Washington Governor nominates 99 communities for Opportunity Zones

Governor Bob Ferguson has announced the nomination of 99 communities across Washington state for the federal Opportunity Zones 2.0 program. The nominations, submitted to the U.S. Treasury Department, represent 27 counties and 17 tribal lands.

Selected from 152 applications, the nominated areas include Kent, Federal Way, and Renton. The program is designed to incentivize investors, developers, and financial institutions to fund businesses and real estate development in low-income areas through tax benefits. The first iteration of the program reportedly generated approximately $100 billion in private investments nationwide.

In Kent, five areas have been nominated, including a West Hill zone intended to attract housing and mixed-use projects near the new Sound Transit light rail station. If certified by the U.S. Treasury Department, the new designations are expected to take effect on January 1, 2027.