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Governor Bullock Sends Opportunity Zone Nominations to U.S. Treasury

Monday, April 23, 2018/Categories: Community Development Division, Montana Housing, Market MT

Map of Opportunity Zones in Montana

Governor Steve Bullock has nominated 25 areas of Montana for designation as an Opportunity Zone, after communities submitted proposals for consideration.

The federal Tax Cuts and Jobs Act of 2017 established a new economic development program called Opportunity Zones designed to encourage long-term private investment in low-income communities. The program provides a federal tax incentive for taxpayers who reinvest unrealized capital gains into “Opportunity Funds,” which are specialized investment vehicles dedicated to certain low-income areas called “Opportunity Zones.”

“We asked cities, towns, counties, tribes, and economic development organizations to nominate areas that are most likely to realize development which benefits communities,” said Governor Bullock. “I’m confident that the final zones I’ve nominated to the U.S. Treasury Department represent both high-needs communities and areas that are ripe for investment in rural and urban corners of our state.”

While Montana has 106 eligible Low-Income Community Census tracts, the federal government has limited Montana to identifying just 25 of those tracts for Opportunity Zone designation. More than 60 Census tracts were proposed for Opportunity Zone designation by communities. The Montana Department of Commerce has committed to assisting communities in areas where Census tracts were not nominated. This includes continued conversation based on the information and indications of the needs in those communities and resources that may be available.

The financing tool has the potential to direct private capital toward distressed communities and serve as a catalyst for long-term, inclusive economic development. This may include downtown revitalization, workforce development, affordable housing, infrastructure, and business startup and expansion. 

The following list of eligible Census tracts has been submitted:

COMMUNITY

CENSUS TRACT

Billings, City of

30111000402

Bozeman, City of

30031001102

Butte, City of

30093000100

Great Falls, City of

30013010800

Helena, City of

30049000800

Kalispell, City of

30029001100

Missoula, City of

30063000201

Blackfeet Indian Reservation

30035940400

Crow Indian Reservation

30003940600

Flathead Indian Reservation

30089940300

Fort Belknap Indian Reservation

30005940100

Fort Peck Indian Reservation

30085940002

Northern Cheyenne Indian Reservation

30087940400

Rocky Boy's Indian Reservation

30041940300

Red Lodge, City of

30009000300

Lewistown, City of

30027030200

Libby, City of

30053000200

Shelby, City of

30101000200

Thompson Falls, City of

30089000200

Meagher County/White Sulphur Springs

30059000100

Wheatland County

30107000100

Miles City, City of

30017962000

Anaconda, City of

30023000300

Hamilton, City of

30081000600

Mineral County

30061964600

 

Learn more about Opportunity Zones here: http://comdev.mt.gov/programs/opportunityzones. Explore the interactive map of eligible and nominated Opportunity Zones here: http://comdev.mt.gov/Programs/OpportunityZones/FindYourCensusTract

 
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COMMUNITY DEVELOPMENT DIVISION | MONTANA DEPARTMENT OF COMMERCE
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