ICYMI: Senator Tim Scott Delivers Remarks at Opportunity Zone Summit

WASHINGTON — Yesterday, U.S. Senator Tim Scott (R-S.C.) delivered remarks at a summit on Opportunity Zones (OZs) hosted by Great Opportunity Policy. The event covered various aspects of OZs including, commercial innovation, private sector investment, and sustainability growth. 

“Opportunity Zones represent a powerful tool for economic revitalization, and I’m proud to have played a role in their creation,” said Senator Scott. “By attracting long-term investments into underserved communities, we are not just boosting the economy, we are unlocking hope and opportunity for individuals and families who need it most. These zones are about more than just numbers, they are about transforming lives and building stronger communities. I remain committed to expanding this initiative and ensuring that everyone has the chance to thrive.”

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Background on Opportunity Zones

The Opportunity Zones (OZ) program is a transformative initiative born from bipartisan legislation enacted in 2017, primarily led by Senator Tim Scott (R-S.C.) and co-sponsored by Senator Cory Booker (D-N.J.). This program was designed to provide substantial tax benefits to investors who commit to long-term investments in Qualified Opportunity Zone (QOZ) communities, which are designated areas identified by state and federal leaders as crucial for economic revitalization.

By the end of 2020, OZ initiatives had attracted at least $48 billion in equity investment, leading to a large and immediate surge in both commercial and residential development. Notably, the probability of investment in designated areas increased by over 20% in the months following the establishment of Opportunity Zones, resulting in improved local home values—up by 3.4% between 2017 and 2020—while rents remained stable.

Currently, Senator Scott’s Opportunity Zones initiative has driven a remarkable $84.7 billion into underserved communities, unlocking vital economic opportunities. His leadership extended to the White House Opportunity and Revitalization Council during President Trump’s first term, significantly contributing to the initiative’s success. As he looks ahead, Senator Scott plans to collaborate with President Trump and his Republican colleagues to broaden and extend the Opportunity Zones program, ensuring continued focus on driving economic growth in communities that need it most.

As part of his Opportunity Summit series and in celebration of Black History Month,Senator Scott hosted a discussion focused on helping all Americans achieve their version of the American Dream. The conversation underscored his continued efforts to promote economic freedom and unlock new opportunities for underserved communities.

The impact of Opportunity Zones on the housing crisis has been significant, facilitating major increases in the supply of housing and other developments. According to the Economic Innovation Group, OZs have led to:

• An immediate boost in commercial and residential development in low-income areas.
• A notable increase in investment probabilities within designated tracts. 
• The doubling of new national multifamily housing developments.
  • Opportunity Zones now account for 20% of all new market-rate multifamily units, despite representing only 10% of the U.S. population.

In total, Opportunity Zones have facilitated the creation of 172,000 new apartment units across 972 developments within 2,014 cities, significantly contributing to addressing housing needs in economically distressed regions. Senator Scott’s advocacy remains pivotal in shaping and advancing this initiative for ongoing community revitalization.

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