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Coons seeks rule changes that he believes would spur investment in Opportunity Zones

February 06, 2019 2:50 PM | Philanthropy Delaware (Administrator)

From Delaware Business Now:

U.S. Sens. Chris Coons, D-DE, a member of the Senate Small Business and Entrepreneurship Committee, and Michael Bennet (D-Colo.), a member of the Senate Finance Committee, sent a letter urging Secretary of the Treasury, Steven Mnuchin, to “protect the original intent of the Opportunity Zone policy, namely to harness capital and generate investment, new business, and well-paying jobs in economically distressed communities,” a release stated.

There has been growing concern that the program’s rules may not allow it to reach the stated goal of bringing jobs and investment to distressed areas. Delaware has several Opportunity Zones. However, some areas in downtown Wilmington and the entire former GM Boxwood site is not eligible, with other rules making redevelopment more difficult. 

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