ImpactAlpha, July 1 – Arctaris Impact Investors has launched a $40 million Opportunity Zone initiative invest in projects to revitalize the downtown corridor in Erie, Pennsylvania, including mixed-use real estate projects. The city of Erie has eight designated Opportunity Zones, “including some of the lowest-income zip codes” in the U.S., according to the Boston-based impact investor.
“Our goal all along has been to set an example and be a national model for what the investment funds can look like,” says Catalyst’s Jeremy Keele.
“We have always thoughtfully invested in our communities, and the Opportunity Zone legislation allows us to take the next step,” says Fifth Third's Catherine Cawthon.
Funding will enable the Albuquerque-based company to open its first interactive dining, gaming and entertainment center on Feb. 1 in a designated Opportunity Zone.
A new OZ tool will help “shepherd, guide, winnow and target investments toward projects of greater community benefit,” says Urban Institute's Brett Theodos.
The fund, which is backed by the Kresge Foundation, provides low-income credit unions with capital that they can use to lend in their communities.