Rockefeller Foundation, Prudential launch new OZ initiative in Newark

The Rockefeller Foundation and Prudential Financial announced last week the terms of a $5.5 million initiative that would help six U.S. cities, including Newark, reap the benefits from investments in federally-approved Opportunity Zones, Bloomberg reported. The New York-based nonprofit said in a press release that it would work with the Newark-based Prudential Financial to promote “responsible investment” by distributing funds across the half-dozen cities in designated OZ tracts. Newark alone will receive $920,000 from Rockefeller and Prudential, which it will deploy through local nonprofit the Newark Alliance to hire an “Opportunity Zone officer” that will be embedded within the city and two community engagement officials. According to a study from Smart Growth America, OZs in downtown Newark ranked sixth nationally out of nearly 8,000 tracts for growth potential. As noted by The Real Deal earlier this year, New Jersey has 169 designated OZ tracts, and Newark has the most of them at 13, followed by Jersey City at 11. Forbes held an OZ summit in Newark this month that attracted a number of local officials, developers, philanthropists and New Jersey Gov. Phil Murphy. TRD noted in March that Murphy will award five grants of $100,000 to municipalities as part of an effort to help grow OZ investments in the Garden State. [Bloomberg]