Lakewood, Jackson Among Towns in New Jersey's Opportunity Zone Nominations
New Jersey submitted 130 census tracts for federal designation. Lakewood and Jackson are among the municipalities represented, but the nominations are not final Treasury approval.
Lakewood and Jackson are among the municipalities represented in New Jersey's latest nominations for federal Opportunity Zone designation, the state Department of Community Affairs announced Thursday. New Jersey submitted 130 census tracts, the maximum permitted under federal law.
The nominations cover specific census tracts, not every property within the municipalities listed. They are recommendations to the U.S. Treasury, not an announcement that federal officials have approved the new zones.
The Sherrill administration said the proposed zones are intended to attract private investment in housing, local businesses and community redevelopment. The selection process involved the Department of Community Affairs, the New Jersey Economic Development Authority and the Department of State.
New Jersey could nominate up to 130 of its 518 eligible census tracts. The state said it received recommendations for more than 200 tracts and considered community priorities, housing access, transit-oriented development, readiness for investment and displacement risk when selecting its submission.
The recommended tracts include communities in all 20 counties that had eligible tracts. Lakewood and Jackson appear on the state's list of municipalities represented in the submission. The list does not mean that either township as a whole would become an Opportunity Zone.
The state said its recommendations were submitted to Treasury on Wednesday. Readers can review the official announcement and its link to the census-tract map for the proposed boundaries and further information. Final federal designation remains a separate step.