Opportunity Zones encourage economic growth via private capital investment by providing a tax incentive for investors to reinvest in disadvantaged communities. This program will bolster new business starts and business growth and development of real property and infrastructure in locations that are well positioned for investment.
Under the Tax Cuts and Jobs Act of 2017, Colorado was able to designate 25 percent of its eligible, low-income census tracts as Opportunity Zones. The Colorado Office of Economic Development and International Trade (OEDIT) and the Department of Local Affairs (DOLA) collaborated with a broad group of stakeholders, including economic developers, community partners, local governments, state legislators and investors in order to select Colorado's Opportunity Zones.
What functions do Opportunity Zones perform?
Promote economic vitality in parts of the state that have not shared in the general prosperity over the past few years
Fund the development of workforce and affordable housing in areas with escalating prices and inventory shortages
Fund new infrastructure to support population and economic growth
Invest in startup businesses who have potential for rapid increases in scale and the ability to "export" outside the state of Colorado
Upgrade the capability of existing underutilized assets through capital improvement investments
Questions about Lafayette’s Opportunity Zone? Contact Brigid Keating, Economic Development Director, 303-661-1224.