The Richard King Mellon Foundation, the largest foundation in southwestern Pennsylvania, and Arctaris Impact Investors, a Boston-based impact investment firm, recently launched the $20 million Arctaris Southwestern Pennsylvania Opportunity Zone Program.
The program will invest in projects that support economic development, workforce training and sustainable job creation. Investments will be made in the 72 low-income opportunity zones within Allegheny and Westmoreland counties as determined by census tracts.
Mellon Foundation invested $4 million to help launch the program, and Arctaris will invest in operating businesses, real estate, public infrastructure, renewable energy, and broadband.
“Our board was willing to lead on this exciting initiative because private investment is the most effective way to create prosperity at scale,” Sam Reiman, Mellon Foundation director, said. “This opportunity zone will bring new private investment to Allegheny and Westmoreland counties. And Arctaris has a strong track record of working collaboratively with local leaders to ensure the projects they select will be positive for the community.”
Arctaris will create a Southwestern Pennsylvania Community Advisory Committee. The committee will ensure local and diverse stakeholder engagement and will be comprised of representatives from Allegheny and Westmoreland counties.
Arctaris recently participated in a community engagement event to discuss the future of the program.