New Opportunity Zone funds seek to ensure investments help distressed areas. Now, the philanthropic Kresge Foundation is partnering with two investment firms that are launching Opportunity Zone funds, in an effort to ensure development projects go to communities most in need. A standardization of reporting for Opportunity Zone projects, in order to show that the funds deployed are creating jobs and helping the community. The Opportunity Zones program gives investors and developers the ability to forgo and defer paying some capital gains taxes if they invest in any of the designated zones. This month, Housing and Urban Development Secretary Ben Carson said the agency will give preference to developers and investors who build affordable housing in federal Opportunity Zones when it comes to certain grants. Carson acknowledged the agency could not mandate the construction of affordable housing in the 8,700 designated Opportunity Zones nationwide. The Kresge Foundation’s voluntary standards include showing how many jobs have been created, along with how much affordable housing will be built at each project.