December 20, 2019

HUD: Commemorating the Anniversary of the Opportunity Zones Initiative

Secretary Carson serves as chair of the White House Opportunity and Revitalization Council charged with implementing initiative alongside community leaders

Today, HUD commemorated the anniversary of the signing of the 2017 Tax Cuts & Jobs Act into law with the release of a whiteboard video and a podcast episode, each focused on the successes that have resulted from the law. 

In particular, Opportunity Zones were created as part of the tax reform package, designed to stimulate long-term investments in low-income communities. The Opportunity Zones tax incentive is designed to spur economic development and job creation in low-income communities through preferential tax treatment for those investing certain eligible capital gains into Opportunity Zones. It is anticipated that Opportunity Zones will spur $100 billion in private capital investment in communities across the country. Incentivizing investment in low-income communities fosters economic revitalization, stimulates job creation, and promotes sustainable economic growth across the nation, especially in communities HUD serves. Just this week, the U.S. Department of the Treasury issued final regulations implementing the Opportunity Zones tax incentive.

“The Opportunity Zones initiative is focused on lifting up those ‘forgotten communities’ that have been neglected in the past.” Secretary Carson said. “The Trump Administration is focused on bringing economic prosperity to all Americans, so that even the folks in those ‘forgotten communities’ who were left behind in the past have a shot at climbing the ladder of economic success.”

“Under the Opportunity Zones initiative, we are helping people to realize their potential by bringing public and private investment into these Opportunity Zones,” said Scott Turner, Executive Director of the White House Opportunity and Revitalization Council. 

In 2018, President Trump signed Executive Order 13853 establishing the White House Opportunity and Revitalization Council and named Secretary Carson chair of the Council, of which Scott Turner serves as Executive Director. The Council’s 17 Federal agencies and Federal-State partnerships have been engaging with governments at all levels on ways to more effectively use taxpayer dollars to revitalize low-income communities. Additionally, the Council is charged with evaluating and removing barriers to revitalization efforts and encouraging capital investment in economically distressed communities. Since its creation, the Council has taken more than 175 actions and has made more than 50 visits to communities designated as Opportunity Zones. 

The whiteboard video serves as an educational tool designed to inform the public about how Opportunity Zones work in their community. The whiteboard video can be viewed in full on www.OpportunityZones.govWatch the whiteboard video

The podcast is part of a larger series, “House Keys; Unlocking insights to the nation’s leading housers” and focuses on the work of the White House Opportunity and Revitalization Council through an interview with Executive Director Scott Turner. Listen to the podcast episode.

This post was originally published here.