One of the lesser known pieces of the 2017 Tax Cuts and Jobs Act was the creation of new “Opportunity Zones” across the country. The opportunity zones are meant to offer strategies to assist economically-distressed areas in U.S. cities. On Wednesday, Atlanta Mayor Keisha Lance Bottoms announced that Atlanta will become the second city to participate in the Rockefeller Foundation’s Opportunity Zone Community Capacity Building Initiative. The initiative was launched in 2019 and takes advantage of the opportunity zone creation.
“Opportunity Zones are an exciting new tool for building economic development in underserved communities,” said Mayor Bottoms. “These grants will help guide us as we implement the program to maximize the benefits of job creation and neighborhood improvement in the most vulnerable areas of our city. Thank you to the Rockefeller Foundation for this commitment that will advance equity citywide, as we continue to build One Atlanta, and provide a level playing field for all.”
Atlanta has some 82,000 residents living in 26 designated Opportunity Zones. The city will receive $920,000 in grants and support services, including a $400,000 grant to establish and fund a Chief Opportunity Zone Officer embedded in Invest Atlanta, the City of Atlanta’s economic development authority. The funding will also help to support two AmeriCorps VISTA (Volunteers in Service to America) members. These two positions will facilitate community involvement and provide technical assistance to help develop projects and act as a liaison of sorts between investors and community members.
“Opportunity Zones are the first federal incentive for community development in 15 years and a unique opportunity to leverage private capital to help achieve Atlanta’s economic and community development goals,” said Dr. Eloisa Klementich, President and CEO of Invest Atlanta. “Invest Atlanta has been a first mover in the city with Opportunity Zones and partnerships with the Rockefeller Foundation and Cities of Service will help us further the goal of bringing meaningful investment and greater equity to our communities.”
The Rockefeller Foundation also announced it will award a $600,000 grant to Cities of Service, an independent nonprofit that works with mayors to increase communication and cooperation between local government and citizens. Atlanta is one of six cities participating in the Foundation’s Opportunity Zones initiative and Cities of Service will be working with all six. Counting the value of this additional grant, the total grant money for the city will be more than $1 million.
“As the wealth gap in the United States continues to widen, we recognize how a zip code impacts the economic opportunities for a community and its residents,” said Dr. Rajiv J. Shah, President of the Rockefeller Foundation. “Atlanta has shown strong commitment to ensuring investment in its Opportunity Zones are designed with the most vulnerable in mind, and we are pleased to provide additional support to ultimately lift up these communities by enabling new pathways to economic mobility.”
