February 3, 2020

EDA: $720,000 Invested to Support Disaster Recovery Efforts in Dayton, OH Opportunity Zone

Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $720,000 grant to the Miami Valley Regional Planning Commission (MVRPC) of Dayton, Ohio, to hire a Disaster Recovery Manager that will assist businesses damaged or destroyed by the severe storms in May of 2019. The Disaster Recovery Manager will also prepare a strategy that will enhance the region’s ability to quickly respond to future disasters. The project, to be located in a Tax Cuts and Jobs Act designated Opportunity Zone, will be matched with $180,000 in local funds.

“The Trump Administration is diligently working to help communities impacted by natural disasters both recover and build stronger,” said U.S. Assistant Secretary of Commerce for Economic Development Dr. John Fleming. “A Disaster Recovery Manager will help the city of Dayton and the region as a whole mitigate future catastrophes with thoughtful planning efforts. The Tax Cuts and Jobs Act Opportunity Zone designation will further incentivize businesses to invest in the area to fortify the local economy.”

This project is funded under the Bipartisan Budget Act of 2018 (PL 115-123) (PDF), in which Congress appropriated to EDA $600 million in additional Economic Adjustment Assistance (EAA) Program (PDF) funds for disaster relief and recovery as a result of Hurricanes Harvey, Irma, and Maria, wildfires, and other calendar year 2017 natural disasters under the Stafford Act.

The funding announced today goes to one of Ohio’s 320 Opportunity Zones. Created by President Donald J. Trump’s Tax Cuts and Jobs Act of 2017to spur economic development by giving tax incentives to investors in economically-distressed communities nationwide. In June 2019, EDA added Opportunity Zones as an Investment Priority, which increases the number of catalytic Opportunity Zone-related projects that EDA can fund to fuel greater public investment in these areas. To learn more about the Opportunity Zone program, see the Treasury Department resources page here. To learn more about the Commerce Department’s work in Opportunity Zones, please visit EDA’s Opportunity Zones webpage.

About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.

This post was originally published here.