The Benefits for New Britain
1.) Economic growth in distressed/ low-income areas:
-Low income areas still recovering from the recession have seen stagnant growth since the start of the recovery of the U.S. economy. To attract interest from investors to help facilitate projects within these distressed communities, there must be incentives for the drivers behind the projects. With opportunity zones designated and opportunity funds soon to be established, investors will be looking to get behind projects in these areas more so than ever.
2.) Revival of once active factories and business hubs:
-Like many other cities, New Britain once had a world-renown manufacturing hub, attracting immigrants from all over Europe and keeping much of the workforce close to home due to the abundant supply of good paying jobs. Today, many of those factories are abandoned buildings, empty lots, or struggle to get by. Fortunately, many of these properties lie directly in the designated opportunity zones granted to the city. With some private investment and close attention to what made the business hubs successful in the past, New Britain can bring similar employers and activity to these vacant parcels.
3.) Attracting new businesses and creating more jobs:
-The more investment in these low-income distressed communities the better. If a retail plaza or small shopping center is funded through an opportunity fund, then it is safe to say there will be a need for a place to dine or grab a coffee nearby, spurring even more development in that area. The same goes for the development of an office building aiming to attract start-ups and entrepreneurs. It is safe to say that if an opportunity fund is set up to help facilitate a project of that sort, there will be a demand for housing in the area.