Place-Based Strategies
Place-based economic development strategies are initiatives to encourage economic and community development activity in defined geographic areas. Many communities have started emphasizing place-based strategies to strengthen hyperlocal activities around physical place, economic conditions and social infrastructure. Place-based economic development strategies include a variety of approaches to incentivize investment in disadvantaged communities, including funding for infrastructure & public facilities, job creation & workforce development, affordable & workforce housing, and more.
Popular Resources
Opportunity Zones
Opportunity Zones (OZs) are economically distressed census tracts as defined by federal Internal Revenue Code. The program is a federal initiative that provides tax incentives designed to spur economic development and job creation in these economically distressed communities through preferential tax treatment for those investing certain eligible capital gains into OZs.
Promise Zones
Promise Zones are high poverty communities where the federal government partners with local leaders to create jobs, increase economic activity, improve educational opportunities, leverage private investment, reduce serious or violent crime, enhance public health and address other priorities identified by the community.
New Markets Tax Credit
The New Markets Tax Credit Program incentivizes community development and economic growth through the use of tax credits that attract private investment into distressed communities.
Tax Increment Financing Districts
Tax Increment Financing (TIF) Districts are post-redevelopment tools for funding infrastructure and economic development. TIF districts are used by municipal governments to stimulate economic development in a targeted area using the anticipation of future tax revenue resulting from new development.
Business Improvement Districts
Business Improvement Districts (BIDs) enable communities to enhance local public services and economic development activities and conduct capital improvements. Funds to implement these activities are generated through the exaction of a voter or property owner approved assessment or fee. BIDs are governed by a board of stakeholders who work, live, or own property within the BID. There are several different BID types that target specific activities or industries, such as Tourism Improvement Districts, Property Based Improvement Districts, and Restaurant Improvement Districts.
