OZ Magazine Volume2.1 2.1 | Page 46

46 OPPORTUNITY ZONE MAGAZINE | VOLUME 2 • ISSUE 1
person to the creation of a new statewide organization to housing an OZ program within an existing regional entity . Here is a guide to creating a collaborative effort to support OZ in a local geography .
VALUE OF CENTRALIZED COLLABORATION
The OZ tax incentive is a valuable tool to deploy on a deal-by-deal basis , but it promises greater impact when local stakeholders are working together through a centralized , collaborative approach to reach a collective vision . Whatever form the collaboration takes , it can add value on the ground .
The OZ tax incentive is a valuable tool to deploy on a deal-by-deal basis , but it promises greater impact when local stakeholders are working together through a centralized , collaborative approach .
For example , many municipal and philanthropic leaders are interested in directing investments to existing community development priorities , while investors want to ensure their investments are adjacent to economic activity . If OZ investments can be made strategically alongside government or philanthropic investments , a greater possibility exists for a return on investment , while moving the needle on social change .
Other benefits include the ability to :
• More quickly identify and communicate investor trends ,
• Coordinate promotion of an area ’ s pipeline of OZ opportunities to attract capital ,
• Collaborate to leverage local assets and economic development tools ,
• Centralize information gathering to understand the particulars of OZ deals getting done in a region ’ s footprint , and
• Avoid duplication of efforts .
WHERE TO BEGIN TO LAUNCH A GROUP
To be successful , a localized collaboration approach and strategy must be catered to the specific jurisdiction , building on the area ’ s assets and recognizing its gaps . Organizers should start the dialogue by understanding what is unique about their community development landscape ; what are the relevant strengths and weaknesses ; and where do the opportunities for collaboration lie . For example , does the area have robust community development assets such as economic development agencies , locally engaged philanthropic organizations , and community plans ? Or , is there a need to start with a collaboration around uncovering the area ’ s assets , competitive advantages , and investment opportunities ?
Not all communities will be in the same place or start with the same organizing premise . For example , Chicago ’ s strong interest in
J . FRANK AUSTIN JR .
Chairman , CEO & Founder
THE SOCIALLY RESPONSIBLE FUND
Propel has a unique value proposition and is known as the “ Socially Responsible Fund .” The fund is poised to do well for the investors and good for the communities . Propel uses a grassroots approach to ensure community buy-in and that key stakeholders are in full support of the investment .
FOR MORE INFO + 1 478.321.5800
Undeserved communities pose many challenges , but also provide significant investment opportunities . Propel Opportunity Fund is focused on long-term investments that provide a strong , consistent return on investment while fulfilling our social purpose of rehabilitating undeserved neighborhoods .
We seek to maximize return on investment , minimize risk , and make a positive difference within the communities we serve . This three-pronged approach requires creativity and specific know-how that Propel Opportunity
Fund ’ s founders and team are uniquely qualified to provide . In addition to thoroughly vetting each investment and carefully managing projects for financial success , with each investment we seek to minimize displacement , create jobs
( where possible ), and develop infrastructure that withstands the test of time .
FAUSTIN @ PROPELOPFUND . COM
830 MULBERRY STREET , MACON , GA 31201 WWW . PROPELOPFUND . COM
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