This was originally posted to the Adams Morgan Listserv on May 4, 2018, as message #48090, groups.yahoo.com/neo/groups/AdamsMorgan/conversations/messages/48090
Are “Opportunity Zones” an opportunity for DC residents, or only for investors? <ggwash.org/view/67483/are-opportunity-zones-an-opportunity-for-dc-residents-or-only-for-investors>
GOVERNMENTBy Brianne K. Nadeau (Guest Contributor) May 4, 2018
Opportunity Zones are a new provision in the recently-passed Republican tax bill meant to create incentives for economic development. After flying under the radar during the debate over the bill, the provision is now getting some small degree of attention. But cities and states should be giving Opportunity Zones much closer scrutiny, since they’re set to become the biggest economic development program in the country — more than Low-Income Housing Tax Credits <fas.org/sgp/crs/misc/RS22389.pdf> (LIHTC), New Markets Tax Credits <fas.org/sgp/crs/misc/RL34402.pdf> (NMTC), or even Community Development Block Grants <nationalaglawcenter.org/wp-content/uploads/assets/crs/R43520.pdf> (CDBG).
It’s estimated that there could be up to $2.2 trillion invested in Opportunity Zones <www.housingfinance.com/news/opportunity-zones-what-they-are-why-they-matter_o>, but the key question is what that money will be spent on, and how. Unfortunately, the design of the program has some serious flaws, and will likely accelerate the patterns of displacement caused by runaway capital that we’ve already seen for decades, but on a federally-subsidized scale….