• Facebook
  • Google Plus
  • Instagram
  • RSS Feed
  • Twitter

Menu

Skip to content
  • About
  • Staff
  • Contact
  • Advertise
  • FAQ
  • Privacy Policy
  • Terms of Service
Header image

MyNewsLA.comLogo

Breaking news for greater Los Angeles and Orange County

Menu

Skip to content
  • Crime
  • Government
  • Business
  • Education
  • Sports
  • Hollywood
  • Life
  • OC
  • One Killed, Two Seriously Injured In Two-Alarm Brush/House Fire in Malibu
  • Phil Spector Dies at 81; Legendary Record Producer Was Serving Time for Murder
  • Average Riverside County Gas Price Rises To Highest Amount Since March 18
  • Coroner ID's Bicyclist Killed in Downtown LA by Hit-and-Run Driver
  • Man Jumps to Death from 110 Freeway Overpass, Causing Multi-Vehicle Crash

Home » Business » This Article

Feds Give Gold For Struggling California Cities?

Posted by Contributing Editor on September 14, 2018 in Business | Leave a response
Share this article:
Facebooktwitterredditpinterestlinkedinmail

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 is chair of the Accelerator for America’s advisory council and started the nonprofit last year with other mayors, union leaders and business executives to help mayors exchange ideas and attempt to replicate successful ones.

“There is a lot not to like in the tax bill handed down from Washington, but we owe it to our communities to master any benefit to be found in it, just like corporate America does,” Garcetti said. “The California Opportunity Zone Partnership is about cities helping themselves, and each other, by helping bring investments and jobs into neighborhoods that need them most.”

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.

“Our nickname may be the Golden State, but there are still swaths of our state that are decidedly not golden at the moment — they have been largely bypassed by the economic recovery,” Chiang said. “We must do something to help. Pooling the resources of Accelerator for America, private investors, and my office, we can build new ladders of opportunity that grow the middle-class and ensure a golden future for all Californians.”

Feds Give Gold For Struggling California Cities? was last modified: September 14th, 2018 by Contributing Editor

Like this story? Don’t miss any breaking news from MyNewsLA.com. Sign up here for your free newsletter.

 

>> Want to read more stories like this? Get our Free Daily Newsletters Here!

Follow us:
Facebooktwitterrss
Posted in Business | Tagged announces, California, Garcetti, Opportunity, partnership, Zone

Advertisement

Get The Latest News by Email!

Sign up here for our free newsletters. We’ll send you the latest headlines every morning and every weekday afternoon.

 
FORECAST FOR LOS ANGELES
59°
Sunny
Feels like: 59°F
Wind: 1mph SW
Humidity: 34%
Pressure: 30.03"Hg
UV index: 0
MonTueWed
81/52°F
70/54°F
77/52°F
Weather forecast Los Angeles, California ▸

Most Popular Today

  • Man Rushed To Hospital From Traffic Crash in Laguna Hills 2,600 views
  • Rosemead Woman Missing over a Week Located 2,600 views
  • Coronavirus Vaccine Supply ‘Extremely Limited’ in Riverside County 1,800 views
  • Motorcyclist Killed in Irvine Crash 1,200 views
  • Orange County Rep. Lou Correa Has COVID-19 1,200 views

©2021 CalNews Inc.

Menu

  • About
  • Staff
  • Contact
  • Advertise
  • FAQ
  • Privacy Policy
  • Terms of Service