The State of New Jersey led by the State’s Economic Development Authority (NJEDA) launched a new website to stimulate qualified opportunity zone projects located in the state. This marketplace will allow developers to post their qualifying projects to connect with potential investors. The state’s goal is to bring ready to develop projects straight to potential investors interested in taking advantage of the significant Federal and State tax incentives associated with qualified opportunity zones.
The marketplace is also designed to create a network of developers, investors, local leaders and service providers to interact and assist in advancing their projects. Additionally, it will allow municipalities and cities to showcase their local projects through their assigned page where they can promote the opportunities available in the local community. Included in each locality’s unique page is an interactive map that will allow you to drill down to explore the opportunity zone census tracts and project listings.
The marketplace has initially been populated with projects sponsored by the NJEDA but other development projects and business opportunities can be listed as well. This new marketplace could be an excellent tool for projects that are not large enough to attract money from institutional sponsored funds, and for investors that do not have significant enough capital gains to meet the minimum investment threshold for these funds. This may allow many of these smaller and mid-sized types of projects to obtain funding from investors interested in taking advantage of the QOZ tax benefits. New Jersey has ambitious goals in using the QOZ tax benefits to revitalize distressed communities and this is an important step in marketing the qualifying developments in the state.
If you have any questions or would like more information, please reach out to your WG contact for Len Nitti at [email protected].