Warren and Bristol have been named quality opportunity zones by the federal government, a designation that officials believe will make the towns more attractive to long-term investment by offering tax incentives to those who put their money here and keep it here for at least 10 years.

Gov. Gina M. Raimondo earlier this year submitted two census tracts in Warren and Bristol for QOZ designation under the federal Tax Cuts and Jobs Act, which is administered by the federal Department of the Treasury and Internal Revenue Service. The towns were among 25 statewide submitted for designation; all were approved by the Treasury and IRS.

In Warren, census tract 305 runs north from Campbell and Franklin Streets, bounded by the Warren River on the west and Metacom Avenue on the east, up to Market Street and northwest to the Barrington town line.

In Bristol, census tract 307 runs north from State Street east to Buttonwood Street, then runs north to Washington Street and Bayview Avenue.

“I am very excited about the prospects for Opportunity Zones," US Treasury Secretary Steven Mnuchin said in a statement on the program earlier this year.

"Attracting needed private investment into these low-income communities will lead to their economic revitalization, and ensure economic growth is experienced throughout the nation.

Under the act, investors in QOZs can defer tax on any prior capital gains until no later than December 31, 2026, as long as that gain is reinvested in a Qualified Opportunity Fund, an investment vehicle organized to make investments in QOZs.

If the investor holds an investment in the fund for at least 10 years before selling, that investor would be eligible for an increase in its basis equal to the fair market value of the investment on the date it is sold.