City of Albuquerque Boosts Business in Opportunity Zones

ALBUQUERQUE, N.M. – The City of Albuquerque Economic Development Department has created a new Opportunity Zone webpage to house a prospectus and interactive map so investors, developers, businesses, and property owners can take advantage of federal Opportunity Zone resources.

Albuquerque’s 14 designated Opportunity Zones are part of the U.S. Government’s Tax Cuts and Jobs Act of 2017, meant to spur economic development and job creation through tax benefits to investors. Investors receive capital-gains tax deferral, reduction in basis for long-term investments, and other tax incentives.

“Our Economic Development Department is matching Albuquerque's strong assets with new opportunities,” said Mayor Tim Keller. “Our proactive response to COVID-19 has helped Albuquerque fare far better than other cities in the region, making investors, developers, businesses, and newly-remote workers much more interested in our city. We’re using tools like this resource to start new conversations and partnerships that draw on these natural strengths.”

The City’s Economic Development Department has created an online webpage to provide information for investors, developers, businesses, and property owners. The webpage includes an interactive map to geographically search for Opportunity Zone projects in specific areas, and overlay other economic incentives and key indicators such as land use and demographics.

In addition to the interactive map, the Economic Development Department has created an Opportunity Zone prospectus, which is designed to educate all stakeholders about the distinct characteristics and advantages of each Opportunity Zone. It also showcases Albuquerque’s most competitive assets as a modern, mid-sized city. The webpage can be found at www.cabq.gov/opportunityzones  

“The Opportunity Zone program provides us with another economic development tool in our belt,” said Synthia Jaramillo, City of Albuquerque Director of Economic Development. “The team in my office has worked hard to put together materials that tell the story of why Albuquerque is a good place for developers to invest and to describe the characteristics of each of the 14 Opportunity Zones. Combined with other existing incentives at the state and local level, we are positioning Albuquerque to attract new and exciting opportunities."

Opportunity Zone investments are not administered or overseen by the City of Albuquerque. Funding is distributed via the State of New Mexico. Additional information can be found at www.nmopportunity.com.