Community Next Steps
Communities designated as Opportunity Zones should consider taking steps that best position for investment, development, and growth within the census tract.
Update and develop community-wide planning documents, site-specific planning, or an Opportunity Zone prospectus that strategize land use, redevelopment, and rehabilitation opportunities and identify resources available for correlating infrastructure or architectural needs. Educate and engage local partners in conjunction with ongoing development of Opportunity Zone regulations and state and national examples.
Designation as an Opportunity Zone does not assure that funds flow to local projects. Communities should position to leverage Opportunity Zone fund investment and utilize funding as an effective incentive in the local economic development toolkit in coordination with other local, state, and Federal programs and tax credits. Local communication and coordination among partners is essential to recruitment of capital and project success.
Communities should determine the key development projects that implement local goals and coordinate with local needs. Such projects should be packaged and marketed widely to attract investment and development.
Manage development in conjunction with local community vision. Integrate organizations and institutions and coordinate efforts in a common purpose that capitalizes on the quality of life and a vibrant place economy.
Akin Gump—Opportunity Zones: How Communities Can Leverage This New Provision to Jumpstart Investment
Brookings—Opportunity Zones and shared prosperity: Emerging principles from Cleveland
CityBeat—The Potential and Pitfalls of Cincinnati’s Opportunity Zones
Economic Innovation Group—The State of Socioeconomic Need and Community Change in Opportunity Zones
Georgetown University Beeck Center—Proposed Guiding Principles for Opportunity Zones to Fuel an Inclusive Economy and Drive Social Impact
The New Localism—Opportunity Zones and Institutional Reform
Novogradac & Company—Opportunity Zones: A New Tool for Community Development
Urban Institute—Why Opportunity Zones are Important for Indian Country