By 2040, universities must enhance their roles as anchor institutions by leveraging resources to promote inclusive growth. This includes stimulating local economies through innovation districts, investing in their communities using land and endowments, and embracing civic responsibilities by maximizing educational opportunities and addressing social challenges.

In 2003, Cincinnati's leadership established the Cincinnati Center City Development Corporation (3CDC) to revitalize downtown and the Over-the-Rhine neighborhood. The organization used private funding to make unconventional investments in civic spaces, blighted properties, affordable housing, and commercial developments, transforming vacant areas and reinvigorating the city's economy.

As the 2020 campaign progresses, federal proposals have focused on healthcare, housing, and the safety net, with less attention on empowering local players like states and cities. The misalignment between federal governance and local, integrated approaches calls for proposals that scale local innovations, align federal investments with local needs, and modernize institutions to better reflect the decentralized structure of the nation.

We outline nine strategic steps for cities to leverage Opportunity Zones (OZs) to enhance infrastructure assets. These steps include enacting strong public-private partnership legislation, creating skilled negotiation teams, and integrating economic development with utility and transportation departments.

Philanthropies are critical to unlocking the full potential of Opportunity Zones, but many have been slow to engage due to risks, unfamiliarity with market finance, and concerns over the program's imperfections. Despite this, some philanthropies are beginning to step up by convening stakeholders, mapping assets, and providing concessionary capital to fill financing gaps.

The U.S. federal system thrives on bottom-up solutions, in contrast to the centralized governance of Israel and the UK. While both countries face political instability, the U.S. benefits from its decentralized approach, with cities adapting tools like Opportunity Zones and innovation districts to foster local community development.

The Opportunity Zone Investor Summit, co-hosted by Accelerator for America and presented by the Mastercard Center for Inclusive Growth, provided insights into the evolving Opportunity Zone (OZ) market. 

Discussions highlighted the need for private investment to drive inclusive, job-creating growth without displacing communities. Key findings include the emergence of new investor types, the role of local governments and CDFIs in risk mitigation and innovation, and the importance of adapting financing strategies.

Opportunity Zones are fostering a new model of community development that enhances wealth-building and social mobility for disadvantaged residents. The "street corner" thesis promotes creating dense business ecosystems in strategic locations to revitalize neighborhoods and support local entrepreneurs.

Our Prospectus Guide offers a framework for creating investment prospectuses that drive equitable, community-focused development. It emphasizes defining project goals, financial needs, stakeholder collaboration, and expected outcomes, facilitating partnerships across public, private, and civic sectors for impactful local investments.

Recent media coverage of Opportunity Zones has been largely negative, focusing on the selection of gentrifying areas and projects benefiting wealthy companies, while overlooking the potential benefits for distressed neighborhoods. The Opportunity Zone legislation, while imperfect, has the power to revitalize underfunded communities that have long been neglected.

The recent surge of mayoral candidates for the 2020 presidential election highlights the growing influence of cities in solving national problems. Opportunity Zones offer a chance for innovation, with new financial tools and multi-sectoral collaborations emerging to reduce disparities and foster local economic growth.

The Nowak Metro Finance Lab's first report focuses on 10 steps for cities to maximize opportunity zones with 7 principles to guide their strategy development.

Anchor institutions, innovative governance, and transformative investments are driving urban revitalization. Universities, hospitals, and corporations lead redevelopment, while new institutional models and major projects reshape cities. These efforts, supported by creative financing, highlight the potential for greater impact with strong federal and state partnerships.

The Investing in Opportunity Act urges cities and investors to align private capital with local geographies. By treating urban archetypes as asset classes, Opportunity Zones facilitate funds that connect investments to community needs, fostering inclusive growth and guiding the development of viable projects.

Jeremy Nowak, a dedicated Philadelphia investor and advocate, passed away on July 28. His life focused on uplifting disadvantaged communities, and he co-authored "The New Localism" and helped establish the Nowak Metro Finance Lab at Drexel University.

Known for his intellect, humor, and candid nature, Jeremy uniquely combined strategic thinking with irreverence. His loss is deeply felt, but his legacy will continue through ongoing efforts to improve urban communities and foster collaboration, with a commitment to advancing the impactful initiatives they began together.

Indiana's 1969 "Unigov" consolidation boosted Indianapolis' population and economy. A recent forum praised its benefits for growth and civic investment but noted shortcomings, like excluding schools, which perpetuated segregation. The need for strategies like Opportunity Zones was emphasized to revitalize urban neighborhoods and support residents, highlighting the importance of effective governance in fostering inclusive growth.

Cities using Opportunity Zone Investment Prospectuses have effectively united stakeholders, attracted investment, and identified community-focused projects. Recommendations include expanding adoption, leveraging data to showcase market potential, fostering collaborative financing, addressing broader community needs, and advancing health, energy, and social outcomes in underserved areas.