Ludwig discussed the immense potential of Opportunity Zones, especially in the nation’s most distressed neighborhoods. She believes that the tax incentive will “transform communities, grow small businesses, and better residents’ lives.”
Ludwig proposed two vital recommendations for Opportunity Zones:
Create transparency of Opportunity Fund activities by collecting transaction-level data
Ensure accountability and prevent abuse of the program by preventing Opportunity Fund investments that will hurt low-income residents and small businesses
Ludwig’s testimony came at a pivotal time. Just last week, the Treasury Department released its third round of Opportunity Zone designations, therefore approving designations in 25 more states, as well as Washington D.C. and Guam. Every eligible state and territory has nominated its census tracts and only 4 states are waiting approval.
New Jersey already has 169 Opportunity Zones designated by Governor Phil Murphy. The Opportunity Zones are located in 75 municipalities spread over each of New Jersey’s 21 counties. The Opportunity Zones include parts of almost all of New Jersey’s major cities.
Enterprise Community Partners is a nonprofit that improves communities and the lives of low-income individuals by making well-designed and affordable homes. It engages with many national partners and works to impact public policy.
On July 25th, a Congressional Reception will be held at the Dirksen Senate Auditorium in Washington D.C. This event will allow New Jersey Residents who are working poor, below the poverty line and or impacted by homelessness to urge their elected officials in Washington to make No Cuts to Housing and remind them that Opportunity Starts at Home.