The City of Salem—in partnership with the Salem Partnership, Salem Chamber of Commerce, and North Shore Alliance for Economic Development—was recently selected to participate in the first ever Massachusetts Opportunity Zones Academy through LOCUS and Smart Growth America. As part of the Academy, Salem will be hosting a community meeting to learn about Salem’s Opportunity Zones, their development opportunities, and how investment in these zones can support community development goals. Attendees will leave this meeting with the language and technical understanding to not only navigate the opportunities inherent in these zones, but also to understand how to focus reinvestment in these areas of our community. While the information presented at this meeting will be applicable to projects in both of Salem’s Opportunity Zones, a focus will be on properties located in the Jefferson Avenue and Dove Avenue corridor because of its proximity to the proposed second MBTA train stop.
An Opportunity Zone is a designation created by the Tax Cuts and Jobs Act of 2017 and was adopted by Congress in 2018 as a new tool to support investment and business growth in low- and moderate-income census tracts. The City of Salem seeks to utilize the tool to advance equitable smart growth development. Salem’s two Opportunity Zones can be seen in the maps here and here.