High Point Focuses on Revamped Opportunity Zones Initiative
As High Point gears up for a revamped federal initiative aimed at fostering economic growth, the city is poised to benefit from new investment opportunities. This initiative, part of the larger Tax Cuts and Jobs Act of 2017, seeks to channel investments into designated low-income census tracts.
The original opportunity zones program allowed states some flexibility in choosing eligible areas, as explained by High Point Economic Development Director Peter Bishop during a recent city council special meeting. “A lot of money flowed into those adjacent tracts, which in many cases were in emerging markets, or already gentrifying areas that were seeing a lot of investment,” Bishop stated.
With the introduction of the One Big Beautiful Bill Act last year, more stringent requirements have been established for the program. In light of these changes, High Point is considering proposing several downtown census tracts, including areas around Washington Street, Qubein Avenue, and Truist Point Stadium, for inclusion in the program’s next phase.
The city’s recommendations will be forwarded to Governor Josh Stein, who is authorized to nominate one-quarter of North Carolina’s eligible zones starting in July.
