Opportunity Zones: Impact Metrics and Policy Incentives

Citi Ventures, the innovation and venture capital team of Citigroup, harnesses the power of Citigroup to help people, businesses, and communities thrive in a world of technological change by building products that address macroeconomic challenges. As a result of the enactment of the Tax Cuts and Jobs Act of 2017, 8,700 Opportunity Zones were created throughout the US, areas in which Citi Ventures’ platform City Builder seeks to facilitate responsible investment. Citi Ventures engaged the Capstone team to define and refine social impact metrics and analyze policies and programs in various cities that incentivize investments in Opportunity Zones. The team utilized existing frameworks and methodologies from the US Impact Investing Alliance, BEECK Center, and IRIS+ to determine which metrics should be collected, and conducted extensive research on policies and programs that encourage investment in Opportunity Zones. The team’s findings resulted in an impact indicator catalog and a final comprehensive report with recommendations on the policies that should be layered into City Builder.