Office of Economic Development

Federal Opportunity Zones

A New Initiative for The City Of Santa Fe

Federal Opportunity Zones (QOZs) is a new community development program 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. The QOZ program provides a tax incentive for investors to re-invest their unrealized capital gains into Opportunity Funds (QOFs) that are dedicated to investing into QOZs designated by the chief executives of every U.S. state and territory.

The City of Santa Fe submitted seven economically-distressed census tracts for designation as opportunity zones to the Governor’s office. Governor Martinez then approved five of the Santa Fe census tracts for designation to the US Treasury. Finally, designation approval was received by U.S. Treasury in June 2018.

Click here to learn how the Opportunity Zones program works, as well as its history and community of supporters. Click here to visit our QOZ page for more information and resources.

Federal Opportunity Zone (QOZ) is a community 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. The QOZ program provides a tax incentive for investors to re-invest their unrealized capital gains into Opportunity Funds (QOFs) that are dedicated to investing in QOZs designated by the chief executives of every U.S. state and territory.

The City of Santa Fe submitted seven economically-distressed census tracts for designation as opportunity zones to the Governor’s office. Governor Martinez then approved five of the Santa Fe census tracts for designation to the US Treasury. Finally, designation approval was received by U.S. Treasury in June 2018.

Prospectus on Five Unique OZs in Santa Fe, the City Different

Click here to learn how the Opportunity Zones program works (Insight courtesy of Buchannan, Ingersoll & Rooney, PC). 

Click here to download a copy of the current US Treasury Guidelines (dated October 2019).

Click here for a growing resource list of nationally-based QOFs now forming.

Click here to view our online Zoning Guidelines Map. Please Note: 
-  The most permissive zoning categories for mixed-use are:  MU, C2, C1
-  The most permissive zoning categories for multi-family units are:  MU, C2, C1 and R-29 and R-21 
For specific Zoning & Planning questions, contact us at 505-955-6820

Our GIS map below shows our current City Assets (available land parcels). Note: we will be adding both County and State assets/parcels as they become available. Click on the census tract to highlight available assets.

 

Interactive Fact Sheets & Resource Lists - Santa Fe's QOZs

Click on the tract links below for neighborhood demographics, economic, and zoning information, along with a current contact listing of funds being formed and developers who may have local, shovel-ready projects in the planning stages.

If you have questions, please contact Rich Brown at the Economic Development Department:
Office: 505-955-6625 or Email: rdbrown@santafenm.gov

 

Benefits of having QOZs in Santa Fe

Flexibility: Low-income communities come in many different shapes and sizes, and all have different needs.  This tool is capable of supporting a variety of mutually reinforcing activities within the same community. 

Scalability: There is no statutory cap on the amount of capital that can flow into opportunity zones in any given year. As such, this tool has the potential to help fuel economic renewal on a national scale. 

Simplicity: Opportunity Funds do not compete for fixed allocations of public sector financing and, as a result, do not require pre-approval of their investments. This should lower the cost, time, and risk to business transactions and encourage broad participation.  

For New Mexico: Attracting capital flow and the right kinds of capital, Investment-ready Opp Zone qualifying project/funds community goals, and stakeholder alignment.