SAN JOSE, Calif., Dec. 12, 2019 /PRNewswire/ -- The Forbes OZ 20: Top Opportunity Zone Catalysts, a partnership between the Sorenson Impact Center and Forbes, announced San Jose-based Urban Catalyst—a multi-asset Opportunity Zone Fund— has been selected as one of 20 communities and Opportunity Zone Funds included on a new list recognizing community organizations and OZ Funds committed to achieving equitable economic growth in underserved and overlooked communities throughout the country.
Urban Catalyst is Silicon Valley's leading Opportunity Zone Fund focusing on ground-up development projects in downtown San Jose. Employing a team of experienced local real estate professionals using a concentrated approach of working on seven to ten projects within walking distance of each other, Urban Catalyst's portfolio is creating a quality-of-life ecosystem that is bringing more people and more vibrancy to downtown San Jose.
"The mission of Opportunity Zone Funds is to create positive social and economic impact in lower income communities that have untapped potential," says Urban Catalyst Founder Erik Hayden. "This legislation gave us the chance to impact our own community by creating a portfolio of projects to actively revitalize our local community."
More than 8,700 opportunity zones were designated as part of the 2017 Tax Cuts and Jobs Act. These zones were selected in collaboration with State and Federal leaders to drive investment into distressed communities. The incentive offers deferments and savings on capital gains when investors deploy funds in opportunity zone projects. Investments in opportunity zones are empowering teachers to live in the communities they serve, extending grid infrastructure and solar array construction in rural America, and expanding economic opportunity.
Jim Sorenson, Founder of the Sorenson Impact Center, said, "We received 113 applications to the Forbes OZ 20, with 62 Funds and 51 communities testing their OZ strategies through a rigorous selection process. The quality and standard of applications was excellent with communities and OZ funds showing a clear commitment to social impact. We are excited to share learnings from the Forbes OZ 20 to help other community organizations and OZ funds deliver real and meaningful change in the communities they support."
About the Forbes OZ 20
The Forbes OZ 20 officially launched in the spring of 2019, with applications closing at the end of August 2019. The purpose of this new list is to showcase how large and small investors, as well as rural and urban communities, are pioneering dynamic, equity-minded approaches to the revitalization of distressed communities. By elevating the best examples of OZ work from around the country we hope to showcase the promise and possibilities of the entire OZ landscape.
For questions related to the Forbes OZ 20 contact
Max Seawright, Director of Communications, Sorenson Impact Center ([email protected] / +1 617-460-5768)
About Urban Catalyst
Based in San Jose, Urban Catalyst is the first multi-asset Opportunity Zone Fund in the Bay Area focusing on downtown San Jose. Employing a world-class team of experienced local professionals to build out impact investment opportunities—multi-family, office, and industrial investment projects—Urban Catalyst is focused on advancing and improving the community while earning investors advantageous financial returns. Learn more at https://www.urbancatalyst.com/.
Urban Catalyst media contact
Sarah Farrant | NINICO Communications | [email protected]
SOURCE Urban Catalyst