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New OZ Fund Will Bring Investment to Historically Black Colleges and Universities

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The opportunity zones (OZ) incentive is a community development tool that provides tax incentives to help unlock investor capital to fund businesses in underserved communities.

In the case of the Renaissance HBCU Opportunity Fund, the specific communities served are neighborhoods surrounding historically black colleges and universities (HBCUs).

The fund is a partnership between the HBCU Community Development Action Coalition and community economic development advisory firm Renaissance Equity Partners, with Calvert Impact Capital providing professional advice. The fund is expected to raise $50 million. Robert K. Jenkins Jr., senior managing director of Renaissance Equity Partners, said there have been some tentative commitments from investors at press time.

“Almost half of the HBCUs across the country are located in OZs,” said Jenkins.

The fund will finance mixed-use developments on or near HBCUs. Potential developments include bringing grocery stores to food deserts and health care facilities to medically underserved communities, along with creating housing for various populations.

“Many of these schools are in very distressed neighborhoods,” said Ron Butler, CEO of the HBCU Community Development Action Coalition. “The fund will have a tremendous impact. This new capital will attract additional capital to bring in other needed developments.”

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A District Minute

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This week’s District Minute features stories about the new Great Streets grantees, the 2019 Funk Parade, and last Friday’s housing rally.

Best Buy Co, Inc.

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Community DMV

Give Back Gospel Concert | Saturday May 11th

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Featuring Michael Reid, Second Chance, Nigel Lewis, Golda Reid, Stewie Cables (featuring Baltimore Central)

Proceeds going to three major hospitals in Jamaica!

 

Highpoint High school |3601 Powder Mill road | Beltsville, MD 20705 – VIEW MAP

 

GET TICKETS NOW

 

#giveback #gospelconcert #washingtondcevents #jamaica #HighpointHigh

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Community DMV

Fitness in The Park – Every Tuesday May 7th – July 30th

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#fitnessinthepark

#communitydmv

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Stacy Adams

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