Three or more contiguous census tracts in one or more municipalities that meet certain criteria for economic need, including: unemployment rate, household income, poverty rate, plant closings/layoffs, and commercial vacancy rate. Businesses expanding or locating in designated ETAs are eligible for substantial financial incentives including investment tax credits, building and municipal tax incentives, substantial property tax savings and more through the Economic Development Incentive Program (EDIP).
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Priority Development Area
No
Area of existing, compact development or that is suitable for future high-density development. PDAs are appropriately zoned as commercial, industrial, or mixed-use and have existing infrastructure in place. These areas are high priority for grants and incentives locally and at the state level.
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40R Smart Growth District
No
Chapter 40R is also known as the Smart Growth Zoning Overlay District Act. A 40R District includes dense residential or mixed-uses, with a high percentage of affordable housing units, located near transit stations, in areas of concentrated development such as existing city and town centers.
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Opportunity Zone
Yes
The Opportunity Zones incentive is a new community investment tool established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide.
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Chapter 43D – Expedited Local Permitting
Yes
Created to promote targeted economic and housing development. Chapter 43D: 1) Provides a transparent and efficient process for municipal permitting; and 2) Guarantees local permitting decisions on priority development sites within 180 days.
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Historically Underutilized Business (HUBZone) Area
Yes
The primary goal of the HUBZone program is to create incentives for the U.S. federal government to do contracting with businesses that operate and create jobs in communities with statistically proven economic needs.
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