Through ACC 2018, EDA designates a portion of its EAA funding to support communities and regions that have been negatively impacted by changes in the coal economy.
EDA provides funding and technical assistance to advance prosperity in distressed communities, while CNCS provides human resources in the form of “Volunteers in Service to America” (VISTAs).
Opportunity Zones were created under the 2017 Tax Cuts and Jobs Act, signed into law by President Donald J. Trump on December 22, 2017, to stimulate economic development and job creation, by incentivizing long- term investments in low-income neighborhoods.
There are more than 8,760 designated Qualified Opportunity Zones (PDF) located in all 50 States, the District of Columbia, and five United States territories. Investors can defer tax on any prior gains invested in a Qualified Opportunity Fund (QOF) until the earlier of the date on which the investment in a QOF is sold or exchanged or until December 31, 2026.
EDA is encouraging our economic development partners to think of Opportunity Zone investment as a new arrow in their quiver to not only enhance ROI for business interests, but also to encourage the public/private partnerships needed to drive private investment to distressed areas.
To find out more, please visit our Opportunity Zones page.
ACE brings together 50 senior-level government, business, policy, and economic decision makers from across the Americas and beyond to experience first-hand the diverse range of projects, strategic investments, public-private partnerships, and best practices from a particular region’s innovation and entrepreneurship ecosystems.