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:
ACON Investments
Advantage Capital
Alliant Strategic Housing Funds
Alphametic LLC
Arctaris Impact Fund
Blueprint Local
Bridge Investment Group
California Forward
CalOZ
Calvert Impact Capital
Capalino & Company
Catalyst Opportunity Fund
Chicago Community Loan Fund
CliftonLarsonAllen
CohnReznick LLP
Community Capital Management
Community Development Bankers Association
Community Development Venture Capital Alliance
Community Reinvestment Fund, Inc.
DL3 Realty
Dauby O’Connor & Zaleski, LLC
Economic Innovation Group
EJF Capital
Fund for Our Economic Future
Fundrise
Goodcity
Greatwater Opportunity Capital
Homecoming Capital
Institute for Portfolio Alternatives
International Franchise Association
KeyBank
Kirkland & Ellis
KPMG
Launch NY Inc
Launch Tennessee
LIIF
LISC
Mayer Brown
National Development Council
National Foundation for Affordable Housing Solutions, Inc.
NES Financial
Newark Venture Partners
Novogradac & Company
Opportunity Alabama
Opportunity Finance Network
Our Opportunity
Peachtree Providence Partners
Plante Moran
Polsinelli
R and C Brown
Redbrick LMD, LLC
Reinvestment Fund
Riaz Capital
Rural Opportunity Initiative
Small Business Majority
SMB Intelligence
Sorenson Impact Center
Sorenson Impact Foundation
Stonehenge Capital Company, LLC
The Enterprise Center
The Governance Project
U.S. Impact Investing Alliance
Urban Atlantic
Virtua Capital Management, LLC
WarHorseCities
Weller Development Company
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