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Friday, November 15, 2024

EDA awards over $5 million in grants for economic development projects in El Paso County in 2020

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The US Economic Development Administration (EDA) awarded $5,500,000 total in Opportunity Zone grants in 2020 in order to fund economic development projects in El Paso County.

The only grant awarded in the county was $5,500,000, to Regents of the University of Colorado.

According to the Internal Revenue Service, opportunity zones were added to the tax code under The Tax Cuts and Jobs Act of 2017. The bill has come under some criticism for creating another big tax break for the ultra-wealthy.

The following table shows how much the EDA invested in projects in all counties in Colorado in 2020.

Total awarded by county in Colorado (2020)
RankCountyTotal
1Denver County$8,000,000
2El Paso County$5,500,000

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