- FundRise has called for “a joint initiative among all opportunity funds” to share data about the impact of investments, including building “a shared framework and combined database.”
- A tweak to the tax code has set off a race between rival approaches to investing in some of America’s poorest urban and rural neighborhoods.
- The Treasury Department certified 8,700 census tracts across the U.S. that are eligible for investments by new Opportunity Funds
The passage of the Investing in Opportunity Act created equal parts enthusiasm and anxiety. Now, worry has, at least in part, begun to shift toward a mobilization of resources, networks and identified best practices for effective community investment. The provision of last year’s U.S. tax bill lets investors defer and even reduce capital gains taxes by
- Opportunity Zones are, "The single biggest tax incentive to invest in low-income communities across America that we’ve seen in 100 years."
- Community development finance... is the backbone of strong cities and communities.
- The Opportunity Zone program... is a significant departure from other community investment programs.
- Investments in these zones... need to be responsive, transparent, long term and reach all communities that need them.
Wednesday’s deadline for identifying such zones under a provision of last year’s Tax Cuts and Jobs Act forced tough choices. States were able to choose no more than one-quarter of their low-income neighborhoods for investments that will let investors defer and reduce capital gains taxes. An even tougher challenge is ensuring local residents aren’t displaced by