August 25, 2020 PRESIDENT DONALD J. TRUMP IS LIFTING UP AND DRIVING NEW PROSPERITY IN PREVIOUSLY FORGOTTEN AMERICAN COMMUNITIES

Office of the Press Secretary FOR IMMEDIATE RELEASE August 25, 2020 PRESIDENT DONALD J. TRUMP IS LIFTING UP AND DRIVING NEW PROSPERITY IN PREVIOUSLY FORGOTTEN AMERICAN COMMUNITIES “Our goal is to rebuild homes, schools, businesses, and communities that need it the most.” – President Donald J. Trump   TAKING ACTION TO REVITALIZE COMMUNITIES: President Donald J. Trump is working to invest Federal resources in distressed areas and save taxpayer dollars. President Trump signed an Executive Order that instructs Federal agencies to prioritize the location of facilities within distressed areas, including Opportunity Zones. In the past, under orders signed by previous administrations, Federal agencies were instructed to give first consideration to locating facilities in central business districts. These districts were often the most expensive areas of urban centers, both costing taxpayers more dollars and sinking Federal investment into areas that were often not in need of the economic development. Meanwhile, Opportunity Zones and other distressed communities offer lower costs and are in need of the investment that a Government site location can bring. Through this Order, President Trump is furthering his commitment to using the whole of the Government’s resources to uplift distressed communities, while saving taxpayer dollars. PROMOTING PROSPERITY: President Trump’s Opportunity Zones initiative is delivering results for Americans in underserved communities. Alongside President Trump’s Order, the Council of Economic Advisers is releasing a report detailing the success of President Trump’s Opportunity Zones initiative. Since being enacted by President Trump, nearly 9,000 Opportunity Zones have been designated across the Nation, encompassing nearly 35 million Americans. As of the end of 2019, Opportunity Zones have attracted $75 billion in funds and driven $52 billion of new investment in economically distressed communities, creating at least 500,000 new jobs. Private equity investments into businesses in Opportunity Zones were nearly 30 percent higher than investments into businesses in similar areas that were not designated Opportunity Zones. As a result of these new investments, approximately one million Americans will be lifted from poverty. An Opportunity Zone designation alone has increased property values within them by 1.1 percent. This increase in value has created an estimated $11 billion in wealth for the nearly half of Opportunity Zone residents who own their own home. LIFTING UP FORGOTTEN COMMUNITIES: President Trump is working tirelessly to bring opportunity and prosperity to distressed communities throughout America. President Trump launched the White House Opportunity and Revitalization Council, which is currently aiding distressed communities that have been hit hard by the coronavirus pandemic. President Trump is ending the disastrous trade deals that ripped jobs away from American cities and sent them overseas, leaving many of these cities devastated. President Trump signed legislation enacting historic reforms to make our criminal justice system fairer for all and to give former prisoners the chance to successfully rejoin society. President Trump is restoring law and order to communities across the Nation through numerous Federal initiatives, including launching Operation Legend.   ###