{"id":1794,"date":"2018-03-23T02:03:20","date_gmt":"2018-03-23T06:03:20","guid":{"rendered":"https:\/\/shorebeat.com\/tomsriver\/?p=1794"},"modified":"2018-03-23T02:05:21","modified_gmt":"2018-03-23T06:05:21","slug":"murphy-recommends-three-ocean-county-towns-for-federal-opportunity-zone-funding","status":"publish","type":"post","link":"https:\/\/shorebeat.com\/tomsriver\/2018\/03\/murphy-recommends-three-ocean-county-towns-for-federal-opportunity-zone-funding\/","title":{"rendered":"Murphy Recommends Three Ocean County Towns for Federal ‘Opportunity Zone’ Funding"},"content":{"rendered":"
\"Welcome<\/a>

Welcome to New Jersey sign. (Credit: GovTech)<\/p><\/div>\n

Gov. Phil Murphy announced the 75 municipalities he submitted to the federal government in hopes of receive \u201copportunity zone\u201d funding under the Trump administration\u2019s new grant policy of using federal dollars and tax incentives toward rebuilding infrastructure and luring employers. Three of the communities were in Ocean County.<\/p>\n

The Ocean County communities submitted for consideration were Lakewood, Berkeley Township (Bayville) and Manchester Township.<\/p>\n

The vast majority of the municipalities submitted were among the state\u2019s lowest-income communities, though Jersey City, Asbury Park and Red Bank \u2013 all of which have seen economic and high-end construction booms in recent years \u2013 were also included.<\/p>\n

Monmouth County towns included, besides those already mentioned, were Freehold Borough, Long Branch, Neptune City and Neptune Township.<\/p>\n

The Opportunity Zones program \u2014 sponsored by U.S. Sen. Cory Booker (D-NJ) and Sen. Tim Scott (R-SC) \u2014 is the first new federal community development tax incentive program since the Clinton administration. It provides opportunities for private investors to support investments in \u201cdistressed communities\u201d through participation in Opportunity Funds. Further detail on the structure of Opportunity Funds will be released by the U.S. Department of the Treasury later this year.<\/p>\n

Under the federal legislation, eligible Opportunity Zones are census tracts with a poverty rate of 20 percent or a median family income up to 80 percent of the area median. Murphy was authorized to designate up to 25 percent of the state\u2019s eligible low-income census tracts (up to 169 tracts) as Opportunity Zones.<\/p>\n

\u201cNew Jersey is committed to using every tool at our disposal to develop our communities and grow our economy,\u201d Governor Murphy said. \u201cThis program provides real opportunity for our state that has the potential to create significant, long-term economic development in the communities that need it the most.\u201d<\/p>\n

<\/div><\/div>","protected":false},"excerpt":{"rendered":"

Gov. Phil Murphy announced the 75 municipalities he submitted to the federal government in hopes of receive \u201copportunity zone\u201d funding under the Trump administration\u2019s new grant policy of using federal dollars and tax incentives toward rebuilding infrastructure and luring employers. Three of the communities were in Ocean County. The Ocean County communities submitted for consideration […]<\/p>\n","protected":false},"author":1,"featured_media":1795,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,3],"tags":[],"class_list":["post-1794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-government"],"jetpack_featured_media_url":"https:\/\/shorebeat.com\/tomsriver\/wp-content\/uploads\/2018\/03\/welcomNJ1.jpg","_links":{"self":[{"href":"https:\/\/shorebeat.com\/tomsriver\/wp-json\/wp\/v2\/posts\/1794","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/shorebeat.com\/tomsriver\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shorebeat.com\/tomsriver\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shorebeat.com\/tomsriver\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/shorebeat.com\/tomsriver\/wp-json\/wp\/v2\/comments?post=1794"}],"version-history":[{"count":0,"href":"https:\/\/shorebeat.com\/tomsriver\/wp-json\/wp\/v2\/posts\/1794\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shorebeat.com\/tomsriver\/wp-json\/wp\/v2\/media\/1795"}],"wp:attachment":[{"href":"https:\/\/shorebeat.com\/tomsriver\/wp-json\/wp\/v2\/media?parent=1794"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shorebeat.com\/tomsriver\/wp-json\/wp\/v2\/categories?post=1794"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shorebeat.com\/tomsriver\/wp-json\/wp\/v2\/tags?post=1794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}