The White House released the Opportunity Zone Implementation Plan to bolster Opportunity Zone work at the local level. Over the past year and a half, local municipalities and nonprofit organizations have established programs and initiatives to guide the Opportunity Zone process. Services can include connecting Opportunity Zone investors with shovel-ready projects, coordinating with the professional community to build awareness around Opportunity Zones, measuring the social impact of Opportunity Zone investments, and other areas of support.
Because of the popularity of the program, The White House announced that they would evaluate directing Federal resources to support local Opportunity Zone support organizations. The popularity comes from professionals championing the incentive at the local level, but also came from how the incentive was managed at the State level. State Governments identified specific Opportunity Zone tracks based off indicators such as poverty and disinvestment.
Executive Order 13853 created the White House Opportunity and Revitalization Council that will ultimately coordinate Federal Resources to Opportunity Zones and distressed communities. Council representatives include Secretary of the Treasury, Secretary of Education, the Director of the Office of Management and Budget and other cabinet-level officials.
The mandate of the council will be to coordinate Federal resources to align Federal programs with Opportunity Zones and distressed councils. The Council will create efficiencies such as data collection and online portals.
The Implementation Plan identifies several workstreams or topic areas that will receive further attention such as entrepreneurship, safe neighborhoods, and data-driven analysis.
The work stream will ensure that policies will have clear outcome measurements in place customized to the uniqueness of different Zones.