U.S. Department of Commerce Enhances Opportunity Zone Work with Input from the American Public and Economic Development Stakeholders
On September 3, 2019 the U.S. Department of Commerce issued a Request for Information (RFI) to the Federal Register seeking public input on how the Federal Government can better align its various economic development programs and resources to encourage and facilitate beneficial investments in urban and economically distressed communities, including in Opportunity Zones.
Since the RFI closed on October 18, 2019, EDA has been simultaneously reviewing written comments and recommendations submitted by the public and a variety of economic development stakeholders. EDA relies on these ideas and recommendations to take real-time actions to enhance EDA’s Opportunity Zone work.
EDA received feedback from numerous state and local officials, institutions of higher education, nonprofits, philanthropic organizations, and investors, and stakeholders in the private sector.
EDA wants to thank our economic development partners for taking the time to submit ideas to enhance public/private partnerships, collaboration across all levels of government, and ways to accelerate entrepreneurial ecosystems to further drive investment to Opportunity Zones. EDA is already incorporating several of the proposed recommendations into its Opportunity Zone initiative and will continue to partner with local economic development leaders to enhance the program.
EDA continues to encourage our economic development partners to think of Opportunity Zone investments as a new arrow in their quiver to not only enhance ROI for business interests, but to also bolster the public/private partnerships needed to drive private investment to distressed areas and for the social impact it will have.
To learn more about the Commerce Department’s work in Opportunity Zones, please visit EDA’s Opportunity Zones webpage.