ASSEMBLY COMMUNITY DEVELOPMENT AND AFFAIRS COMMITTEE

STATEMENT TO

ASSEMBLY CONCURRENT RESOLUTION No. 153

STATE OF NEW JERSEY

DATED:  JUNE 16, 2021

      The Assembly Community Development and Affairs Committee reports favorably Assembly Concurrent Resolution No. 153.

      This concurrent resolution urges the United States Congress to enact legislation to improve transparency, program design, and performance measurement for opportunity funds and investments by those funds in federal opportunity zones.  The concurrent resolution specifies that the federal legislation should require that the United State Department of the Treasury analyze the impact of opportunity fund investments on individual opportunity zones related to race, employment, homeownership, affordable housing, minority-owned businesses, minority entrepreneurship, gentrification, sustainability, and economic development, and to report the findings annually, along with information related to returns on investment, lost federal tax revenue, and deferred federal tax revenue.

      As released by the committee, this concurrent resolution is identical to Senate Concurrent Resolution No. 110, as that concurrent resolution was also reported by the committee on this date.