7 Must-Do Tasks Before Creating An Opportunity Zone Strategy
Monday, May 03, 2021
Seven must-do tasks before creating an Opportunity Zone strategy include assessing housing needs; gauging commercial market conditions in your community; identifying key economic drivers; analyzing your community workforce; seeking available tools for economic growth; collaborating with existing partners; and finding the right experts to help guide you through this process. Let's take a deeper dive into these.
7 MUST-DO TASKS BEFORE CREATING AN OPPORTUNITY ZONE STRATEGY
1. Assess Your Community's Housing Needs
Housing is a basic human need and increasing the quality of affordable housing is a priority for most communities. By providing residents and potential residents a variety of housing options at varying price points you can build a stronger and more inclusive community.
2. Gauge Commercial Market Conditions
Having a firm understanding of the current conditions of the local commercial real estate market is crucial for economic developers and community leaders who are looking to create an Opportunity Zone strategy. Economic developers and community leaders should conduct a commercial real estate assessment to better understand current office, retail hotel, and industrial uses in your Opportunity Zones.