Puerto Rico May Shift Some Aid to Opportunity Zone Projects

Puerto Rico Governor Ricardo Rossello said he’s seeking U.S. approval to put about $400 million of federal aid toward opportunity zone projects, a new class of private investment that can hand investors sizable tax breaks.

Speaking at an opportunity zone summit in San Juan Tuesday, Rossello said the commonwealth’s government was in talks with the U.S. Housing and Urban Development and Treasury Departments for approval to invest community development block grant money in such projects. About $9.7 billion of the disaster relief money currently earmarked for Puerto Rico will come from that HUD program, according to the commonwealth.