Washington, D.C. Today, the Economic Innovation Group (EIG) published two new case studies on developments in Columbus, Ohio, and San Bernardino, California that leverage Opportunity Zone (OZ) investments. These profiles are the latest examples of how Opportunity Zone investments are delivering innovative solutions to critical local challenges by providing affordable housing and support services for residents transitioning from incarceration, and expanding support for at-risk youth and their families.
Below are summaries of the two projects:
- The Phoenix Community: Opportunity Zone Development Group (OZDG), a minority-led asset manager, partnered with a Columbus faith-based nonprofit organization, Nothing Into Something Real Estate, Inc (NISRE), to breathe new life into an innovative pilot solution, providing affordable housing and support services to residents transitioning from incarceration. This project will provide 50 units of housing and create approximately 20 jobs for restored citizens, generating opportunities to secure work and adequately provide for their families. People who have been incarcerated are much more likely to experience housing insecurity and unemployment as compared to the general public. By providing affordable homes and support services at The Phoenix Community, OZDG and NISRE are helping break the cycle of recidivism for individuals transitioning back into communities. The Phoenix Community demonstrates that Opportunity Fund managers can make investments that both support underserved residents and meet acceptable return thresholds for investors.
- San Bernardino Medical Center: Opportunity Zone investment from RevOZ Capital is helping the local San Bernardino County government and developer Sudweeks Development and Investment Co. expand critical support services for at-risk youth in one of the most distressed neighborhoods in the nation. Once completed in 2021, the San Bernardino Medical Center will house the Department of Behavioral Health’s Juvenile Justice Program (JJP). The new 11,000 sq. ft. office building provides room for the JJP team to grow, with the potential to add up to 10 new full-time positions to serve more than 660 at-risk youth and their families annually. These services are more important than ever given the effects of the COVID-19 pandemic, and the new medical center will enhance the county’s efforts to improve the well-being of youth and their families. This model of successful public-private partnership can be replicated and scaled in OZs across the country to advance community-centered projects that may be stalled due to a lack of financing.
The new profiles continue the series of Opportunity Zone Development Profiles, first launched in November 2019, that detail project financing, community socioeconomic data, and projected economic impact. To view an interactive map detailing Opportunity Zone initiatives and investments across the country, visit eig.org/oz-activity-map.
EIG Media Contact: [email protected]
About the Economic Innovation Group (EIG)
The Economic Innovation Group (EIG) is a bipartisan 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., 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.