The White House Opportunity and Revitalization Council (WHORC) has delivered their Opportunity Zones Best Practices Report to the President.
The Council’s report includes Opportunity Zones case studies and best practices observed around the country. The report highlights several inspiring stories that involve public-private partnership between state and local governments, Qualified Opportunity Funds, and other stakeholders.
This is the third report issued by the Council as required under Executive Order 13853, and outlines best practices that could be integrated into public and private investments in urban and economically distressed communities, including Opportunity Zones, in order to increase economic growth, encourage new business formation, and revitalize communities.
The new report on best practices is organized into five sections:
- Best practices of local government and other local community stakeholders, and references to the Council’s Community Toolkit. Several cities are identified as national leaders in the OZ space, including Birmingham AL, Erie PA, Charleston SC, Lafayette LA, Kannapolis NC, Atlanta GA, Cleveland OH, Philadelphia PA, Little Rock AR, and Pine Bluff AR.
- State-level actions taken to benefit Opportunity Zones, including numerous legislative bills and executive orders.
- How foundations, nonprofits, and private financial institutions like MasterCard and Citi have made an impact in Opportunity Zones, providing support to OZ communities and investors who seek to make positive social and economic impact.
- Best practices for Qualified Opportunity Funds, including overviews of numerous specific deals taking place around the country, highlighting the different asset classes and geographies that are being impacted.
- How Opportunity Zone capital can be paired with other Federal resources, including Federal grant money from the USDA, EDA, and HHS.