Yesterday, U.S. Senator Tim Scott delivered remarks at a summit on Opportunity Zones hosted by Great Opportunity Policy. The event focused on various aspects of Opportunity Zones, including commercial innovation, private sector investment, and sustainable growth.
“Opportunity Zones represent a powerful tool for economic revitalization, and I’m proud to have played a role in their creation,” said Senator Scott. “By attracting long-term investments into underserved communities, we are not just boosting the economy, we are unlocking hope and opportunity for individuals and families who need it most. These zones are about more than just numbers; they are about transforming lives and building stronger communities. I remain committed to expanding this initiative and ensuring that everyone has the chance to thrive.”
The Opportunity Zones program is an initiative resulting from bipartisan legislation enacted in 2017, led by Senator Tim Scott and co-sponsored by Senator Cory Booker. It provides tax benefits to investors committing to long-term investments in Qualified Opportunity Zone communities, identified as crucial for economic revitalization.
By the end of 2020, these initiatives attracted at least $48 billion in equity investment, leading to increased commercial and residential development. The probability of investment in designated areas rose by over 20% after the establishment of Opportunity Zones, with local home values improving by 3.4% between 2017 and 2020 while rents remained stable.
Senator Scott’s initiative has driven $84.7 billion into underserved communities so far. His leadership extended to the White House Opportunity and Revitalization Council during President Trump’s first term. Looking ahead, he plans to collaborate with President Trump and Republican colleagues to expand the program further.
As part of his Opportunity Summit series during Black History Month, Senator Scott hosted a discussion focused on helping all Americans achieve their version of the American Dream. This conversation highlighted his ongoing efforts to promote economic freedom for underserved communities.
Opportunity Zones have significantly impacted the housing crisis by increasing housing supply and other developments. According to the Economic Innovation Group, they have facilitated the creation of 172,000 new apartment units across 972 developments within 2,014 cities.
Senator Scott’s advocacy continues to be pivotal in shaping this initiative for community revitalization.
