Opportunity Zones: A New Dawn for Economic Opportunity

  
Via:  make-america-great-again  •  3 months ago  •  18 comments

Opportunity Zones: A New Dawn for Economic Opportunity
It is one of our Nation’s bedrock beliefs that America is the Land of Opportunity. Every street in every city, every stretch along every country road, should indeed be a zone where opportunity calls home.

S E E D E D   C O N T E N T


As Ronald Reagan foretold a generation ago, it is morning again in America. Today’s booming economy, under President Donald J. Trump, stands in stark contrast to the stagnation and volatility Americans endured over the past decade.

It is one of our Nation’s bedrock beliefs that America is the Land of Opportunity. Every street in every city, every stretch along every country road, should indeed be a zone where opportunity calls home.

In pursuit of that bold ideal, Opportunity Zones were created under the 2017 Tax Cuts and Jobs Act to stimulate economic development and job creation, by incentivizing long-term investments in low-income neighborhoods.

Few programs in modern American history have the potential to touch the lives of so many people as powerfully as Opportunity Zones, which are now home to approximately 31.3 million Americans in all 50 states and the District of Columbia — or roughly 10% of the country. An additional 3.7 million people reside in Opportunity Zones in five U.S. territories.

As a doctor, I know all too well medication often involves a trade-off between solutions that are fast-acting and those that are long-lasting. One of the most commendable features of Opportunity Zones’ intelligent design is that they achieve the best of both worlds.

The fast-acting impact of Opportunity Zones is evident from the fact that we have already heard positive reports from city officials that anticipated investments in Opportunity Zones have helped preserve or attract economic development into their localities. Further, data from Zillow shows the negative growth rate of property sales prices in selected vulnerable communities, prior to the Trump tax cuts, flipped to a positive growth rate of 20 percent following Opportunity Zones designation.

But Opportunity Zones also deliver long-lasting solutions by structuring rewards to serve local communities for the long-term. Only investors who commit capital for five, seven, and ten years receive the tax law’s formidable financial benefits. That means new growth becomes consistent growth, and new jobs become steady jobs.

This long-term lens is critical. When investors are “here today, gone tomorrow,” residents face an uncertain future. But when residents know new businesses are “here today, here to stay,” they can plan for the growth of their communities, provide a stable future for their families, and ultimately become homeowners.

To ensure Opportunity Zones reach their potential, I have the privilege to chair the White House Opportunity and Revitalization Council. This Council consists of members across 16 Federal agencies as well as Federal–State partnerships and maintains the core mission and function to better use public funds to revitalize economically distressed communities.

By having a single body determine interagency consensus — rather than having 16 separate departmental processes — the Council can achieve faster resolution of issues — which means we can deliver faster solutions to disadvantaged neighborhoods and families.

As of now, the Council has identified more than 160 programs that could increase targeting to Opportunity Zones through grant preference points, loan qualifications, reduced fees, and eligibility criteria modifications. 

The Council is also going to conduct a listening tour of rural, urban, and suburban Opportunity Zones that will incorporate community leaders, entrepreneurs, and investors, so their local input is always in our ears.

Last week, I visited Birmingham, Alabama’s “Campus of Hope,” where thousands of residents in Birmingham public housing will soon get access to valuable resources to help put them on the path to financial self-sufficiency. I also traveled to Little Rock, Arkansas to tour the development of Cumberland Towers.

Each of these sites is situated in an Opportunity Zone, which means today’s snapshot represents the “before” pictures on a self-development path made possible by the combined power of private-sector investment and this Administration’s foresight in public policy. We expect the “after” picture to be as bright as our Nation’s bold ideals.

It takes more than soil and water for a sapling to grow to its full potential: the final ingredient is sunlight. Our Nation’s vulnerable families already have the grit and persistence to grow. They need only the sunshine that economic opportunity provides to reach the brightness of their American Dream.

Dr. Benjamin S. Carson is the 17th Secretary of the U.S. Department of Housing and Urban Development

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Heartland American
1  seeder  Heartland American    3 months ago

“Few programs in modern American history have the potential to touch the lives of so many people as powerfully as Opportunity Zones, which are now home to approximately 31.3 million Americans in all 50 states and the District of Columbia — or roughly 10% of the country. An additional 3.7 million people reside in Opportunity Zones in five U.S. territories.

As a doctor, I know all too well medication often involves a trade-off between solutions that are fast-acting and those that are long-lasting. One of the most commendable features of Opportunity Zones’ intelligent design is that they achieve the best of both worlds.

The fast-acting impact of Opportunity Zones is evident from the fact that we have already heard positive reports from city officials that anticipated investments in Opportunity Zones have helped preserve or attract economic development into their localities. Further, data from Zillow shows the negative growth rate of property sales prices in selected vulnerable communities, prior to the Trump tax cuts, flipped to a positive growth rate of 20 percent following Opportunity Zones designation.

But Opportunity Zones also deliver long-lasting solutions by structuring rewards to serve local communities for the long-term. Only investors who commit capital for five, seven, and ten years receive the tax law’s formidable financial benefits. That means new growth becomes consistent growth, and new jobs become steady jobs.

This long-term lens is critical. When investors are “here today, gone tomorrow,” residents face an uncertain future. But when residents know new businesses are “here today, here to stay,” they can plan for the growth of their communities, provide a stable future for their families, and ultimately become homeowners.

To ensure Opportunity Zones reach their potential, I have the privilege to chair the White House Opportunity and Revitalization Council. This Council consists of members across 16 Federal agencies as well as Federal–State partnerships and maintains the core mission and function to better use public funds to revitalize economically distressed communities.

By having a single body determine interagency consensus — rather than having 16 separate departmental processes — the Council can achieve faster resolution of issues — which means we can deliver faster solutions to disadvantaged neighborhoods and families.

As of now, the Council has identified more than 160 programs that could increase targeting to Opportunity Zones through grant preference points, loan qualifications, reduced fees, and eligibility criteria modifications. 

The Council is also going to conduct a listening tour of rural, urban, and suburban Opportunity Zones that will incorporate community leaders, entrepreneurs, and investors, so their local input is always in our ears.”

 
 
 
Thrawn 31
2  Thrawn 31    3 months ago
Today’s booming economy, under President Donald J. Trump, stands in stark contrast to the stagnation and volatility Americans endured over the past decade.

He inherited a growing economy. He literally didn't have to do a single thing.

 
 
 
Heartland American
2.1  seeder  Heartland American  replied to  Thrawn 31 @2    3 months ago

More like a limping along economy at less than 2% growth and the stock market pretty much stalled out.  Obama’s stewardship of our economy was the worst economic recovery ever.  Trump is doing a great job as shown by today’s 3.2% GDP growth in the first quarter. 

 
 
 
Ender
2.1.1  Ender  replied to  Heartland American @2.1    3 months ago
But here are a few other GDP numbers worth remembering: 4.6%, 4.9% and 5.1%. Those were the growth rates notched during President Obama’s tenure (in late 2011, the third quarter of 2014 and the second quarter of 2014, respectively). And no one’s celebrating how great the economy was in the Obama years.

Like it or not, the economy under Obama saw nothing but steady growth. Obama also had a hostile republican congress for six of his his years that would basically do nothing other than investigate Hillary.

The stock market steadily rose and is now stalled.

 
 
 
luther28
2.2  luther28  replied to  Thrawn 31 @2    3 months ago
He literally didn't have to do a single thing.

I kind of wish he had stuck with that formula.

 
 
 
Freedom Warrior
2.3  Freedom Warrior  replied to  Thrawn 31 @2    3 months ago
He inherited a growing economy. He literally didn't have to do a single thing.

Absolute nonsense.  I don't know what you do but everyday I track economic activity related to my industry and I know without a doubt how economically illiterate obama was and the massive headwinds his admin's policies were on the economy.  That is slowly being undone and the forces of economic progress have begun to reassert themselves despite the left's protestations and attempts screw us over, particularly here in CA.

 
 
 
Heartland American
2.3.1  seeder  Heartland American  replied to  Freedom Warrior @2.3    3 months ago

California is the worst of the worst when it comes to mismanaged stares that are outright hostile to small business.  My area of California  it’s seems will be one of those zones.  

 
 
 
epistte
2.3.2  epistte  replied to  Heartland American @2.3.1    3 months ago

The facts disagaree with you, and this is from a conservative source,

https://www.tmcfinancing.com/how-california-small-business-owners-are-leading-economic-growth/

 
 
 
 
epistte
2.3.4  epistte  replied to  Heartland American @2.3.3    3 months ago

That is an opinion column on a conservative source. They would criticize any idea until there are no taxes and no regulations, which is neither politically feasible or economically sustainable.   

 
 
 
Freedom Warrior
3  Freedom Warrior    3 months ago

We have been tracking the development of opportunity zone regs and now are exploring the possibilities of investment there.   The drawback for me pesonally is that it will simply take to long to bear fruit, but for plenty of others it will become a catalyst for economic improvement in areas badly in need of revitalization.

 
 
 
Ender
4  Ender    3 months ago
stands in stark contrast to the stagnation and volatility Americans endured over the past decade

That myth has been debunked time and again.

This article lacks any details as to what this program entails. So far it just sounds like more tax cuts and giveaways to the business community.

 
 
 
epistte
4.1  epistte  replied to  Ender @4    3 months ago
That myth has been debunked time and again. This article lacks any details as to what this program entails. So far it just sounds like more tax cuts and giveaways to the business community.

Reagan blew up the debt with his supply-side economics that lowered taxes and huge military spending increase. His admission was also one of the most indicated with numerous scandals. Rational people would not hold him up as a political hero.

  https://en.wikipedia.org/wiki/Reagan_administration_scandals

 
 
 
Split Personality
4.1.1  Split Personality  replied to  epistte @4.1    3 months ago

Star Wars...

the only thing it did was hasten the bankruptcy of the USSR.

Later Administrations cancelled it for the same reason.

 
 
 
epistte
4.1.2  epistte  replied to  Split Personality @4.1.1    3 months ago
Star Wars...

the only thing it did was hasten the bankruptcy of the USSR.

Later Administrations cancelled it for the same reason.

Most of that still isn't feasible 30 years later.  Many give Reagan credit for the fall of Russia and the Iron Curtain but its failure was internal and not the result of his speech in West Berlin in 1987. 

Reagan was the success of propaganda and appearance over fact. He is the reason that I no longer vote Republican.

 
 
 
Dulay
4.2  Dulay  replied to  Ender @4    3 months ago
So far it just sounds like more tax cuts and giveaways to the business community.

Exactly.

It's merely a rebranding [a Trump thing] of Enterprise Zones and studies show that the cost benefit didn't come up on the side of the worker or the state. Cost to the state per job was astronomical. no higher wages and only a short spurt of lower unemployment. Big corporations made out fine, small businesses, not so much.

 
 
 
†hε pε⊕pレε'š ƒïšh
5  †hε pε⊕pレε'š ƒïšh    3 months ago

3.2 GDP is awful, please take me back to the misery of Obamanomics.

I want high unemployment, low workforce participation and lower wages.

Wasn't it wonderful..

 
 
 
epistte
5.1  epistte  replied to  †hε pε⊕pレε'š ƒïšh @5    3 months ago
3.2 GDP is awful, please take me back to the misery of Obamanomics.

I want high unemployment, low workforce participation and lower wages.

Wasn't it wonderful..

Because Obama walked into the White House in 2009 when everything was great. What did the GOP do to help the country turn around from Geo W Bush's economic failures? 

 
 
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