Public-Private Partnership Interest in Atlanta Opportunity Zones Grows

White House Opportunity Zone leaders and economic and policy advisors, HUD SE Regional Administrator along with City of Atlanta community and development leaders.

Opportunity Zones seem to be all the buzz of the business and community development world these days as Atlanta community development leaders, White House Opportunity Zone and HUD senior leaders recently met to share their viewpoints to better understand Opportunity Zones in a mutual ongoing effort to bring clarity to an innovative approach to addressing economically distressed areas and take advantage of a historically unique business opportunity as a result of the Tax Cut and Jobs Act of 2017. HUD Southeast Regional Adminstrator Denise Cleveland-Leggett joined with Scott Turner, Executive Director White House Opportunity and Revitalization Council, Ja'Ron Smith Deputy Assistant to the President and Deputy Director of the Office of American Innovation, Ben Hobbs Special Assistant to the President for Domestic Policy and Matthew Peurach, Chairman, Opportunity Zones Practice of Morris, Manning and Martin gathered in the Georgia Power Experience Center, along with local leaders Al Nash CEO of Develop Fulton County, A.J. Robinson President, Central Atlanta Progress, Dr. Eloisa Klementich, President and CEO Invest Atlanta, Scott Hilton Executive Director, Georgia First Commission and Jonathan Turley Atlanta Regional Commission Managing Director CATLYST. The day was highlighted by two round tables whereby participants and attendees exchanged views in an open dialogue setting. The morning session focused on "The View from Washington" and the afternoon round table focused on "The View from Atlanta". Euclid Walker, Managing Partner, Parkway Investment moderated the morning session and Jarrod Loadholt, Advisor, Pine Street Strategies moderated the afternoon session.

"Today we witnessed public and private partnership at its finest," said Cleveland-Leggett. "The goal of Opportunity Zones is to spur private investment in low-income rural and urban communities nationwide, while helping low income individuals and families also benefit in achieving their version of the American dream."

Georgia's 260 Opportunity Zones, located in 83 counties (www.dca.ga.gov/sites/default/files/federal_opportunity_zones_-_list_of_census_tracts.pdf), represent some of the most concentrated poverty in the state and are found in both rural and metropolitan areas. With approximately 60% rural and 40% urban.

President Trump signed the 2017 Tax Cuts and Jobs Act, creating Opportunity Zones to stimulate long-term investments in low-income communities. The program offers capital gains tax relief to those who invest in these distressed areas. This program is anticipated to spur $100 billion in private capital investment in Opportunity Zones. Incentivizing investment in low-income communities fosters economic revitalization, job creation, and promotes sustainable economic growth across the nation, especially in communities HUD serves. Read more about the Opportunity Zones program (www.irs.gov/newsroom/tax-reform-creates-opportunity-zone-tax-incentive).

On average, the median family income in an Opportunity Zone is 37 percent below the state median. To date, 8,761 communities in all 50 States, Washington D.C., and five Territories have been designated as Opportunity Zones.

Nearly 35 million Americans live in communities designated as Opportunity Zones.

Currently, there are approximately 380,000 Public Housing units and approximately 340,000 Project-Based Rental Assistance units within Opportunity Zones. Nearly a third of the more than 100,000 rental units preserved through HUD's Rental Assistance Demonstration (RAD) are located in Opportunity Zones. Read more about the RAD program.

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