North

LYNN

Opportunity might come knocking in Lynn

Lynn has a chance to participate in a new federal initiative intended to spur investment in low-income areas. The state recently selected four census tracts in Lynn to be considered for designation as federal “Opportunity Zones.” Created under the 2017 federal tax cut law, the program provides tax incentives for people who reinvest unrealized capital gains into so-called Opportunity Funds, which are then used to make investments in low-income Opportunity Zones. The four areas in Lynn were among 135 from 79 communities that were submitted by the state to the US Treasury Department for approval. “We look forward to taking advantage of every opportunity that can help development in the city of Lynn,” Mayor Thomas M. McGee said in a prepared statement.

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John Laidler can be reached at john.laidler@globe.com.