The 2017 Tax Cuts and Jobs Act enacted in December 2017 also established what looks like a beneficial tool to attract private capital investment to economically distressed communities.
Opportunity Zones and Opportunity Funds were included by Congress in the 2017 Tax Cuts and Jobs Act to encourage long-term private sector capital investments in low-income communities (based on Census Tract data). Governors are tasked with nominating eligible Opportunity Zones to the U.S. Department of Treasury by March 21, 2018 (they may request a 30-day extension from this date). The governor of each state may nominate up to 25% of low income census tracts for Opportunity Zone status. Opportunity Zones and the associated Opportunity Funds look to have a lot of potential in attracting private investment to economically disadvantaged communities and it may be helpful to advocate for nomination of census tracts in your community. A map of eligible census tracts may be viewed at this link .
Resources for more information on Opportunity Zones and Opportunity Funds:
U.S. Department of Treasury Press Release
U.S. Department of Treasury Opportunity Zone Resources
Interactive Map of Census Tracts Eligible for Nomination as Opportunity Zones
International Economic Development Council (IEDC) Informational Webinar on YouTube