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It is estimated that OZs have generated about 500,000 jobs , attracted $ 75 billion in capital investments and are helping to lift more than 1 million people out of poverty .
THE NEED FOR OPPORTUNITY ZONES
The OZ program is an attempt to give a shot in the arm to those areas of America that are historically economically distressed . It gives a unique opportunity to investors and companies to get a return on their investment while also doing social good by lifting up poor communities .
Out of the estimated 331 million plus U . S . population , 52 million people in America are living in what is officially described as “ economically-distressed ” communities , according to EIG .
The designated OZs have an average poverty rate of more than 32 % – a rate that is 17 % in the rest of the country . The median family incomes in OZs are also 37 % lower than the national average ; and it is estimated that the poverty rate in one fourth of all OZs is over 40 %, according to a report by the White House Opportunity and Revitalization Council .
INVESTMENT SECTORS FOR OZ CAPITAL
OZs give investors the chance to capitalize on developments in OZs by pushing them to come up with projects such as infrastructure development and housing projects that benefit whole communities ; in return , the government provides them with certain tax exemptions .
One key area where OZ projects have concentrated in is infrastructure , which is backed by the fact that almost 11 % of the American workforce – 14 million jobs , according to Labor
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