U. S. Department Of Commerce Invests $500k To Develop Plan To Grow Disaster Resilient Economy In New Orleans East Opportunity Zones
NEW ORLEANS, LA (STL.News) Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) announced the awarding a $500,000 grant to help develop a resilience-based strategy for economic development for three Tax Cuts and Jobs Act Opportunity Zones located in East New Orleans. The strategy will be developed by Northeastern University and will serve as a footprint for leveraging private investment and encouraging economic diversification.
“Coordination with our state and federal partners is key to creating more equitable economic development in areas such as New Orleans East. This treasured neighborhood continues to struggle in the face of decades of disinvestment as well as the continuing recovery from the failure of the federal levees in 2005, the tornado in 2017, and the often-volatile oil and gas industry. We are excited to work with Northeastern University to develop a resilience-based strategy that leverages Opportunity Zones for the continued revitalization of New Orleans East,” said Ellen M. Lee, Director, Office of Community and Economic Development.
“East New Orleans has struggled with the cyclical effects of the oil and gas industry as well as the lasting impacts following natural disasters,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “EDA is pleased to support Northeastern University’s Global Resilience Institute as they support leaders in New Orleans with disaster resiliency planning and leverage the area’s Opportunity Zones to create a resilient business community.”
This EDA investment was made possible by the regional planning efforts led by the New Orleans Regional Planning Commission (RPC), which EDA funds to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.