The Federal government established the Opportunity Zone (OZ) incentive in 2017 to provide tax incentives for investment in low income communities. The City of Salem has two Opportunity Zones (‘OZ’) encompassing large areas of land that are home to vacant parcels ripe for development, underutilized properties that can benefit from reinvestment, and businesses who wish to expand and grow but lack the capital necessary to do so. These characteristics are especially apparent in the OZ properties in two specific areas of the City: the area proposed for a new South Salem Commuter Rail (‘SSCR’) stop and those along Highland Avenue and Swampscott Road.
To learn more about OZ’s, go to the IRS’ Frequently Asked Questions page at:
To view OZ opportunities in Salem, please visit Smart Growth America’s Opportunity Zone Marketplace at: