Opportunity Zones (OZs) are federally designated tracts meant to spur investment in undercapitalized communities. A revised program is being rolled out, and Commerce is accepting applications to designate new opportunity zones (OZs) in Washington state.
The new program features permanent changes to the policy’s geographic targeting criteria, incentive structure and reporting requirements. The U.S. Treasury issued its determination of population census tracts eligible to be designated as OZs, and Commerce updated the Washington OZ 2.0-eligible census tract GIS map to reflect this final guidance.
After the application period closes, Governor Bob Ferguson will select up to 25% of eligible census tracts as opportunity zones and forward those to the U.S. Treasury during a 90-day window beginning July 1.
To learn more, visit the Commerce OZ 2.0 funding opportunities listing and determine next steps to submit a designation nomination application.
To learn more about the program itself, visit the Commerce Opportunity Zones Program landing page.