FALMOUTH – Falmouth is looking to establish a state “opportunity zone,” a move that would allow the town to offer tax credits to developers looking to build in the area.
Selectmen voted last month to send an application to the Massachusetts Department of Housing and Community Development in the hopes they will be among the municipalities tapped for the program. Town Manager Julian Suso described the application process as competitive, with many towns and cities in Massachusetts looking for the same designation.
The town is looking to use the tax credit for specific areas in East Falmouth and Waquoit, with the hopes that it attracts new commercial and industrial activity.
“It would have a potential job creation element for certain limited areas,” Suso said.
The Baker Administration’s Executive Office of Housing and Economic Development is managing the program, which allows cities and towns to meet federal requirements for the opportunity zone credit.
“Our administration is committed to helping cities and towns in Massachusetts unlock opportunity for private investments and economic growth,” Gov. Charlie Baker said. “This program will allow municipalities across the Commonwealth to work collaboratively with investors to pursue developments that address their individual and community needs.”
The state has identified 138 census tracts in Massachusetts for a potential designation as an opportunity zone. Federal law allows the Governor to identify up to 25 percent of the low income census tracts in the state as eligible for the program.
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