The Sorenson Impact Center at the University of Utah’s David Eccles School of Business has launched its Opportunity Zones Task Force and forthcoming Opportunity Zones Catalyst Challenge. The center is joined in its effort by partners the Economic Innovation Group, U.S. Impact Investing Alliance, Local Initiative Support Corporation (LISC), Business Alliance for Local Living Economies (BALLE), Beeck Center and Develop Advisors.
Announced at the opening of the Sorenson Impact Center’s recent fifth annual Winter Innovation Summit, the Opportunity Zones Task Force encourages social impact leaders, community activists, local and national government officials, investors, businesses, NGOs, think tanks and foundations to help create a unified vision of best practices and actively support opportunity zone efforts to ensure that the people who live and work in opportunity zone communities are the true beneficiaries of opportunity zone investments.
“In order for opportunity zones to equitably revitalize distressed communities, it is critical to highlight the players championing the intent of the legislation: social and economic impact,” said Jim Sorenson, impact investing pioneer and president of the Sorenson Impact Foundation. “The Sorenson Impact Center and our founding partners are very excited to launch this important work.”
The opportunity zones legislation is a new community investment tool established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide, The Sorenson Impact Center said in a release. Opportunity zones have the potential to mobilize an estimated $6.1 trillion in private capital investment towards distressed communities across the country. If even a fraction of this could be turned into investment capital for opportunity zones, the act would become among the largest community development initiatives in history, the center said.
The Opportunity Zones Catalyst Challenge will implement the common set of guiding principles that was announced by the U.S. Impact Investing Alliance and the Beeck Center along with a measurement framework to provide opportunity funds with the tools to deploy capital into the areas of need. The national challenge will seek a diverse set of project and applicant types to emphasize the ways that positive community impact can be achieved.
“Early movers and leaders can define the future of the opportunity zones market. By honoring these leaders, we hope to send a signal to the market about the importance of a commitment to transparency and a dedication to revitalizing distressed communities,” said Fran Seegull, executive director of the U.S. Impact Investing Alliance.
The Sorenson Impact Center is a think tank that marshals capital for social good, empowers data-driven programs, breaks down silos across sectors and equips the next generation of leaders with social purpose, the release said.