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Opportunity Zones Play Key Role in Economic Recovery: Advocacy Group

February 22, 2021

WASHINGTON—Early results of the opportunity zones program—which has attracted tens of billions of dollars to low-income communities—are promising, and policy improvements are necessary to maximize its contribution to the economic recovery from the pandemic, according to an advocacy group. A wide range of private investments have taken advantage of tax breaks provided through the opportunity zones, a bipartisan initiative that was created by the 2017 Tax Cuts and Jobs Act. Nearly 210 high-impact investments across 41 states and the District of Columbia were directed to these zones, according to a new report by the Economic Innovation Group (EIG), an advocacy organization co-founded by Sean Parker, a Silicon Valley entrepreneur. Notable projects in the zones include investments in low-income affordable housing, clean technologies, health care facilities, historical buildings, and brownfield redevelopments (revitalizing contaminated and abandoned lands or structures). The program is “producing a hugely diverse range of investment types in communities of all sizes,” … Read More

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