ORGANIZED MONEY MEETS OPPORTUNITY ZONES & RECOMMENDS A FIX

There is so much wrong with Opportunity Zones but we have identified a simple and easy fix, if the next President is willing.

Marketwatch.com today features an opinion essay we wrote based on Organized Money that critiques the program and its lack of focus on benefits for under-resourced communities. “Opportunity zones, a bundle of tax breaks dressed up as economic development, are the epitome of government largess the Trump way — sizzle, fizzle, a sleight of hand and abuse of good intentions,” we write.

Our fix? Try again using The CDFI Fund’s model of “strict selection criteria for fund managers (known as Community Development Financial Institutions) that work for and not against the communities they serve based on market expertise.”

The point of Organized Money is that it matters substantially who is controlling the money. There are many well-intended fund managers today, including public entities and CDFIs, but as we summarize the momentum is overwhelmingly headed in the wrong direction.