Forbix Partners with US HART and Sponsors the Opportunity Zones Black Capitalism Fund Summit
LOS ANGELES, March 29, 2019 /PRNewswire/ -- Forbix Financial Group is continuing to pursue its philanthropic efforts by partnering with US HART and sponsoring the Opportunity Zones Black Capitalism Fund Summit (OZBCFS). The summit, which was deliberately held in the middle of Black History Month as a celebration, seeks to unite Native American, White American, and African American capitalist endeavors to create "Red, White, and Blue Capitalism."
With high political tensions throughout the country, the summit brought together a diverse group of community leaders to discuss the Opportunity Zones Black Capitalism Fund. The goal of the fund is to raise $5 billion dollars to invest in Opportunity Zones across the United States, in places such as South Carolina, Maryland, New Jersey, and the U.S. Virgin Islands. The investment will lead to economic development by creating jobs and providing affordable housing.
The Tax Cuts and Jobs Act, passed in late 2017, was the foundation for the creation of Opportunity Zones. Initially spanning only 18 states, the program has grown to over 8,700 registered areas across all 50 states and spans 5 U.S. territories. Investing in these areas over a period of time will lead to large tax cuts. They work to incentivize both private and public enterprises to invest in areas that are in need of an economic boost. These zones have been neglected and typically are home to a large population of minorities.
The government simply does not have the budget to allocate the money necessary to improve these communities. That's where private investors come in. Incentivizing private investors to commit resources to these areas in exchange for significant tax breaks is a win-win. Investment into Opportunity Zones brings jobs and housing to these areas helping to ease their economic distress.
Forbix founder and CEO Emil Khodorkovsky spoke at the OBCFS to discuss an Opportunity Zone project that his company is handling. Khodorkovsky believes in the importance of giving back to the community and making it easier for others to do so as well. He stated, "It's never bad for people to make money and help the community at the same time. Investing money into these Opportunity Zone projects helps develop the community, create more housing, and makes housing affordable."
This isn't the first time that Forbix has teamed up with US HART. Back in January, Forbix Financial Group was awarded the 2018 patriotic Philanthropic Eagle award by US HART for sponsoring the inaugural Emergency Housing and Safe Waste Summit. This summit focused on aiding the recovery efforts in the Caribbean after the destruction caused by hurricanes Irma and Maria. The initial response from the government was lacking and left many people without homes and basic necessities. Forbix's investment in the area will help provide residents with affordable housing.
When asked of the possibility of future collaborations with US HART, Forbix founder and CEO Emil Khodorkovsky is very open to the idea, stating that first and foremost, Forbix has a good relationship with US HART president and OZBC organizer Jimmy Whitehead. They will continue to collaborate whenever a favorable project arises. Their upcoming project will focus on tackling the issue of cybersecurity in the United States. The goal is to create a fund that will help educate children about cybersecurity, implementing the infrastructure and development needed to improve cybersecurity, among other things.
Forbix has committed up to $20 million dollars for qualified projects to develop in Baltimore and Maryland Opportunity Zones, hoping that their leadership will help encourage other private investors to follow suit.
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SOURCE Forbix
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