The recently created White House Opportunity and Revitalization Council will engage with all levels of government on ways to better spur economic development and job creation by encouraging long-term investments in distressed communities across the United States, including Puerto Rico, the government said.
The Council is chaired by Secretary of Housing and Urban Development Ben Carson and comprised of 13 federal agencies, including the Small Business Administration.
Created by the 2017 Tax Cuts and Jobs Act, the Opportunity Zones tax benefit is designed to increase economic development and job creation by encouraging long-term investments in economically distressed communities nationwide. Nearly 35 million people live in communities designated as Opportunity Zones, SBA Administrator Linda McMahon said.
“Puerto Rico was designated as an Opportunity Zone in its entirety earlier this year. By attracting new investors to the island, we are giving our distressed communities a much-needed boost,” said Puerto Rico and U.S. Virgin Islands District Director Yvette T. Collazo.
“At SBA, we are committed to continue working with lenders, resource partners, the local government and other economic development organizations to revitalize our economy and help create jobs,” she said.