“Geographically targeted economic development tools, such as Opportunity Zones, Promise Zones, and other place-based programs, are top of mind for many local economic development organizations when thinking about post-pandemic recovery,” said Dee Dee Myers, Senior Advisor to Governor Newsom and Director of GO-Biz. “As we enter our California Comeback, communities need every tool in the toolkit. The new Opportunity Zone site provides vital information to ensure your transformative investments support a sustainable and inclusive economic recovery for California.”
The new site features a multitude of funding opportunities, resources, best practices, and tools to support economic and business development in economically-distressed communities.
- A reinvigorated State Integrated Map that highlights additional place-based investments, incentives, and initiatives, such as California’s Climate Investments and California Recycling Market Development Zones
- A new Community Investment Prospectus page, featuring 54 cities and counties across every region of California
- 10 new Opportunities Categories featuring 32 unique state supportive programs from infrastructure and affordable housing to small business and healthcare access
- A new Economic Development Districts page, highlighting tools to support place-based economic development and recovery, such as Business Improvement Districts (BIDs), Enhanced Infrastructure Financing Districts (EIFDs), and Community Revitalization and Investment Authorities (CRIAs)
- A showcase of over $350m in state public investments in low-income Opportunity Zone census tracts in every region of California
- A California’s Promise Zones page featuring California’s four Promise Zones in Los Angeles, South Los Angeles, Sacramento, and San Diego
- A new Place-Based Resource Toolkit hosting a dozen different state tools and resources to support local community economic development
- An updated audience-oriented FAQ page and newly created Opportunity Zone 101 page
- 12 new community-shared examples of the Opportunity Zone tax incentive in use
- Updated testimonials, facts, partners lists, and regulations pages
Opportunity Zones are census tracts added to the federal tax code that must meet one of three criteria under the definition of “low-income community” by the Internal Revenue Service. New investments or projects in Opportunity Zones, under certain conditions, may be eligible for preferential federal tax treatment or preferential consideration in federal grants and programs.
According to the most recent OZ data from Novogradac, California leads the nation in number of identified investments to date, as well as total equity raised. With 879 Opportunity Zone census tracts across 57 counties, California hosts a diverse array of opportunities to align private and public investment for community-level impact in areas of economic distress and need. GO-Biz hosts the current Opportunity Zone site and is annually required to convene stakeholders statewide on how California can leverage place-based and other geographically targeted economic development programs, such as Opportunity Zones and Promise Zones. To view the most recent 2020 convening, visit the Events & Annual Meetings page here.
The Governor’s Office of Business and Economic Development (GO-Biz) serves as the State of California’s leader for job growth and economic development efforts. GO-Biz offers a range of services to business owners including: attraction, retention and expansion services, site selection, permit streamlining, clearing of regulatory hurdles, small business assistance, international trade development, assistance with state government, and much more. For more information visit the GO-Biz website.
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