Renton, Washington – Congressman Adam Smith is joined by seven Washington State Legislators in public comments to the Internal Revenue Service (IRS) and Department of Housing and Urban Development (HUD) underscoring community priorities in Opportunity Zones.
“An Opportunity Zone designation has the potential to drive much-needed investment into low-income areas. They stand to benefit from economic development, especially in housing supply and affordability, facilities providing quality healthcare for seniors and low-income communities, and business investment and opportunities for historically underserved populations and redlined areas. However, if there are not enough safeguards in place on how Opportunity Funds can be used, there is a strong potential for investments to lead to further displacement and gentrification.”
Our letter asks the IRS and HUD to “improve and expand the reporting requirements” and target “projects and priorities defined by the communities who are intended to benefit from the legislation – low-income residents, people of color, and other historically underserved populations.”