The U.S. Treasury Department approved a state program to increase economic opportunities in 79 communities.
This Opportunity Zone Program will provide a federal tax incentive to businesses that reinvest their capital gains into an opportunity fund. About half of the approved opportunity zones are located in gateway cities with populations of 35,000 or more.
“What would this do for housing opportunities as well as an opportunity to set up a small business?” asked Laura of Northampton. “Might it attract people to want to live here as well?”
Greenfield’s opportunity zones include Main Street, Bank Row, and Deerfield Street. The city hopes this opportunity zone program will encourage private investment throughout their downtown, and help fill the empty storefronts on Main Street.
“What we need to make sure is that our business climate in town is favorable and that we are perceived as a community that welcomes businesses and helps new businesses grow,” said Greenfield Economic and Community Development Director, MJ Adams.
Adams told 22News the city is working to get the long-vacant first national bank building on Bank Row in suitable condition for an investment.
Other Franklin County towns with approved opportunity zones include Montague, Erving, Charlemont, and Orange.