HARTFORD - State Rep. Linda M. Gentile, D-Ansonia/Derby, today welcomed news released by the governor that Ansonia has been nominated as one of the 72 zones across 27 municipalities in the state to participate in the new federal Opportunity Zone Program.
“I am very excited to see that Ansonia made the list,” Gentile said.
“This collaborative work with our local officials and the governor’s office gives us renewed optimism for potential investments that will prove critical to our future development.”
The program seeks to encourage long-term investments in low-income communities by offering favorable capital gains treatment and tax breaks.
“I am very grateful to Rep. Linda Gentile and Sen. George Logan for their support of Ansonia’s Opportunity Zone. This nomination will incentivize developers to invest millions of dollars in private funds in Ansonia’s downtown,” said Mayor David S. Cassetti.
"This nomination boosts our existing effort to attract investment to Ansonia. Attracting new investment has been a cornerstone of the Cassetti administration with our Ansonia Recharged campaign, and the opportunity zone program now gives us the ability to take it all to the next level,” Corporation Counsel John Marini said.
Sheila O’Malley, city grant writer and Economic Development Director said, “I am more excited about this grant than any others we have gotten because there is no way to quantify this for Ansonia. It’s invaluable.”
In February, the governor announced the application process for municipalities that were interested in participating in the program, which is subject to approval of the Secretary of the Treasury.
The program provides a federal tax incentive for investors to re-invest unrealized capital gains into opportunity zones through opportunity funds.
This is a press release from Gentile's office.
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