The Opportunity Zone program was created by the Tax Cuts and Jobs Act of 2017. It provides tax deferments and forgiveness to investors who support projects in designated areas. This investment must come from capital gains and has multiple conditions attached in an effort to benefit, specific, low-income areas. Worcester has six designated Opportunity Zones. Five are clustered around the downtown area, while one is on the Worcester-Millbury line. All have different challenges and opportunities. Some are mainly residential, while others are mainly commercial. Some have dense construction already, while others have open land available. All will undoubtedly see an uptick in investor interest, as media attention on Opportunity Zones has been intense nationally and experts have reported high interest from investors, corporations, and developers.
By reviewing zoning, data from the U.S. Census Bureau and Worcester’s Assessor’s office, and key features for the City’s six Opportunity Zones, The Research Bureau hopes to provide a resource for those interested in investing in the community.