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INVESTMENT PROPERTY PRESERVATION TECH
PRESIDENT
TRUMP ON
OPPORTUNITY
ZONES: 'IT'S
ALL WORKING'
As part of the 2020 State of the Union
address, President Donald Trump covered
economic growth in the U.S., including
increased employment levels, rising wages, and
the impact Opportunity Zones have had on
underserved areas.
"Jobs and investments are pouring into
9,000 previously neglected neighborhoods
thanks to Opportunity Zones, a plan
spearheaded by Sen. Tim Scott," President
Donald Trump said at the 2020 State of the
Union Address. "In other words, wealthy
people and companies are pouring money
into neighborhoods or areas that haven't seen
investment in many decades, creating jobs,
energy, and excitement."
"It's all working," President Trump added.
Sen. Scott had proposed the Opportunity
Zone plan as part of the 2017 Tax and Job Cuts
act, and according to Scott, the project has been
a success, for both residents and investors.
"Of the 8,766 census tracts designated
as Opportunity Zones, more than 20% have
poverty rates of 40% or higher, compared to
just 5% of communities nationwide," Sen. Scott
stated in Washington Examiner. "e average
poverty rate of zone residents is 28.9%, more
than twice the national average. Only 6% of
all zones have a median family income above
the national average, while 71% of zones meet
the U.S. Treasury Department's definition of
'severely distressed.'"
Housing investors have seen investment
in opportunity zones pay dividends, according
to ATTOM Data Solutions. As of Q3 2019,
half the zones saw median home prices rise
more than the national increase of 8.3% year-
over-year. Additionally, 79% of the zones had
median home prices in the third quarter of
2019 that were less than the national median
of $270,000. Among the 3,658 Opportunity
Zones with sufficient data to analyze, median
prices rose in 48% of the zoned areas by more
than the national rate of gain from Q3 2018 to
Q3 2019.
Journal
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