GCP recently hosted White House officials from the Domestic Policy Council, Office of American Innovation, Opportunity and Revitalization Council, and Housing and Urban Development to learn more about Greater Cleveland’s strategy for Opportunity Zones. A representative from Cleveland’s federal Housing and Urban Development office also participated.
The Opportunity Zone program was created in federal law as a part of the 2017 Tax Cuts and Jobs Act. GCP has continued efforts to leverage the new federal program, recently partnering with the City of Cleveland, Cuyahoga County, the Fund for Our Economic Future and the Cuyahoga County Land Bank to launch Opportunity CLE.
GCP leadership took White House officials on a tour to provide a better understanding of the possibilities for use of the Opportunity Zones program in Cleveland, including how the new tool can work in concert with proven, existing programs like the New Markets Tax Credit. The tour highlighted two development projects currently underway – The Tappan in Tremont and Glenville Circle North. GCP also convened a diverse set of stakeholders from the public, private, philanthropic, and nonprofit sectors for discussion with the White House team on strategies to ensure social impact and equity are a part of development deals.
GCP will continue to stay engaged in efforts around the Opportunity Zone program, including supporting the passage of Senate Bill 8. This legislation would create a state incentive for Opportunity Zone investments in Ohio.