovery and persistent lack of growth that have left many communities behind. The purpose of the Opportunity Zone program is to encourage private capital investment in low-income communities.
Westminster has three opportunity zones: Downtown Westminster, Historic Westminster, and Westminster Station TOD.
According to the Office of Economic Development and International Trade, Opportunity Zones in Colorado may help address a number of challenges:
Map of Opportunity Zones
- Promoting economic vitality in parts of the state that have not shared in the general prosperity over the past few years
- Funding the development of workforce and affordable housing in areas with escalating prices and inventory shortages
- Funding new infrastructure to support population and economic growth
- Investing in startup businesses that have potential for rapid increases in scale and the ability to “export” outside the state of Colorado
- Upgrading the capability of existing underutilized assets through capital improvement investments