Council of Economic Advisers also releases initial assessment on Opportunity Zones.
President Trump signed an executive order this past week directing federal government agencies to give location priority to low income areas including Opportunity Zones. Previously, first consideration for the placement of offices or facilities was given to business districts that are much more expensive and whose presence provides little economic benefit to the area. The president’s order aims to save taxpayer dollars due to the lower cost of locations in distressed communities and to uplift these areas by the investment of government resources.
The Council of Economic Advisers published an initial assessment on Opportunity Zones (OZ) last week as well. The report found that “Pre-COVID-19 evidence suggests that the OZ model can help spur economic recovery in thousands of distressed communities across the United States. It has the power to mobilize investors, engage State and local stakeholders, and improve the outlook for low-income communities—all with limited prescription from the Federal Government. In other words, the OZ provision of the Tax Cuts and Jobs Act of 2017 is working as intended.”
Housing and Urban Development Secretary Ben Carson recently stated that low income workers were on a “great trajectory of opportunity” prior to the coronavirus pandemic. The HUD secretary said, “Before COVID-19 struck, low-income Americans were experiencing record employment, rising wages and a narrowing wealth gap. Now, as Americans go back to work, opportunity zones will help ensure that forgotten Americans can resume this new trajectory toward the American Dream.”
As the Lord Leads, Pray with Us…
- For President Trump and his administration as they fight the virus and work to strengthen the economy.
- For the Department of Housing and Urban Development as they seek to improve quality of life for urban inhabitants.
- For the recovery of low income areas hit hard by the pandemic.
Sources: Fox News, NY Post, the White House
