A recent report by Bloomberg says that Puerto Rico wants to shift $400 million of its federal aid toward Opportunity Zone projects. According to the report, PR’s Governor, Ricardo Rossello, is currently seeking federal approval to create a fund to invest community development block grant funds into such projects. In addition, the governor signed a bill earlier this month to create a regulatory framework for opportunity zone investments in Puerto Rico. Indeed…
“The opportunity zone program was created as part of the 2017 Tax Cuts and Jobs Act to bring development dollars to areas of need, and nearly the entire island of Puerto Rico qualified.”