White House officials announced earlier this week that the federal Opportunity Zone initiative spurred $75 billion in private capital investment into local communities between 2017 and 2019.
Calling the impact progress report “phenomenal,” Scott Turner, White House Opportunity and Revitalization Council Executive Director, said “it’s a blessing to hear the people of America utilized this tool and invested in communities that have not seen investment in decades.”
Here at Urban Catalyst, we’re thrilled to play a role in this positive progress by investing more than $850 million in the downtown San Jose Opportunity Zone with our seven projects.
Here are the highlights from the report by the Council of Economic Advisers:
- Officials estimate the $75 billion in private investments will lift 1 million Americans out of poverty.
- Private equity investment in businesses located in OZs grew 29% relative to eligible communities not selected as OZs.
- Values for residential real estate located within OZs increased by 1.1%. This uptick could provide an estimated $11 billion in new wealth for residents who own their homes.
"There's inspiration (as a result of these Opportunity Zones) that is taking place across our country because people are starting businesses. People are being hopeful that they too can realize the American Dream no matter what neighborhood or community they live in or come from.” ~ Scott Turner, Executive Director of the White House Opportunity and Revitalization Council
Contact us today to learn more and invest in our Opportunity Zone Fund and give back to your community!
