OPPORTUNITY ZONES ARE VITAL TOOL FOR AMERICA ’ S JOB GROWTH
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Caliber invests in medical community to increase jobs
Caliber The Wealth Development Company has renovated Phoenix Medical Behavioral Hospital in downtown Phoenix , located in an OZ . The hospital is expected to serve nearly 4,500 patients each year and bring 80 high-income jobs to the area , according to the company .
“ Not only will this provide needed services to a part of the country notorious for its shortage of in-patient neuropsychiatric hospital beds but it will also offer our accredited investors a strong annualized cash flow return and the chance to see their capital have meaningful impact on the community .” said Chris Loeffler , CEO and cofounder of Caliber in an online statement .
Wellness 4 Humanity
Wellness 4 Humanity pivoted their fund from hospitality ( food halls , brewery , wine bars , etc ) to health , wellness and Covid-19 testing . Social Entrepreneur and Impact Investor Anh Mai , founder of Wellness 4 Humanity , decided to rollout contactless automated vending machines across the U . S . at airports , malls , office towers and colleges . They are also converting empty spaces , gyms and kiosks into testing sites , which creates jobs and opportunities , Mai said . So far , the company has created about 100 jobs but hopes to increase that to several hundreds more once additional test sites open .
Investing in infrastructure projects in OZs
The Port of Camas-Washougal in Washington has been given a $ 3 million grant to build a 50,000 sq . ft . building in an industrial park that will generate 130 jobs and $ 10 million plus in private investment . The EDA is giving a $ 3.5 million grant to Carneys Point Township to improve sewer infrastructure in an OZ ; after local funds match the grant , 4,250 jobs and $ 547 million in private investment are expected .
THE ROAD AHEAD FOR OPPORTUNITY ZONES
The pandemic has had a significant impact on OZ projects , just like it has struck businesses and growth in many other areas of the country . However , now that the vaccines are rolling out , it may be expected that the growth could return to the levels seen in the pre-COVID era when a simple OZ designation could lead to a 29 % relative increase in equity investment .
The weeks ahead will inform investors how the OZ program will move ahead under the new Biden administration . But if past successes of OZ projects are any indicator , one can safely anticipate that 2021 could be the year when OZs spur a massive resurgence in growth and prosperity for needy communities across the United States .
Beacon Hill creates jobs with OZ fund
The Nest Opportunity Fund , which focuses on markets in Lexington , KY and Columbus , OH , has added an estimated 18 full time jobs . The fund invests in rehab and affordable housing . “ In Lexington , we ’ ve created 9 jobs and in Columbus we ’ ve created a hair over 9 jobs as well ; spanning the management , rehab / construction work , and the administrative functions ,” said Clint Edgington , principal and founder of Beacon Hill Investment Advisory .
WeatherCheck creates successful business in OZ
WeatherCheck , a black-owned business from Louisville , Kentucky , is another business said to have been spurred by the OZ program . WeatherCheck has made a business out of monitoring real estates across America for weather-related damages . It provides clients with vital disaster recovery assessment that becomes key when claiming for damages from insurance companies . The new company reportedly already has 4 million houses registered in its customer base and employs 11 people .
Arctaris supports jobs in OZs
The Arctaris OZ investments is contributing to the designated zones across the country . Among the various projects it is involved in is high-speed internet broadband services in the cities of Belfast and South Portland that would help retain several dozens of jobs in Maine ; 270 workforce housing units in collaboration with Four Points for low-income communities in rural Colorado ; and $ 40 million revitalization projects in the city of Erie .
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