|HUD No. 20-123
HUD Public Affairs
August 13, 2020
HUD SECRETARY BEN CARSON DELIVERS KEYNOTE REMARKS AT OPPORTUNITY ZONE GROUNDBREAKING CEREMONIES IN MIAMI
MIAMI, FL - U.S. Housing and Urban Development Secretary Ben Carson today gave keynote remarks at The Miami-Dade Groundbreaking Ceremony at the Ross Malcolm Senior Center and the City of Miami Omni Community Redevelopment Agency Groundbreaking, both located in Opportunity Zones.
āSince day one, President Trump has been a warrior for Americaās underserved communities,ā said Secretary Carson. āThe Opportunity Zones initiative underscores that this Administration will leave no American behind. It is energizing to see two shining examples of the progress being made in Miami-Dade County and The City of Miami as a result of President Trumpās Opportunity Zones initiative. I appreciate the partnerships of Mayor Suarez and Mayor GimĆ©nez, respectively, to ensure continued economic development, job creation, and long-term investment in South Florida.ā
As Chairman of the White House Opportunity and Revitalization Council (Council), Secretary Carson delivered a report last month to President Donald J. Trump outlining Opportunity Zone best practices and examples of revitalization occurring across the Nation. On December 12, 2018, President Trump established the Council to support the Administration's pledge to encourage public and private investment in urban and economically distressed areas, including Opportunity Zones. Since the Council's one-year report was issued in December of 2019, the Council has taken approximately 80 additional action items-for a total of more than 270-to promote the mission of Opportunity Zones.
President Trump signed the 2017 Tax Cuts and Jobs Act, creating Opportunity Zones to stimulate long-term investments in low-income communities. Opportunity Zones offer capital gains tax relief to those who invest in these distressed areas. This initiative is anticipated to spur $100 billion in private capital investment in Opportunity Zones. Incentivizing investment in low-income communities fosters economic revitalization, job creation, and promotes sustainable economic growth across the nation, especially in communities HUD serves. Read more about Opportunity Zones.
Opportunity Zones are a powerful vehicle for bringing economic growth and job creation to the American communities that need it the most. On average, the median family income in an Opportunity Zone is 37 percent below its respective state median. Overall, more than 8,700 communities in all 50 States, Washington D.C., and five U.S. territories have been designated as Opportunity Zones. Nearly 35 million Americans live in communities designated as Opportunity Zones.