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NAFCU at White House for event on Opportunity Zones
NAFCU Senior Counsel for Research and Policy Andrew Morris will be at the White House today for a conference on "Opportunity Zones" – an effort by the Trump administration to revitalize economically-distressed communities across the nation.
The Tax Cuts and Jobs Act created these Opportunity Zones, which use tax incentives to draw long-term investment to parts of the nation that continue to grapple with high poverty rates and slow job growth.
Today's conference will focus on ways to improve utilization of these incentives and include discussions on entrepreneurship, housing and infrastructure, and a 21st century workforce. A number of administration officials and state, local, tribal and community leaders will attend the event.
In December, NAFCU participated in a White House call on this issue, after which President Donald Trump signed an executive order to establish the White House Revitalization Council, which will be comprised of 13 federal agencies, including the U.S. Housing and Urban Development (HUD), Justice Department, Energy Department, Small Business Administration, and others.
The council, led by Department of Housing and Urban Development Secretary Ben Carson, works to create a partnership of private- and public-sector entities committed to lifting up rural, urban and distressed communities. These communities span all 50 states, as well as the District of Columbia and U.S. territories, allowing the council to help streamline, coordinate and target prospects that could benefit from existing federal programs aimed at communities that need help the most.