The Forbes OZ 20: Top Opportunity Zone Catalysts, a partnership between the Sorenson Impact Center and Forbes, announced a new list recognizing community organizations and Opportunity Zone Funds that are committed to achieving equitable economic growth in underserved communities throughout the country. Invest Atlanta, the City of Atlanta’s economic development authority, has been selected as one of 10 community organizations for its leadership toward achieving these goals in the city of Atlanta through Federal Opportunity Zones.
“Invest Atlanta is committed to an equitable Atlanta, and this tool helps us drive the mission in support of small business development, living wage jobs and affordable housing,” said Dr. Eloisa Klementich, President and CEO of Invest Atlanta. “We are honored that the Sorenson Impact Center and Forbes have recognized the work Invest Atlanta is doing, and we will continue to leverage Federal Opportunity Zones to bring social-impact investments and greater equity to more communities across the city.”
Among other strategies, Invest Atlanta was recognized for launching a website for the city’s Opportunity Zones, becoming the second city to receive a grant in the Rockefeller Foundation’s Opportunity Zone Capacity Building Initiative, adding an Opportunity Zones Manager to its team, and hosting a variety of community events to educate and connect projects and potential investors.
More than 8,700 opportunity zones were designated as part of the 2017 Tax Cuts and Jobs Act. These zones were selected in collaboration with State and Federal leaders to drive investment into distressed communities. The incentive offers deferments and savings on capital gains when investors deploy funds in Opportunity Zone projects. Investments in Opportunity Zones are empowering teachers to live in the communities they serve, extending grid infrastructure and solar array construction in rural America, and expanding economic opportunity.
Jim Sorenson, Founder of the Sorenson Impact Center, said, “We received 113 applications to the Forbes OZ 20, with 62 Funds and 51 communities testing their OZ strategies through a rigorous selection process. The quality and standard of applications was excellent with communities and OZ funds showing a clear commitment to social impact. We are excited to share learnings from the Forbes OZ 20 to help other community organizations and OZ funds deliver real and meaningful change in the communities they support.”
In addition, Access Optical Networks announced a partnership to receive Federal Opportunity Zone investment from Propel Fund, a social impact investment fund. Access Optical Networks is a next-generation data storage technology company and is projected to create over 1,000 jobs in the Downtown Atlanta area over the next three years. The two organizations were connected through Invest Atlanta’s Opportunity Zone initiative.