Press Release U.S. Treasury Department Approves Baker-Polito Administration Opportunity Zone Designations

BOSTON — The U.S. Treasury Department informed the Baker-Polito Administration that all of Massachusetts’ Opportunity Zone designations have been approved. This decision is the culmination of several months’ engagement with local, state and federal officials, interest groups, and potential investors, resulting in Governor Baker’s formal recommendation of 138 Opportunity Zone designations, the maximum number allowed under the new program. The federally-approved tracts are located in 79 communities spread across the state.

The Opportunity Zone program presents an opportunity for private, tax-advantaged investment into areas of economic need, benefiting both residents living in the zones and private investors.  

“I am pleased that the U.S. Treasury has approved Massachusetts’ Opportunity Zone nomination in its entirety for 79 communities,” said Governor Charlie Baker. “Our administration looks forward to building out the program to advance job creation and economic activity in every county of the Commonwealth.”

The Opportunity Zone program provides a federal tax incentive for taxpayers who reinvest unrealized capital gains into ‘Opportunity Funds,’ which are specialized vehicles dedicated to investing in Opportunity Zones.

“The approval from the U.S. Treasury validates our collaborative approach and our efforts to achieve regional equity across the Commonwealth,” said Lieutenant Governor Karyn Polito. “We are pleased to receive full approval, knowing that many different types of communities – from rural to Gateway Cities to large urban centers – will now have additional opportunities to attract investment.”

Of the 138 designated tracts, 32 are located in the 10 communities with the lowest median family income (MFI) in the state. 48% of the tracts are in “Gateway Cities,” which are municipalities with a population between 35,000 and 250,000, with median household income and rate of educational attainment of bachelor’s degree or greater below the state average. Rural communities make up 18% of the communities with designated tracts.

“We are pleased that the U.S. Treasury concurs with our designations and we are excited to move forward with these communities and other critical stakeholders,” said Housing and Economic Development Secretary Jay Ash. “Our near-term focus is ensuring communities have the tools they need to position their Opportunity Zones as attractive investments. We will continue to work with them and all cities and towns in the Commonwealth to advance their economic growth agendas.” 

The Baker-Polito Administration will continue to support communities with approved Opportunity Zones over the coming weeks and months, including a briefing scheduled for mid-June.

Municipality with Approved Opportunity Zone Tract Number(s):

Adams: 25003922300, 25003922100

Agawam: 25013813207

Amherst: 25015820300

Athol: 25027703100, 25027703200

Barnstable: 25001015300

Beverly: 25009217400

Boston: 25025040200, 25025040300, 25025040801, 25025060700, 25025061000, 25025061101, 25025080500, 25025080601, 25025081200, 25025090901, 25025980300, 25025980101, 25025981100

Bourne: 25001014100

Bridgewater: 25023561200

Brockton: 25023510900, 25023511000, 25023510503, 25023510700

Cambridge: 25017354900

Charlemont: 25011040100

Chelsea: 25025160400, 25025160200

Chicopee: 25013810800

Clinton: 25027716200, 25027716300

Dennis: 25001011600

Easthampton: 25015822402

Erving: 25011040400

Everett: 25017342400

Fairhaven: 25005655300

Fall River: 25005642000, 25005641200, 25005641101

Falmouth: 25001014500

Fitchburg: 25027710700, 25027710600

Framingham: 25017383102, 25017383101

Gardner: 25027707200, 25027707300

Gloucester: 25009221500, 25009221400

Greenfield: 25011041300, 25011041400

Haverhill: 25009260200, 25009260800

Holyoke: 25013811400, 25013811700

Lawrence: 25009250100, 25009250300, 25009251600, 25009250800

Leominster: 25027709400, 25027709600

Lowell: 25017311600, 25017310100, 25017311900, 25017311800, 25017311700

Ludlow: 25013810403

Lynn: 25009207200, 25009207000, 25009206800, 25009206100

Malden: 25017341200, 25017341300

Marlborough: 25017321300, 25017321200

Medford: 25017339700

Methuen: 25009252400, 25009252300

Montague: 25011040701

New Bedford: 25005651200, 25005651300, 25005651800, 25005651900

North Adams: 25003921400, 25003935300

North Attleborough: 25005630102, 25005630101

Northampton: 25015821602, 25015821903

Orange: 25011040501, 25011040502

Palmer: 25013810300

Peabody: 25009210700, 25009210800

Pittsfield: 25003900100, 25003900200

Provincetown: 25001010100

Quincy: 25021417701, 25021417901

Randolph: 25021420301, 25021420202

Revere: 25025170702, 25025170501

Rockland: 25023502200

Salem: 25009204701, 25009204200

Saugus: 25009208102

Somerset: 25005644200

Somerville: 25017351500, 25017350103

South Hadley: 25015821100

Southbridge: 25027757300, 25027757100

Spencer: 25027726200

Springfield: 25013801200, 25013801101, 25013800600, 25013801700, 25013800900, 25013801800, 25013801902

Taunton: 25005613800

Ware: 25015820102

Wareham: 25023545400

Webster: 25027754200

West Springfield: 25013812300

Westfield: 25013812702

Weymouth: 25021422502

Winthrop: 25025180500

Worcester: 25027732500, 25027731700, 25027730500, 25027732801, 25027731300, 25027731400

Yarmouth: 25001012002

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