Los Angeles Mayor Eric Garcetti, along with other state leaders, announced Friday a new partnership aimed at helping small- and medium-sized California cities take full advantage of “opportunity tax incentives” included in the 2017 federal tax bill.
The California Opportunity Zone Partnership was organized by the nonprofit Accelerator for America with support from the Energy Foundation...
Garcetti announced the new partnership with California Treasurer John Chiang, San Francisco Board of Supervisors President Malia Cohen, Oakland Mayor Libby Schaaf and San Jose Mayor Sam Liccardo.
During Phase 1 of the partnership, grants will be given to three small-to- medium-sized California cities to help them attract investments into their opportunity zones, while experts from the cities of San Francisco, Oakland, San Jose and Los Angeles will provide support to the cities awarded the grants.
During Phase 2 of the partnership, lessons learned by the grant cities will be used to inform state policy and legislation to help cities of all sizes across the state maximize opportunity zone investments while avoiding the negative impacts of gentrification and displacement, partnership officials said.