Sioux City is part of the 62 Iowa census tracts nominated for Opportunity Zone designation.
Opportunity Zones is a new economic development program administered by the U.S. Department of the Treasury to encourage long-term investments in low-income zones by providing investors with a capital gains tax deferral.
City spokesperson Anne Westra says the city has qualified for three areas:
OC………..Hoeven Valley area. ;08
The zones are comprised of U.S. Census tracts where the poverty rate is 20 percent or greater and/or family income is less than 80 percent of the area’s median income.
Once designated, the tracts will be in place for 10 years.
The list of 62 finalists will now be forwarded to the U.S. Treasury for review and final certification.