GriggsLittle Launches Faith-Based Community Opportunity Fund Connecting Faith Leaders with Resources to Revitalize Urban Communities
Churches with underdeveloped real estate close their doors across the US annually. Faith-Based Community Opportunity Fund is responding nationally by connecting faith leaders with capital and resources to reverse economic decline and to benefit from the Opportunity Zone tax incentives.
LOS ANGELES, April 04, 2019 /PRNewswire-PRWeb/ -- GriggsLittle, APC, a Los Angeles-based consulting and law firm, has launched Faith-Based Community Opportunity Fund, a consortium assembled to provide capital resources, and technical support to faith-based organizations to capitalize on the Tax Cuts and Jobs Act of 2017 and bring economic development within Opportunity Zones across the United States.
Historically, church leaders have not participated in the economic growth opportunities presented by Congress over the past two decades while owning valuable but underdeveloped real estate. In the past, some faith leaders rejected partnerships with government in fear of undue government influence while operating under declining membership and fewer resources.
"Many of our nation's churches can no longer afford to maintain their structures—6,000 to 10,000 churches die each year in America—and that number will likely grow…..," said Jonathan Merritt (The Atlantic).
Like the Tribe of Issachar, faith leaders today must understand and respond to the times not only in the church itself but in the broader community. Rebuilding the communities around our houses of worship will bring the kind of economic development vision that can come only from the Church.
"Economic development is not just about money, it's far more; economic development is about thriving today so that the next generation benefits from the wisdom of your choices," said Marc T. Little of GriggsLittle.
Under the Tax Cuts and Jobs Act of 2017, Congress enacted the bi-partisan Opportunity Zones as a new vehicle for economic development in distressed cities designed to spur economic development by providing tax benefits to investors. Because of the real estate they hold, faith leaders have a unique opportunity to change the communities they leave for the next generation.
Faith-Based Community Opportunity Fund is holding meetings across the United States connecting its clergy partners with capital, real estate developers, resources, and technical assistance so that all may benefit from the tax incentives afforded under Opportunity Zones.
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The shareholders of GriggsLittle, APC, Johnny Darnell Griggs and Marc T. Little, have over 50 years combined experience in church management and advising senior church leaders and their congregations in matters relating to community development, finance/lending, HR, governance, crisis management, and legal/government affairs.
SOURCE GriggsLittle
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