On October 19, the Economic Innovation Group (EIG) hosted a webinar to discuss comprehensive initiatives intentionally designed to improve long-term outcomes for Black and Latinx residents in Opportunity Zones.
Key Takeaways
EIG’s Catherine Lyons kicked off the webinar by highlighting Arctaris Impact Investors’ recent investment in a Black-owned healthcare company, and the work of a minority-owned VC fund to expand housing options in distressed OZs. Lyons also shared the recently-updated OZ resources from EIG, including facts sheets on the following:
- OZ investment activity
- Proposed improvements to the OZ policy
- Socioeconomic characteristics of OZ communities
Rachel Reilly from Aces & Archers then provided context for guest speaker presentations, sharing data points that demonstrate the high-level of need in the majority of OZs. Reilly stated that the distressed state of OZ communities has a disproportionate negative impact on Black and Latinx residents, and urged attendees to prioritize activities that directly benefit them.
Anthony Miles provided an overview of TPP Capital Holdings (TPP) – a Black-led private equity fund manager and community-based real estate development firm – and its commitment to the Tioga District in Philadelphia, PA.
- TPP is leveraging OZ equity to finance the transformation of five city blocks adjacent to the Temple University Health Science Campus into a transit-oriented, mixed-use community designed to improve life outcomes for historically underserved residents.
- Miles shared that the OZ policy design enhanced their approach in two key ways. OZ equity has accelerated investment in and the construction of the Tioga District, and allowed TPP to secure long-term investments.
- The Tioga District includes affordable housing, entertainment and education options, and entrepreneurship opportunities for current residents. TPP is aligning with local businesses, schools, and anchor institutions to create partnerships that advance health and economic outcomes.
Martin Muoto of SoLa Impact shared information about the organization’s comprehensive approach to expanding opportunity in the South Central community of Los Angeles, CA, and their recently-launched Black Community Impact Fund.
- SoLa Impact is a family of social impact real estate funds that leverages data-driven social impact strategies to preserve, refresh, and create high-quality affordable housing in low-income communities and deliver superior financial returns to investors.
- Recognized by Forbes and the Sorenson Impact Center as a leading Opportunity Fund manager, SoLa Impact has rehabilitated more than 1,500 homes, created the nation’s first OZ business campus, offers affordable housing for formerly homeless families, and provides support services for all residents throughout the community.
- In 2020, SoLa Impact launched the Black Community Impact Fund, which diverts 13 percent of management fees and carried interest into an affiliated non-profit focused on intergenerational wealth creation and enrichment opportunities for underserved OZ residents.
