As noted in a recent paper by The Governance Project, a leading community development, states need to take an active role in OZ implementation.
In short, a state’s competitive edge for on OZ implementation will come for those states which (1) have a clear public investment vision; (2) support their local communities to act and think differently about how they develop project portfolios; and (3) engage potential investors and steer co-investment into the state’s most compelling pipeline of investable and “de-risked” projects.
On the need for a state investment vision, the good news is that California has one – it’s built around climate, sustainability, equity and environmental justice as core values.
California’s core OZ strategy for 2018 is focused on investable pipeline development and community engagement. The state’s inter-agency OZ working group is reaching out to both California communities and investors to highlight how co-investment in transformative climate communities and other pre-existing local and state investments in designated OZ areas can offer co-investment opportunities for newly-forming OZ Funds, in line with the state’s vision of a sustainable and equitable future.
Learn more about state actions to date here.
Learn more about gentrification issues and concerns here.