Ericka Canales
By: Ericka Canales
With the permanent passage of the One Big Beautiful Bill Act this past summer, Opportunity Zones (OZ) are being reset, and with it, an opportunity for New Hampshire to shape what comes next. The question is whether we’re ready and whether municipalities, developers and state leaders are aligned to act.
There’s been plenty of debate about Opportunity Zones over the years. But this next version presents a practical opportunity for New Hampshire if we approach it intentionally. With the right planning, OZ 2.0 can help move forward long-discussed priorities like workforce housing, business development and downtown revitalization, especially in communities that have struggled to attract investment.
Starting in 2027, OZ designations will be refreshed every 10 years. That gives the state a chance to rethink which areas are best positioned for investment, whether that’s a former mill town, a rural manufacturing hub or a community building on emerging economic momentum. But designation alone won’t drive results. Preparation will determine whether we fully benefit from the incentive.
National data shows what’s possible. The Economic Innovation Group estimates that between 2019 and 2024, OZs led to roughly 313,000 net new housing units, with designated areas outpacing others in housing production. New Hampshire doesn’t need to replicate that scale to see impact; even a modest increase could make a meaningful difference.
One of the most meaningful updates in OZ 2.0 is the new Qualified Rural Opportunity Fund. It includes a 30% basis boost and lowers the improvement threshold from 100% to 50%. For developers, that can make projects in smaller markets finally pencil. For municipalities, it opens the door to projects that may have been sitting on the shelf. In places like Colebrook, Hinsdale or Ossipee, this could be what moves a project from “maybe someday” to actually getting built.
Thankfully, the updated law improves reporting requirements, which has been a longstanding gap. More transparency means better visibility into where investment is going, and whether it’s actually benefiting intended communities.
That’s a win for both the state and local partners working to ensure these tools deliver real outcomes.
New Hampshire is expected to have around 25 tracts eligible for designation in 2027. That’s fewer than in 2018, when 27 were selected, due to tighter criteria and the removal of adjacent tract allowances. At the same time, uncertainty around federal funding makes it even more important that we use every tool available to support economic development.
So what needs to happen between now and 2027?
First, the state needs to be thoughtful about which tracts it puts forward, balancing community need with real market potential. Not every eligible area will attract investment, and being strategic will help ensure this tool works where it can have the greatest impact. It was great to see a recent article that the governor was already discussing this with the HUD secretary.
Second, eligible municipalities, agencies and developers should use the next 12 months to move projects forward. That means permitting, early design and getting projects to a place where they’re ready to absorb investment. Investors consistently look for communities that are prepared and positioned.
Third, there’s an opportunity to align OZ with existing priorities, whether that’s affordable housing, downtown mixed-use redevelopment or business growth. Used well, this can strengthen deals and help close financing gaps through stronger public-private partnerships.
Opportunity Zones 2.0 don’t solve everything, but they are a useful tool, one that rewards readiness. What New Hampshire does over the next 6-8 months will determine how much we can take advantage of. Other states won’t be waiting, and neither will investment.
Those that show up for 2027 with a clear strategy and ready-to-go projects will be best positioned to attract that investment.
Ericka Canales is special projects manager for the Monadnock Economic Development Corporation.
With the permanent passage of the One Big Beautiful Bill Act this past summer, Opportunity Zones (OZ) are being reset, and with it, an opportunity for New Hampshire to shape what comes next. The question is whether we’re ready and whether municipalities, developers and state leaders are aligned to act.
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