Understanding Opportunity Zones in the Bay Area
Chances are you’ve heard about Opportunity Zones, a provision nested in the Tax Cuts and Jobs Act of 2017 designed to drive long-term equity capital to low-income communities nationwide. Chances also are you have a lot of questions about what this is going to mean for the communities you serve. What makes this different than other investment tools targeted to low-income communities? What types of projects will be eligible for Opportunity Fund investments? What role can you play to guide investment activity to projects that will benefit vulnerable populations?
On August 13, the Federal Reserve Bank of San Francisco, in partnership with PolicyLink and Enterprise Community Partners, convened policymakers, practitioners, advocates, and financial institutions to help shed light on these questions and more. While there are many technical details that are yet to be sorted out, what is clear is that we all have roles to play to boost the potential for Opportunity Zone investments to benefit low-income people and communities of color and—perhaps more critically—reduce the risk of displacing these populations as well as the housing, businesses, and nonprofit organizations that support economic diversity and community vibrancy.
Check out resources and recordings from the event below.