BLOOMFIELD, N.J. — November 12, 2026 — Two areas in Bloomfield have been designated federal Opportunity Zones, giving investors a new financial incentive to put money into qualifying projects in the Township beginning Jan. 1, 2027.
The federal program offers tax benefits to investors who put eligible capital gains into Qualified Opportunity Funds that invest in designated areas. The incentives are intended to encourage private investment that can support housing, businesses, jobs and other economic opportunities in communities across the country.
Bloomfield’s designated areas are Census Tract 153 in the First Ward and Census Tract 159 in the Third Ward. The Township nominated both areas in August, with letters of support from Mayor Jenny Mundell and the council representatives for each tract. The designations were approved Nov. 5 as part of New Jersey's 130 Opportunity Zones.
“This designation builds on the work our community put into the 2025 Master Plan and gives Bloomfield another tool to encourage investment in our neighborhoods,” said Bloomfield Mayor Jenny Mundell. “We want to create opportunities for local businesses, housing and jobs while making sure future development reflects our community's priorities. The designation does not approve any specific project, but it can help attract investment that supports Bloomfield residents.”
Census Tract 159, in the Third Ward, includes portions of Bloomfield Avenue, a major business corridor, and a light rail station, with additional train stations nearby. The area has seen redevelopment in recent years and includes properties identified by the Township as opportunities for future investment.
“Bloomfield Avenue is already an important destination for local businesses and residents, and this designation gives us another way to encourage investment in the corridor,” said Third Ward Councilwoman Sarah Cruz. “With access to light rail and nearby train stations, the area has opportunities to support businesses, housing and jobs. I am proud to see the Third Ward recognized, and I look forward to working with residents to ensure that future investment reflects the needs and priorities of the people who already call this neighborhood home.”
Census Tract 153, in the First Ward, is located east of the Garden State Parkway in the central portion of Bloomfield. The area includes residential, commercial and recreational uses, as well as open space, housing and commercial centers. The tract is located near transit and services.
“The First Ward is home to established neighborhoods, local businesses and parks, and this designation gives us another opportunity to encourage investment that supports the people who live here,” said First Ward Councilwoman Rosalee Gonzalez. “Our residents helped shape the Master Plan, and their priorities should continue to guide how our neighborhood grows and changes. I am grateful to the State for recognizing this area, and I look forward to working with residents to ensure that future investment supports the neighborhood’s needs.”
The designations are consistent with Bloomfield’s 2025 Master Plan, which was developed with community input and received a New Jersey Planning Officials Achievement in Planning Award. The plan provides a framework for the Township’s long-term priorities, including housing, economic development, open space, and neighborhood improvements. Opportunity Zone designation is one additional tool that may help encourage private investment in areas identified through that planning process.
The federal Opportunity Zone program was created by the Tax Cuts and Jobs Act of 2017 and made permanent in 2025, with states now designating new zones every 10 years. Investors who put eligible capital gains into Qualified Opportunity Funds that invest in designated zones may receive federal tax benefits. According to the Governor’s Office, 78% of New Jersey’s previous Opportunity Zones received investment through 2024, totaling $3.14 billion statewide.
Opportunity Zone designation does not provide funding directly to the Township or guarantee that investors will fund a project. It makes qualifying investments in the designated areas eligible for federal tax incentives, which may encourage private investment. The designation does not approve any specific development or change the Township's zoning. Any proposed development would still need to meet applicable Township requirements and go through the appropriate review and approval process.
Residents, property owners and investors can view Bloomfield’s designated tracts on the State of New Jersey’s Community Asset Map: https://experience.arcgis.com/experience/1f30e2e9dc954b6eaafb510c170a3234/