We are located in an OZ in Detroit. What are some steps we can take to better help the poor people in our neighborhood?
You can create a public-private partnership to fund an OZ project, but note that the public partner will not be able to benefit from the OZ statute. This shouldn't dissuade the public entity from taking part, though. You should begin by approaching the state or local government and pitching the idea to the right person.
One solution would be where private investors contribute money, private developers contribute development services, and the nonprofit contributes land or commits to lease a real estate project. I've seen this recipe produce affordable housing solutions in poor neighborhoods.
Identify a project and prepare it to present it to the community and potential investors. You may be able to access capital from private sector interested in impact investment and from public sector, combine them and take your project to be a reality. There should be a careful study and structure for the deal to qualify for OZ benefits.
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