Opportunity Zone Designation includes Census Tracts in Corpus Christi
CORPUS CHRISTI, TX - The U.S. Treasury Department gave final approval of the designation of more than 600 Opportunity Zones submitted by Texas Governor Greg Abbott, including nine Census Tracts in Nueces County.
The Opportunity Zone program was created by the 2017 federal Tax Cuts and Jobs Act, and will encourage businesses to develop and invest in low-income communities in Texas. Each state could designate up to 25 percent of its eligible low-income census tracts as Opportunity Zones. The Governor’s Office analyzed Texas' eligible tracts, and identified eligible areas in particular need due to chronic unemployment, lower population density, and significant economic disruptors such as natural disasters within the past two years, Texas designated 628 census tracts in 145 counties as Opportunity Zones on March 21, and the U.S. Treasury Department gave its approval of Texas’ designations on April 20.
Eight of nine Census Tracts designated as Opportunity Zones are within the city limits of Corpus Christi. One is in Robstown. The eight Census Tracts and the general area description are:
48355001000 – Memorial Hospital - Morgan Avenue - Port Avenue – Agnes - Laredo Corridor
48355006400 – Downtown/Uptown/Northside
48355006300 – North Beach/Port of Corpus Christi
48355002704 – South Padre Island Drive – Nile – Oso Bay
48355001602 - Greenwood Avenue – Port Avenue – Horne Road - Baldwin Avenue
48355002001 – South Staples – Norton Street – Ayers Street – Baldwin Avenue
48355002200 - South Staples – Weber Road – Gollihar Road – Kostoryz Road
48355002900 – Naval Air Station Corpus Christi
“The City of Corpus Christi is pleased to have areas designated as Opportunity Zones to encourage long-term investment in the community,” said Corpus Christi Mayor Joe McComb. “We appreciate the cooperation and support of Governor Greg Abbott and look forward to attracting private investment in areas in need of re-development. We hope investors will see Opportunity Zone designations as another advantage of doing business and investing in Corpus Christi.”
The Opportunity Zone program aims to channel long-term capital into investments in distressed communities. According to the National Community Development Association, areas designated as Opportunity Zones retain the status for 10 years. Opportunity Zones will draw on unrealized capital gains in stocks and mutual funds held by individuals and corporations. By funding Opportunity Zones, investors will be able to defer and reduce their federal tax liability. According to Enterprise Community Partners, Inc. an Opportunity Zone program “provides an incentive for investors to reinvest unrealized capital gains into Opportunity Funds in exchange for a temporary tax deferral and other benefits tied to long-term holdings. With trillions of dollars in unrealized capital gains sitting on the sidelines in stocks and mutual funds, U.S. investors can now roll passive holdings of capital into investments in distressed communities.
Link to Opportunity Zone program:
Link to Opportunity Zone map:
For more information, contact Director of Intergovernmental Relations Tom Tagliabue at (361) 826-3850 or by email at email@example.com.