Federal Opportunity Zone
The Turners Falls Census Tract (25011040701) has been nominated to the U.S. Treasury by the Massachusetts Governor's Office for designation as a Federal Opportunity Zone. This program was created as part of the federal Tax Cuts and Jobs Act of 2017.The Opportunity Zone program provides a federal tax incentive for taxpayers who reinvest unrealized capital gains into ‘Opportunity Funds,’ which are specialized vehicles dedicated to investing in low-income areas called ‘Opportunity Zones.’
About Turners Falls
Turners Falls is an historic mill village straddling the Connecticut River. Its vibrant downtown is a regional destination and state designated Cultural District.
Our industrial heritage, distinctive architecture, and creative and hard-working residents are the foundation of a growing creative economy.
Decades of thoughtful planning and preservation have positioned the town as an excellent place to live, visit, and invest
Opportunity Zone Goals
· Revitalize the Turners Falls Canal District: a series of 6 former mill sites with breathtaking views n various stages of redevelopment and site readiness
· Create market-rate housing in downtown
· Unlock mixed-use development potential in former mill properties throughout OZ
· Access to a highly educated population due to proximity to UMass , 5-College Area, and numerous preparatory schools.
· High quality of life, low cost of living.
· Strong industrial base at nearby Airport Industrial Park in Turners Falls and in neighboring Greenfield.
· Robust creative economy assets
· Proactive and creative economic and cultural development team on staff
· Rising median household income ($40,750)
· Downtown Streetscape Revitalization
· Shea Theater Renovation
· Cultural District Designation
· Unity Riverfront Park Reconstruction
· Private redevelopment of several mixed use buildings
· Hiring of Town Cultural Coordinator
Contact the Planning and Conservation Department