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Opportunity CLE initiative promotes federally sanctioned opportunity zones as catalysts in economically distressed areas throughout Cleveland and Cuyahoga County. It has been designated as one of the top 20 such efforts in the nation.
Opportunity CLE was created in 2019 as a result of a collaboration between the City of Cleveland, Cuyahoga County, Greater Cleveland Partnership, Cleveland Development Advisors, the Fund for Our Economic Future and the Cuyahoga Land Bank.
Opportunity Zones offer tax breaks to investors who help finance long-term development projects and/or improvements in low-income census tracts selected by the governor of each state. Of the 320 opportunity zone census tracts in Ohio, 64 are in Cuyahoga County. There are 8,764 opportunity zones nationally.
Business magazine Forbes teamed up with the Sorenson Impact Center–a think tank based at the University of Utah–to recognize community organizations and OZ Funds that are committed to achieving equitable economic growth in underserved and overlooked communities throughout the country. Opportunity CLE and the other selected initiatives were chosen from 113 nationwide applicants for the Forbes OZ 20 Catalyst award.
“The designation as one of the top opportunity zones in the country is positive recognition for the efforts of Opportunity CLE and its collaborators,” says Gus Frangos, President and General Counsel for the Cuyahoga Land Bank. “This collaboration has the potential to stimulate urban development opportunities, job creation and growth throughout the region.”