U.S. Senator Richard Shelby, R-Ala., Wednesday announced that Opportunity Alabama, Inc., a nonprofit initiative in Birmingham, Alabama, is the recipient of a $733,150 Appalachian Regional Commission (ARC) POWER grant. This grant will fund the Creating Opportunity for Alabama (COAL) Initiative.
“ARC’s decision to award this funding to Opportunity Alabama will help significantly boost private investment and business development throughout our state’s coal-impacted communities,” said Senator Shelby. “I am proud this nonprofit initiative is working to help our local communities understand and capitalize on Opportunity Zones. These federal funds will facilitate an improved quality of life in Appalachian Alabama, creating hundreds of jobs and dozens of new businesses.”
“Opportunity Zones, and the private investment they incentivize, are helping uplift communities throughout the Appalachian Region,” said ARC Federal Co-Chairman Tim Thomas. “Opportunity Alabama is working to ensure communities understand and are able to capitalize on this program to improve Appalachian Alabama, and this POWER investment will have a big impact on that mission.”
The project will create an investment funding and business development ecosystem targeted to the federally designated Opportunity Zones in 36 coal-impacted counties in Alabama. As a result of the ARC grant, Opportunity Alabama will work with a team of local, state, and national partners in a three-phased approach. The first phase will work on building a local capacity to effectively prepare for and attract Opportunity Zone investments, focusing particularly on rural communities. The second phase will create a pipeline of investment opportunities to attract substantial private investment by facilitating demand studies, environmental assessments, and construction cost estimates. The third and final phase will focus on developing and implementing an impact-investment data collection and analysis process to make it easier for investors to deploy their capital.
This project will yield 250 new jobs, create 25 new businesses, and leverage $100 million in private investment. In addition to the federal grant provided for the project, Alabama Power and the Alabama Power Foundation are expected to provide private financial support.
Opportunity Alabama is a nonprofit initiative dedicated to connecting investors with investable assets in Alabama’s Opportunity Zones.