Former New Jersey Governor Chris Christie and his wife Mary Pat plan to launch an opportunity zone fund in partnership with The Hampshire Companies, a Morristown, New Jersey-based investment firm chaired by Jon F. Hanson II, according to a recent Wall Street Journal report.
The Hampshire Christie Qualified Opportunity Fund LLC seeks to raise $150 million and will focus on investment properties located in the northeastern United States. The fund’s projects will include Hackensack, New Jersey residential buildings, Hanson told the publication.
Mary Pat Christie, a former investment director at Angelo Gordon & Co, will reportedly serve as executive vice president of the fund, and the ex-governor will serve as a senior adviser.
Hanson, one of Christie’s campaign donors, served as finance chairman for his 2009 and 2013 gubernatorial campaigns, and in 2010, was named chairman of the New Jersey Gaming, Sports and Entertainment Advisory Commission.
The Tax Cuts and Jobs Act of 2017 established the opportunity zone program to stimulate economic development in distressed communities across the country by offering potentially significant tax benefits to investors that make long-term investments in qualified opportunity zones. There are more than 8,700 designated opportunity zones located throughout the U.S. and its territories.