A message from
Mayor francis x. suarez
On behalf of the City of Miami, I would like to welcome you to our Opportunity Zone Summit. Opportunity Zones (OZ) are one of the most profound and transformative urban revitalization programs in a generation. Established by Congress as part of the Tax Cuts and Jobs Act of 2017, OZs are designed to tap into an estimated $6.1 trillion in unrealized capital gains. The channeling of private capital into opportunity zones and the leveraging of federal resources, creates a pathway for local governments to maximize state and local resources for affordable housing and job creation. Most importantly, it empowers citizens and local organizations with the tools to transform their communities!
The OZ summit is part of my continuing commitment to the May 7, 2019 unveiling of the Connect Capital Miami report which provided the initial framework for quantifying Miami’s affordable housing needs. The report also complemented an affordable housing Needs Assessment and Technical Compendium completed in May 2019 by the Metropolitan Center of Florida International University. The FIU report provided the basis for the development of the City of Miami Affordable Housing Master Plan. A “working draft” of the master plan, which is still being reviewed by our residents and elected officials, indicates a total affordable housing equity capital investment need between $3 billion and $6 billion in the form of real estate equity, tax credits and grants. These forms of equity capital will be required to reach their recommended affordable housing goal of 21,000 units by 2030; the recommended affordable housing goal is estimated to require $1 billion from the City of Miami in the form of cash and non-cash incentives.
The September 27, 2019 agenda will focus on real estate development trends in Miami’s OZ neighborhoods powered by the artificial intelligence development tool Deepblocks. Because jobs and job creation drive affordability for American families and entrepreneurs, the September 28, 2019 agenda will focus on leveraging private equity with Small Business Investment Corporations (SBICs) and other federal resources for business acquisition, expansion, development and relocation to OZs. The OZ summit will conclude with a pre-registration Matchmaker Bus Tour of available sites for lease and purchase by entrepreneurs and investors in Miami’s OZ.
Once again, welcome and thanks for attending.
Francis X. Suarez