1. Opportunity zone fairness and inclusion (a) In general Section 1400Z–2(d) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (4) Opportunity Fund fairness and inclusion (A) In general A fund shall not be treated as a qualified opportunity fund for purposes of this section unless such fund— (i) meets the investment advisory board requirements of subparagraph (B), (ii) meets the investment diversity requirements of subparagraph (C), (iii) meets the affordable housing investment requirements of subparagraph (D), and (iv) with respect to each investment in an opportunity zone, assesses, and prepares a written report detailing, how such investment will affect different racial and ethnic groups within the zone and submits such report to the Committee on Ways and Means of the House of Representatives, the Committee on Finance of the Senate, and the Joint Committee on Taxation. (B) Investment advisory board The requirements of this subparagraph shall not be treated as met with respect to any fund unless such fund has, for each qualified opportunity zone within which the fund invests in qualified opportunity zone property, an investment advisory board which— (i) is appointed by the local government of the jurisdiction within which the zone to which such advisory board relates is located, and (ii) advises the fund in directing investments in the zone for the benefit of the zone. (C) Investment diversity requirements The requirements of this subparagraph shall not be treated as met with respect to any fund unless— (i) at least 30 percent of the fund’s qualified opportunity zone property is qualified opportunity zone property with respect to an opportunity zone within a county, or local jurisdiction, the population of which is 200,000 or less, (ii) at least 50 percent of the fund’s qualified opportunity zone property consists of interests in partnerships, and stock of corporations, which are— (I) small business concerns owned and controlled by women (within the meaning of