The IRS and Department of the Treasury recently closed a Request for Information commenting period on reporting, data collection, and transparency requirements for Opportunity Zones. OFN prepared and submitted comments to Treasury emphasizing the need for the collection of transaction level data, including impact measurements, and the importance for that data to be made publicly available. OFN’s comment letter supports the Beeck Center’s Opportunity Zones Framework created in partnership with OFN, the US Impact Investing Alliance, and the Federal Reserve Bank of New York, which identifies best practices, a reporting framework, and a shared goal of measuring outcomes.
OFN will continue to engage with policy makers to advocate for regulatory and legislative changes that will increase the positive community impact of Opportunity Zones, reduce the risk for displacement and gentrification, and provide accountability and transparency for Opportunity Zone investments.
OFN would like to highlight any CDFIs using the Opportunity Zone provision to benefit the community. Please share any deals, strategies, or ideas with Mary Scott Hardwick, Senior Associate, Public Policy at MSHardwick@ofn.org.