Rick Jacobs in Waterloo
"[Mayor Quentin] Hart has been working with Accelerator for America, a nonprofit organization that provides technical assistance to cities on ways to combat economic insecurity. It has been helping other cities take advantage of opportunity zones."
MC Logo
$1 Million Commitment to Help Distressed Communities Through Inclusive Investment PURCHASE, NY — The Mastercard Center for Inclusive Growth and Accelerator for America (AFA), a non-profit consortium of mayors, labor and business leaders, and urban and economic development experts, today announced a unique partnership to combine their expertise to drive inclusive investment in distressed communities across the United States. The announcement was made at the first Forbes Opportunity Zones Summit in Newark, NJ.
Military Park, Newark, New Jersey. Photo by Darrell Simmons/Jersey Digs.
The Mastercard Center for Inclusive Growth and Accelerator for America, a non-profit based in Purchase, New York, announced a $1 million commitment to help distressed communities through inclusive investment on May 21 at the Forbes Opportunity Zone Summit in Newark.
OZ Summit
Accelerator for America is an organization leading the way in helping cities to achieve all that. It’s a nationwide consortium of “mayors and leaders from the labor, business and non-profit sectors” that supports economic development solutions across the country. Under its guidance, 30 cities to date have drafted Investment Prospectuses, clearly outlining their preparations for OZ impact.
The Mastercard Center for Inclusive Growth committed $1 million to the nonprofit Accelerator for America to support 50 city Opportunity Zone leaders.
MC Summit
The Mastercard Center for Inclusive Growth and Accelerator for America announced they will partner to help direct opportunity zone investment to distressed communities. The partnership includes an $850,000 grant from the Mastercard Impact Fund, as well as data science work, economic development tools and research.
In March, Norfolk was the featured city at an Opportunity Zone Investor Summit organized by Accelerator for America, and more than 300 investors heard our story, as we presented our vision for investments in the St. Paul’s area.
What’s more, Accelerator for America, a consortium of mayors and urban and economic development experts, will attend, lending heft to this opportunity to raise and change Erie’s profile.
LA River
Recently, PolicyLink staff attended the Opportunity Zone Investor Summit hosted by Accelerator for America. The summit showcased a number of groups who are working to foster connections between cities, stakeholders, developers, and investors to advance inclusive Opportunity Zone projects. While most speakers expressed excitement for the potential of Opportunity Zones, participants acknowledged that the success of this tool will require that all stakeholders focus on the interests of the people whom this legislation was intended to serve—particularly low-income residents and people of color.
In early 2018, focus groups were already being organized among bankers, developers and others to discover the prime areas for Opportunity Zone designation. The city formed a prospectus outlining investment opportunities and statistics with help from organizations like Accelerator for America out of Los Angeles.