Cities will soon be able to complete the Kentucky Cabinet for Economic Development’s Opportunity Zones 2.0 Census Tract application. Cities with eligible census tracts must apply to be considered for designation. Selected tracts will retain their Opportunity Zone status for 10 years, providing a powerful tool to attract private investment from individuals and businesses with capital gains. The next opportunity to apply will not occur until 2036.
Cities can determine potential eligibility by using the Novogradac Opportunity Zones 2.0 Mapping Tool, which reflects American Community Survey 2019–2023 data. Updated census data released Jan. 29 is currently being incorporated into the tool, with final eligible tracts expected to be reflected no later than Feb. 18. Cities are encouraged to verify eligibility after that date.
A webinar entitled “Opportunity Zones 2.0 – How to Apply for Census Tract Designation” will be held on Tuesday, March 3, from 1:00 – 2:00 p.m. EST.
The Kentucky League of Cities serves as the united voice of cities by supporting community innovation, effective leadership and quality governance.
