HACKENSACK, NJ -- The United States Department of Treasury has approved 169 areas in New Jersey as Opportunity Zones, including four in Hackensack.
Federal legislation passed this year allows the Governor of each state to designate a certain amount of areas with a poverty rate of 20 percent or a median family income up to 80 percent of the area median as Opportunity Zones, a status that helps these municipalities qualify for investments by Community Development Financial Institutions. Essentially, this new legislation incentivizes private capital institutions to invest in these communities by providing tax advantages to investors.
All 169 of the Opportunity Zones recommended by the Governor of New Jersey were approved today by the Treasury.
“I’m pleased the Treasury Department has accepted all 169 sites I proposed last month for designation as Opportunity Zones,” said Governor Murphy. “Now, these cities and towns will have additional means to generate economic growth throughout their respective communities and, more importantly, create economic opportunities for their residents.”
Hackensack's four districts can be found on this interactive map. Other municipalities in Bergen County with at least one Opportunity Zone are: Cliffside Park, Englewood, Fairview, Garfield, Lodi, South Hackensack and Teterboro.