In This Issue

• Spotlight: EDA Invests to Help Spur Economic Development in Qualified Opportunity Zones and Related Areas Across the Country
• Success Story: Southeastern Regional Opportunity Zone Summit in Mississippi Illuminates How the Incentive Can Accelerate Efforts to Build Stronger, More Vibrant Communities
• Highlight: Regional Innovation Strategies Program Bolsters Economic Growth in Both Urban and Rural Opportunity Zones Across the U.S.

Spotlight: EDA Invests to Help Spur Economic Development in Qualified Opportunity Zones and Related Areas Across the Country

Opportunity Zones were created under the 2017 Tax Cuts and Jobs Act and signed into law by President Trump on December 22, 2017, to stimulate economic development and job creation by incentivizing long-term investments in low-income neighborhoods.

More than 35 million Americans live in nearly 9,000 specially-designated Qualified Opportunity Zones, which were identified by Governors and certified by the Department of the Treasury, throughout the U.S. and its territories.

Working together in a bipartisan manner, President Trump and Congress developed this special tax incentive, which allows investors to defer tax on any prior gains invested in a Qualified Opportunity Fund (QOF) until the earlier of the date on which the investment in a QOF is sold or exchanged or until December 31, 2026.

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Success Story: Southeastern Regional Opportunity Zone Summit in Mississippi Illuminates How the Incentive Can Accelerate Efforts to Build Stronger, More Vibrant Communities

On September 30 - October 1, Assistant Secretary John Fleming participated in the Southeastern Regional Opportunity Zone Summit in Jackson, Mississippi.

In partnership with Mississippi Governor Phil Bryant’s office and the Milken Institute, the two-day event was initiated to examine how the new federal Opportunity Zone initiative can help accelerate regional efforts to build a stronger, more vibrant and resilient Southeast economy, and strengthen equitable growth in communities across Mississippi, the region, and the country.

The first day featured a Milken Institute facilitated boot-camp, which offered an intensive, day-long training on the mechanics of the Opportunity Zone initiative. Day two provided a number of guest speakers and impactful panel discussions that highlighted how this important initiative can spur economic development in some of our nation’s most distressed communities.

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Highlight: Regional Innovation Strategies Program Bolsters Economic Growth in Both Urban and Rural Opportunity Zones Across the U.S.

EDA’s Office of Innovation and Entrepreneurship (OIE) is currently working with a number of  Regional Innovation Strategy Program grantees that are focused on creating Opportunity Zone investment funds for businesses, or funds that will support investment flow in Opportunity Zones and Opportunity Zone-related areas. These grantees are located in both urban and rural communities across the country:

• In Philadelphia, Pennsylvania, Ben Franklin Technology Partners is creating, developing and launching the Greater PHL Opportunity Zones Seed Fund with a Seed Fund Support (SFS) The fund will allocate $15-$20 million to seed innovation-based companies with high potential for growth in qualified Opportunity Zones in the Greater Philadelphia region.

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EDA leads U.S. delegation at the 12th Americas Competitiveness Exchange on Innovation and Entrepreneurship (ACE) October 6-10 in Chile

Nearly 50 senior level government, policy, business and economy decision makers from across the Western Hemisphere were engaged to share best practices in economic development and expand global ties between the economies of the Americas.

Miami Opportunity Zone Summit

On September 27, Miami Mayor Francis Suarez hosted Assistant Secretary Fleming along with HUD Secretary Ben Carson, SBA Acting Administrator Chris Pilkerton, White House Opportunity and Revitalization Council Executive Director Scott Turner and Administrator of HUD Southeast Regional Administrator Denise Cleveland-Leggett.

University Economic Development Association (UEDA) Summit 2019

On October 1, Deputy Assistant Secretary Dennis Alvord spoke at the UEDA 2019 Summit to provide an overview of EDA's University Center program and portfolio of economic development programs.

EDA publishes FY 2020 Public Works and Economic Adjustment Assistance Programs Notice of Funding Opportunity (PWEAA NOFO)

Under this NOFO (formerly known as the Economic Development Assistance Program NOFO), EDA solicits applications for construction, non-construction, planning, technical assistance, and revolving loan fund projects under EDA’s Public Works program and Economic Adjustment Assistance (EAA) program, which includes Assistance to Coal Communities.

Assistant Secretary Fleming Talks Opportunity Zones at NADO Conference
KTVN

U.S. Assistant Secretary of Commerce Dr. John Fleming Talks About Economic Development
WBIW.com

Trump EDA Chief Says States Should Throw More Money Behind Opportunity Zones
BizNow

White House official: Opportunity zones benefit 35 million, not just rich
The Gazette

Longview awarded $1.9M for ‘opportunity zone’ VBJUSA.com

West Orange to receive $5 million from EDA to support wastewater treatment plant The Orange Leader