CohnReznick publishes The Guide to Making Opportunity Zones Work
NEW YORK, NY – November 19, 2020 – CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced that it has published The Guide to Making Opportunity Zones Work – a “one stop” resource for key stakeholders who can benefit from incentives afforded by this federal program promoting economic development in distressed communities.
The book is authored by CohnReznick Managing Principal and Opportunity Zones Practice Leader Ira Weinstein, and Steve Glickman, Founder and Chief Executive Officer of Develop LLC, the nation's leading advisory firm dedicated to building and supporting Opportunity Zone Funds. As long-time leaders in community development programs, Weinstein and Glickman seek to provide a better understanding of the interconnected needs and goals of all stakeholders – investors, developers, entrepreneurs, and community leaders.
Opportunity Zones (OZs), a bipartisan initiative developed during the Obama Administration by the Economic Innovation Group, and championed by a congressional coalition led by Senators Tim Scott (R-SC) and Cory Booker (D-NJ), was enacted through the 2017 Tax Cuts and Jobs Act. OZs are designed to stimulate economic development and job creation by incentivizing long-term, private investments in low-income neighborhoods. Just one year after IRS regulations for OZs were finalized, the program has grown into the largest community development incentive in recent memory, generating tens of billions of dollars of equity investments in real estate, energy and infrastructure, and operating businesses.
Many experts inside and outside CohnReznick contributed to the book with the goal of helping potential stakeholders improve their understanding of the larger OZ ecosystem, foster a more informed dialogue among these stakeholders, and help each understand the role they can play in facilitating impact on low-income communities. As profound geographic and economic inequality, coupled with the impact of COVID-19, have heightened the crucial needs of distressed communities across America, it has never been more important for stakeholders to work together more effectively in expediting OZ projects and achieving the lasting social impact the program intended.
Weinstein notes, “The marketplace needs a resource that offers a primer of the various terms, tests, and other rules specific to the world of OZs along with individual chapters offering insights for specific OZ stakeholders – fund managers, real estate developers, entrepreneurs, etc. He adds, “After a lengthy process and several twists and turns, we believe we have produced something very special that will clearly help these stakeholders understand the potential for OZs and how they can help make a real difference in our communities.”
“As COVID-19 and the pandemic-induced recession continues to have a disproportionate impact on low-income communities -- many of the same places that failed to recover from the 2008-09 recession -- the need for public and private investment has never been greater’, says Glickman. “Opportunity Zones are one of the rare bipartisan economic development tools, which has unlimited capacity to create new housing, new jobs, and new potential for the places America left behind. This book is designed to catalyze those efforts by helping stakeholders navigate Federal regulations, know how the OZ market really works, and understand how we can collectively make it work better."
The Guide to Making Opportunities Zones Work is currently available on Amazon.com.
The Guide to Making Opportunity Zones Work