The Rockefeller Foundation Starts Opportunity Zone Initiative In Newark, NJ
The five other cities for the program will be announced at a later date.
➤➤ Join the GlobeSt.com ADAPT: Opportunity Zones conference September 16-17 in Baltimore, MD The new national conference series is aimed at identifying Opportunity Zones across all property types and geographic regions. This first-of-its-kind event will educate, connect and celebrate the investors, developers and owners with the people behind the planning and decision-making, such as architects, consultants, academics and, most importantly, municipal officials. Also, be sure to take a look at our current adaptive reuse and opportunity zone nomination form and submit your project! Deadline is fast approaching June 7th. Click here to register and view the agenda.
NEWARK, NJ—The Rockefeller Foundation has announced a $5.5 million initiative to help US cities attract private investment in their Opportunity Zones. This effort targets the more than 30 million low-income Americans living in Opportunity Zones.
“Opportunity Zones have the potential to unlock billions of dollars in innovative job creation and community infrastructure private investment in cities, lifting up Americans who most need this support and preventing their displacement by irresponsible development,” said Rajiv J. Shah, president of The Rockefeller Foundation. “Philanthropy has an important role to play in ensuring Opportunity Zones improve the lives of the residents in distressed communities.”
The initiative will provide six cities with financial and human resources support for two years. This support includes funding for and designation of a Chief Opportunity Zone Officer, who will be embedded in city government or a city economic development agency. It also includes funding for two community engagement specialists to facilitate community engagement and involvement in the proposed Opportunity Zone projects and businesses. In addition, each city will also receive two years of support from a national Opportunity Zone Technical Assistance team to compile and leverage local, state, and federal incentives, and help structure and support deals.
Newark has been the first city selected, and will receive $920,000 in co-funding from Prudential Financial and The Rockefeller Foundation, working through the Newark Alliance, which has a commitment to equitable development. The other five cities will be announced over the next few months.