Coalition Urges Treasury to Adopt Reporting Framework, Measure Investment Impact in Opportunity Zones
Washington D.C. – The Economic Innovation Group (EIG) recently led a broad coalition of stakeholders in submitting detailed recommendations to the U.S. Department of the Treasury calling for the adoption of a reporting framework for investments in Qualified Opportunity Zones. The comment letter was submitted in response to a May 1, 2019, Request for Information.
The letter, signed by nearly 70 organizations, underscores the importance of tracking the flow of new investments in designated communities around the country to ensure the success of the Opportunity Zones policy can be properly evaluated. Additionally, the coalition calls for Treasury to provide timely release of certain data sets to ensure an appropriate level of public transparency.
“The Opportunity Zones incentive has unlocked critical new sources of capital for low-income communities across the country, but measuring the full impact of this policy requires the adoption of a thoughtful data collection framework,” said EIG President and CEO John Lettieri. “This letter underscores the widespread support for such a framework among leading private sector and philanthropic stakeholders.”
The recommendations outlined in the coalition’s comments are consistent with recently-introduced bipartisan legislation (S. 1344 and H.R. 2593) to enact an Opportunity Zones reporting framework and evaluate the long-term economic impact of the incentive in designated communities.
About the Economic Innovation Group (EIG)
The Economic Innovation Group (EIG) is an ideas laboratory and advocacy organization whose mission is to advance solutions that empower entrepreneurs and investors to forge a more dynamic American economy. Headquartered in Washington, D.C., and led by an experienced, bipartisan team, EIG convenes leading experts from the public and private sectors, produces original research, and works to advance creative legislative proposals that will bring new jobs, investment, and economic growth to communities across the nation. For more information, visit eig.org.
The letter was co-signed by the following organizations:
Alliant Strategic Housing Funds
Arctaris Impact Fund
Bridge Investment Group
Calvert Impact Capital
Capalino & Company
Catalyst Opportunity Fund
Chicago Community Loan Fund
Community Capital Management
Community Development Bankers Association
Community Development Venture Capital Alliance
Community Reinvestment Fund, Inc.
Dauby O’Connor & Zaleski, LLC
Economic Innovation Group
Fund for Our Economic Future
Greatwater Opportunity Capital
Institute for Portfolio Alternatives
International Franchise Association
Kirkland & Ellis
Launch NY Inc
National Development Council
National Foundation for Affordable Housing Solutions, Inc.
Newark Venture Partners
Novogradac & Company
Opportunity Finance Network
Peachtree Providence Partners
R and C Brown
Redbrick LMD, LLC
Rural Opportunity Initiative
Small Business Majority
Sorenson Impact Center
Sorenson Impact Foundation
Stonehenge Capital Company, LLC
The Enterprise Center
The Governance Project
U.S. Impact Investing Alliance
Virtua Capital Management, LLC
Weller Development Company