Information about Promise Zones
Promise Zones are federally designated, high poverty communities where Federal Government agencies partner with local organizations and leaders to increase economic activity, address the housing blight, and leverage private investment through a racial equity framework. The designation will last for a term of ten years. There are 22 urban, rural, and tribal Promise Zones that have been designated.
As part of the designation, the North Minneapolis Promise Zone has received:
- 7 AmeriCorps VISTA members
- Federal liaison assigned to help navigate federal programs
- Technical assistance from partnered federal agencies
- Preferences for certain federal grant programs
Since its genesis the North Minneapolis Promise Zone has:
- Leveraged preference points on federal grants to bring $38.8 million in grants into North Minneapolis.
- Operated an economic development working group that meets with local businesses, non-profits, and entrepreneurs, monthly.
- Created a community vulnerability index (CVI), which aggregates seven indicators to determine the community's ability to withstand various stresses.
Opportunity Zone explained
Opportunity Zones were established by Congress in 2017 as part of the Tax Cut and Jobs Act of 2017. The designation seeks to spur economic development and job creation. Capital gains invested in real estate may result in tax cuts.
There are multiple Census Tracts designated as Opportunity Zones in the North Minneapolis Promise Zone. If you would like to learn more about investing in a North Minneapolis Opportunity Zone, email Julianne Leerssen.
About the North Minneapolis Promise Zone
The North Minneapolis Promise Zone is a comprehensive, community-driven strategy that builds on and aligns numerous initiatives to build a more inclusive economy, to promote stable housing, and to improve health and safety, for all North Minneapolis Promise Zone residents.
The designation covers 80-85% of what is commonly called North Minneapolis, or the Northside. This includes 9 neighborhoods and most of zip codes 55411 and 55412. The boundaries are Queen Avenue North to the Mississippi River, and 45th Avenue North to Basset Creek Valley.
Promise Zone serves:
- Population: 41,705 (47% Black or African American)
- Employment: 62.6% among working age adults
- Poverty Rate: 35.3% of residents
- Unemployment Rate: 12.9% (national average of 6.9%)