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#OpportunityZones is the largest community development initiative in a generation. However, size isn't the program’s only strength; it is the flexibility of this policy that makes it a potential game changer for communities.
The low-income communities that comprise OZs have a wide range of needs. #OpportunityZones offer communities an adaptive tool to support their own local approach to economic development. Some examples illustrate the opportunity and impact:
In East Chicago, a 225-acre contaminated brownfield was thought to be too expensive to restore but with an #OpportunityZones designation, it’s now being converted to a logistics center and is expected to support as many as 3,000 jobs. nwitimes.com/business/local…
In Charlottesville, #Virginia, #OpportunityZones incentives are helping @Habitat_org create affordable housing and small business opportunities for residents of a mobile home park. curbed.com/2019/2/27/1823…
.@TBEIC_, a new high-tech energy incubator just set up shop in an #OpportunityZone in the small Rust Belt town of Warren, #Ohio. @RickStockburger and @Sew_Daug recently highlighted how OZs are empowering local leaders to revitalize Warren's Main Street. crainscleveland.com/voices/restori…
Phalen Village in St. Paul, #MN hadn't seen major construction since before the recession. Thanks to #OpportunityZone investment, it’s building a grocery store, a 10,000-square-foot healthcare clinic, and community meeting spaces. eastsidereviewnews.com/articles/2019/…
Sustainable Community Associates in Cleveland, #OH is using OZs to create more affordable housing, saying “our capital stack is less stressed for dollars, so we’re able to take some of the units and [charge less for] them, and still pay back our investors” cleveland.com/business/2019/…
.@LaunchPad, a New Orleans based business incubator, has opened three additional locations in Opportunity Zones in order to help local entrepreneurs utilize OZ investment to help scale their business. forbes.com/sites/danestan…
Opportunity Funds, too, are being created to address nationwide needs. The founders of Teachers Village in Newark, #NJ, have started a fund focusing on building affordable housing for teachers across the country. @SoMaNewark re-nj.com/developer-of-n…
I95 OZF is aiming to open multiple urban farms in #OpportunityZones throughout the Northeast Corridor, bringing fresh fruits and vegetables to food deserts that have long lacked healthy options. bisnow.com/national/news/…
Nearly 50% of HBCUs are located near OZs. The HBCU Community Development Action Coalition launched an Opportunity Fund to attract businesses and create workforce housing around HBCUs. savannahtribune.com/articles/first…
#OpportunityZones initiatives won’t just come from investors or city planners; they’ll come from local advocacy organizations, too. With the help of @OpportunityALA, Birmingham plans to train 500 residents to identify local OZ projects. birminghamal.gov/2019/04/12/may…
From affordable housing to healthcare clinics to business incubators and more, #OpportunityZones offers a creative & flexible way to connect communities with capital tailored to their diverse needs. But success requires strong local leadership & community engagement.
Do you know of an interesting #OpportunityZone project in your community? Our DMs are open and we want to hear about it!
