SITE SELECTION

In April of 2018, Governor Gina Raimondo submitted to the US Department of the Treasury nominations of 25 census tracts in Rhode Island, the maximum permitted by law, for designation as Opportunity Zones. In May of 2018, the US Treasury certified the nominations and finalized the designations of these 25 census tracts as Opportunity Zones. Under federal law, the designations will remain in effect until December 31, 2028 and the designations cannot be modified. The nomination and selection process of Opportunity Zones in Rhode Island was made in consultation with stakeholders and municipalities. Only census tracts that were Low-Income Communities, as defined by 26 U.S.C. 45D(e), at the time of nomination were eligible for Opportunity Zones designation. Factors that were considered for designation as Opportunity Zones in Rhode Island included potential to attract private investment for business expansion, startup creation, development of workforce and affordable housing, and other real estate development; level of need; communities served; synergy with state and local efforts; geographic diversity; and others. Rhode Island Commerce requested, via the Rhode Island League of Cities and Towns, the help of Rhode Island municipalities in identifying eligible census tracts where private investment is most viable, would produce the greatest community benefit, and would be supported by local economic development efforts. Rhode Island Opportunity Zones include a number of transit-oriented development opportunities, colleges, universities, hospitals, ports, business incubators, and development opportunities identified by stakeholders. Twenty of the 25 Opportunity Zones census tracts are located in RI Health Equity Zones, a RI Department of Health program which aims to eliminate health disparities using place-based strategies to promote healthy communities. Additionally, Opportunity Zones are located in each of Rhode Island’s five Hope Communities, which represent municipalities in which the family poverty level falls below the state median and that are prioritized under Rhode Island Commerce’s programs. RI’s Hope Communities include Central Falls, Pawtucket, Providence, West Warwick, and Woonsocket.