AP: Ivanka, Kushner could profit from tax break they pushed

WASHINGTON (AP) — At an Oval Office gathering earlier this year, President Donald Trump began touting his administration's new real estate investment program, which offers massive tax breaks to developers who invest in downtrodden American communities. He then turned to one of the plan's strongest supporters.

"Ivanka, would you like to say something?" Trump asked his daughter. "You've been pushing this very hard."

The Opportunity Zone program promoted by Ivanka Trump and her husband Jared Kushner — both senior White House advisers — could also benefit them financially, an Associated Press investigation found.

Government watchdogs say the couple's financial interests underscore the ethical minefield they created two years ago when they became two of the closest advisers to the president without divesting from their extensive real estate investments.

Trump and Kushner jointly own a big stake in a real estate investment firm, Cadre, that recently announced it is launching a series of Opportunity Zone funds that seek to build major projects under the program from Miami to Los Angeles. Separately, the couple owns interests in at least 13 properties held by Kushner's family firm that could qualify for the tax breaks because they are in Opportunity Zones in New Jersey, New York and Maryland — all of which, a study found, were already coming back.

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Ivanka Trump and Jared Kushner's relationship
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Ivanka Trump and Jared Kushner's relationship
NEW YORK CITY, NY - APRIL 18: Ivanka Trump and Jared Kushner attend Jared Kushner and Peter Kaplan Present the Relaunch of the New York Observer Website at Four Seasons Restaurant on April 18, 2007 in New York City. (Photo by PAUL LAURIE/Patrick McMullan via Getty Images)
NEW YORK CITY, NY - APRIL 24: Ivanka Trump and Jared Kushner attend VANITY FAIR & Tribeca Film Festival Party hosted by GRAYDON CARTER and ROBERT DE NIRO at The State Supreme Courthouse on April 24, 2007 in New York City. (Photo by PATRICK MCMULLAN/Patrick McMullan via Getty Images)
NEW YORK CITY, NY - APRIL 24: Jared Kushner and Ivanka Trump attend VANITY FAIR & Tribeca Film Festival Party hosted by GRAYDON CARTER and ROBERT DE NIRO at The State Supreme Courthouse on April 24, 2007 in New York City. (Photo by PATRICK MCMULLAN/Patrick McMullan via Getty Images)
NEW YORK CITY, NY - AUGUST 23: Jared Kushner and Ivanka Trump attend Men's Vogue Dinner in Honor of Roger Federer at Wakiya on August 23, 2007 in New York City. (Photo by BILLY FARRELL/Patrick McMullan via Getty Images)
NEW YORK CITY, NY - MARCH 11: Jared Kushner and Ivanka Trump attend NEW YORK CITY POLICE FOUNDATION 30th Annual Gala at Waldorf Astoria on March 11, 2008 in New York City. (Photo by NEIL RASMUS/Patrick McMullan via Getty Images)
NEW YORK CITY, NY - MARCH 13: vanka Trump (in Elie Saab and Ivanka Trump Fine Jewelry) and Jared Kushner attend The Young Fellows of The Frick Collection, with ELIE SAAB and IVANKA TRUMP Fine Jewelry present a gala 'Un Ballo in Maschera' at The Frick Collection on March 13, 2008 in New York City. (Photo by DAVID X PRUTTING/Patrick McMullan via Getty Images)
NEW YORK CITY, NY - OCTOBER 23: (L-R) Anna Wintour, Jared Kushner and Ivanka Trump attend The Fashion Group International 'NIGHT OF STARS' 2008 Gala: The Alchemists at Cipriani Wall Street on October 23, 2008 in New York City. (Photo by BILLY FARRELL/Patrick McMullan via Getty Images)
NEW YORK CITY, NY - NOVEMBER 10: (L-R) Donald Trump, Melania Trump, Ivanka Trump and Jared Kushner attend THE MUSEUM OF MODERN ART FILM BENEFIT Honoring BAZ LUHRMANN at Museum of Modern Art on November 10, 2008 in New York City. (Photo by JIMI CELESTE/Patrick McMullan via Getty Images)
BEDMINSTER, NJ - OCTOBER, 25: In this handout image provided by Ivanka Trump and Jared Kushner, Ivanka Trump (R) and Jared Kushner (L) attend their wedding at Trump National Golf Club on October 25, 2009 in Bedminster, New Jersey. (Photo Brian Marcus/Fred Marcus Photography via Getty Images)
BEDMINSTER, NJ - OCTOBER, 25: In this handout image provided by Ivanka Trump and Jared Kushner, Ivanka Trump (L) and Jared Kushner (R) attend their wedding at Trump National Golf Club on October 25, 2009 in Bedminster, New Jersey. (Photo Brian Marcus/Fred Marcus Photography via Getty Images)
NEW YORK - NOVEMBER 04: Ivanka Trump and her husband Jared Kushner attend Game Six of the 2009 MLB World Series between the New York Yankees and the Philadelphia Phillies at Yankee Stadium on November 4, 2009 in the Bronx borough of New York City. (Photo by Nick Laham/Getty Images)
NEW YORK, NY - NOVEMBER 11: (L-R) Ivanka Trump, Jared Kushner and Brian Reyes attend Ivanka Trump Celebrates the Debut of BOIS BLANC Alexa Rodulfo's New Candle Collection at Ivanka Trump Fine Jewelry Boutique on November 11, 2009 in New York. (Photo by J.T. White/Patrick McMullan via Getty Images)
BEDMINSTER, NJ - OCTOBER, 25: In this handout image provided by Ivanka Trump and Jared Kushner, Ivanka Trump (R) and Jared Kushner (L) attend their wedding at Trump National Golf Club on October 25, 2009 in Bedminster, New Jersey. (Photo Brian Marcus/Fred Marcus Photography via Getty Images)
BEDMINSTER, NJ - OCTOBER, 25: In this handout image provided by Ivanka Trump and Jared Kushner, Ivanka Trump (R) and Jared Kushner (L) attend their wedding at Trump National Golf Club on October 25, 2009 in Bedminster, New Jersey. (Photo Brian Marcus/Fred Marcus Photography via Getty Images)
NEW YORK - NOVEMBER 8: (ITALY OUT, NY DAILY NEWS OUT, NY NEWSDAY OUT) Ivanka Trump and husband Jared Kushner walk along Broadway in SoHo on November 8, 2009 in New York City. (Photo by Arnaldo Magnani/Getty Images)
NEW YORK - DECEMBER 02: Jared Kushner and Ivanka Trump attend the Alvin Ailey Opening Night Gala Performance at the New York City Center on December 2, 2009 in New York City. (Photo by John Lamparski/WireImage)
Ivanka Trump and Jared Kushner attend(s) THE METROPOLITAN MUSEUM OF ART'S Spring 2010 COSTUME INSTITUTE Benefit Gala at THE METROPOLITAN MUSEUM OF ART on May 3rd, 2010 in New York City. (Photo by BILLY FARRELL/Patrick McMullan via Getty Images)
NEW YORK CITY, NY - JUNE 27: Jared Kushner and Ivanka Trump attend 2010 VEUVE CLICQUOT Polo Classic at Governors Island on June 27, 2010 in New York City. (Photo by NICK HUNT/Patrick McMullan via Getty Images)
Jared Kushner and Ivanka Trump attend the Costume Institute Gala Benefit to celebrate the opening of the 'American Woman: Fashioning a National Identity' exhibition at The Metropolitan Museum of Art on May 3, 2010 in New York City. (Photo by Dimitrios Kambouris/FilmMagic)
NEW YORK - JUNE 27: Ivanka Trump and Jared Kushner attend the 3rd annual Veuve Clicquot Polo Classic on Governors Island on June 27, 2010 in New York City. (Photo by Joe Kohen/WireImage)
Ivanka Trump and her husband Jared Kushner attend the 4th annual Eric Trump Foundation Golf Invitational at the Trump National Golf Club Westchester on September 14, 2010 in Briarcliff Manor, New York.
Ivanka Trump and her husband Jared Kushner attend the 4th annual Eric Trump Foundation Golf Invitational at the Trump National Golf Club Westchester on September 14, 2010 in Briarcliff Manor, New York.
NEW YORK, NY - SEPTEMBER 20: Ivanka Trump, Jared Kushner and Lauren Remington Platt attend New Yorkers for Children Fall Gala to Benefit the Youth in Foster Care at Ciprani on September 20, 2011 in New York City. (Photo by Owen Hoffmann/Patrick McMullan via Getty Images)
NEW YORK - SEPTEMBER 21: Ivanka Trump, daughter of Donald Trump and executive vice president of the Trump Organization, arrives with husband Jared Kushner, owner of the New York Observer, at the Appeal of Conscience Foundation dinner at the Waldorf-Astoria on September 21, 2010 in New York, NY. (Photo by Tim Boxer/ Getty Images)
NEW YORK - NOVEMBER 01: Jared Kushner (L) and Ivanka Trump attend the 2010 Library Lions Benefit at The New York Public Library on November 1, 2010 in New York City. (Photo by Eugene Gologursky/WireImage)
Jared Kushner (L) and Ivanka Trump attend the 2010 Library Lions Benefit at The New York Public Library on November 1, 2010 in New York City.
THE HAMPTONS, NY - NOVEMBER 01: (L-R) NBA player Chris Bosh, Adrienne Bosh, New York Observer owner, Jared Kushner and Ivanka Trump pose circa November 2010 in The Hamptons. (Photo by Jason Binn/WireImage)
NEW YORK, NY - DECEMBER 12: Jared Kushner and Ivanka Trump attend Ivanka Trump Fine Jewelry Boutique Opening in SoHo at 109 Mercer Street on December 12, 2011 in New York City. (Photo by OWEN HOFFMANN/Patrick McMullan via Getty Images)
NEW YORK, NY - JANUARY 20: Jared Kushner and Ivanka Trump attend THE CINEMA SOCIETY with DKNY JEANS & DELEON Tequila & amNewYork host a screening of 'NO STRINGS ATTACHED' - After Party at Soho Grand Hotel on January 20, 2011 in New York City. (Photo by Nicholas Hunt/Patrick McMullan via Getty Images)
NEW YORK, NY - MARCH 09: Ivanka Trump (R) and husband Jared Kushner attend the Comedy Central Roast of Donald Trump at the Hammerstein Ballroom on March 9, 2011 in New York City. (Photo by Michael Kovac/WireImage)
NEW YORK, NY - MARCH 16: Chiu-Ti Jansen, Warren Weitman Jr., Jared Kushner, and Ivanka Trump attend the Launch Party for the New York Observer's NYO magazine at 60 Riverside Blvd on March 16, 2011 in New York City. (Photo by Shaun Mader/Patrick McMullan via Getty Images)
NEW YORK, NY - JUNE 18: Jared Kushner and Ivanka Trump attend the Observer Media Group - The Power 100 at The Core Club on June 18, 2012 in New York City. (Photo by OWEN HOFFMANN/Patrick McMullan via Getty Images)
EAST HAMPTON, NY - JULY 3: Jared Kushner and Ivanka Trump attend THE CINEMA SOCIETY & DREAMWORKS host a screening of 'THE HELP' at Private Residence on July 3, 2011 in East Hampton, NY. (Photo by Nicholas Hunt/Patrick McMullan via Getty Images)
NEW YORK, NY - JULY 13: Jewelry designer Ivanka Trump and husband businessman Jared Kushner attend the Cinema Society with Ivanka Trump Jewelry & Diane Von Furstenberg screening of 'Snow Flower And The Secret Fan' at the Tribeca Grand Hotel on July 13, 2011 in New York City. (Photo by Stephen Lovekin/Getty Images)
BRIARCLIFF MANOR, NY - SEPTEMBER 13: Jared Kushner and Ivanka Trump attends the 5th annual Eric Trump Foundation Golf Invitational at the Trump National Golf Club Westchester on September 13, 2011 in Briarcliff Manor, New York. (Photo by Bobby Bank/WireImage)
BRIARCLIFF MANOR, NY - SEPTEMBER 13: Ivanka Trump and Jared Kushner attends the 5th annual Eric Trump Foundation Golf Invitational at the Trump National Golf Club Westchester on September 13, 2011 in Briarcliff Manor, New York. (Photo by Bobby Bank/WireImage)
NEW YORK CITY, NY - SEPTEMBER 20: Jared Kushner and Ivanka Trump attend the 2011 New Yorkers for Children Fall Gala at Cipriani 42nd Street on September 20, 2011 in New York City. (Photo by Jason Binn/WireImage)
NEW YORK, NY - NOVEMBER 14: Ivanka Trump (R) and husband Jared Kushner attend the 8th Annual CFDA/Vogue Fashion Fund Awards at the Skylight SOHO on November 14, 2011 in New York City. (Photo by D Dipasupil/Getty Images)
NEW YORK, NY - NOVEMBER 14: Ivanka Trump and Jared Kushner attend the 8th Annual CFDA/Vogue Fashion Fund Awards at the Skylight SOHO on November 14, 2011 in New York City. (Photo by Andrew H. Walker/Getty Images)
NEW YORK, NY - DECEMBER 12: Jared Kushner and Ivanka Trump attend Ivanka Trump's Fine Jewelry Boutique opening at on December 12, 2011 in New York City. (Photo by Taylor Hill/WireImage)
NEW YORK, NY - MARCH 28: Jared Kushner and Ivanka Trump attend LORD & TAYLOR Launches IVANKA TRUMP's Spring 2012 Collection at Lord & Taylor on March 28, 2012 in New York City. (Photo by Patrick McMullan/Patrick McMullan via Getty Images)
NEW YORK, NY - APRIL 17: Jared Kushner and Ivanka Trump attend the Vanity Fair Party during the 2012 Tribeca Film Festival at the State Supreme Courthouse on April 17, 2012 in New York City. (Photo by Jamie McCarthy/Getty Images)
WASHINGTON, DC - APRIL 28: Ivanka Trump and Jared Kushner attend the 98th Annual White House Correspondents' Association Dinner at the Washington Hilton on April 28, 2012 in Washington, DC. (Photo by Stephen Lovekin/Getty Images)
WASHINGTON, DC - APRIL 28: Jared Kushner and Ivanka Trump pose for photo during the 98th annual White House Correspondents' Association Dinner at the Washington Hilton on April 28, 2012 in Washington, DC. (Photo by Kris Connor/FilmMagic)
NEW YORK, NY - MAY 07: Jared Kushner (L) and Ivanka Trump attend the 'Schiaparelli And Prada: Impossible Conversations' Costume Institute Gala at the Metropolitan Museum of Art on May 7, 2012 in New York City. (Photo by Stephen Lovekin/FilmMagic)
NEW YORK, NY - MAY 07: Jared Kushner and Ivanka Trump attend the 'Schiaparelli And Prada: Impossible Conversations' Costume Institute Gala at the Metropolitan Museum of Art on May 7, 2012 in New York City. (Photo by Kevin Mazur/WireImage)
Ivanka Trump with partner Jared Kushner playing a round of golf on the Trump International Golf Links course near Aberdeen, after it was officially opened this morning. (Photo by Andrew Milligan/PA Images via Getty Images)
Ivanka Trump with partner Jared Kushner playing a round of golf on the Trump International Golf Links course near Aberdeen, after it was officially opened this morning. (Photo by Andrew Milligan/PA Images via Getty Images)
NEW YORK, NY - OCTOBER 18: Jared Kushner and Ivanka Trump attend the Turkish Society Annual Dinner Gala at The Plaza Hotel on October 18, 2012 in New York City. (Photo by Craig Barritt/Getty Images)
BRIARCLIFF MANOR, NY - SEPTEMBER 10: Jared Kushner and Ivanka Trump attend the Eric Trump Foundation's 6th Annual Golf Invitational Benefiting The St. Jude Children's Research Hospital at Trump National Golf Club Westchester on September 10, 2012 in Briarcliff Manor, New York. (Photo by Bobby Bank/Getty Images)
NEW YORK, NY - OCTOBER 18: Jared Kushner and Ivanka Trump attend Time Warner and Dogan Holding celebrate CNN TURK at The Plaza Hotel on October 18, 2012 in New York City. (Photo by CLINT SPAULDING/Patrick McMullan via Getty Images)
NEW YORK, NY - NOVEMBER 8: Jared Kushner and Ivanka Trump attend The New York Observer- Masters of Real Estate at The Metropolitan Club on November 8, 2012 in New York City. (Photo by Mireya Acierto/Patrick McMullan via Getty Images) *** Local Caption ***Jared Kushner; Ivanka Trump
NEW YORK, NY - MARCH 14: Jared Kushner and Ivanka Trump attend The New York Observer 25th Anniversary at Four Seasons Restaurant on March 14, 2013 in New York City. (Photo by Patrick McMullan/Patrick McMullan via Getty Images)
NEW YORK, NY - APRIL 3: Ivanka Trump and Jared Kushner attend the 2013 Museum Dance sponsored by Roberto Cavalli at the American Museum of Natural History on April 18, 2013 in New York City. (Photo by Owen Hoffmann/Patrick McMullan via Getty Images) *** Ivanka Trump; Jared Kushner
NEW YORK, NY - MAY 06: Ivanka Trump (L) and Jared Kushner attend the Costume Institute Gala for the 'PUNK: Chaos to Couture' exhibition at the Metropolitan Museum of Art on May 6, 2013 in New York City. (Photo by Dimitrios Kambouris/Getty Images)
NEW YORK, NY - MAY 06: Ivanka Trump (L) and Jared Kushner attend the Costume Institute Gala for the 'PUNK: Chaos to Couture' exhibition at the Metropolitan Museum of Art on May 6, 2013 in New York City. (Photo by Dimitrios Kambouris/Getty Images)
NEW YORK, NY - MAY 19: Jared Kushner (L) and Ivanka Trump attend 'All Star Celebrity Apprentice' Finale at Cipriani 42nd Street on May 19, 2013 in New York City. (Photo by Robin Marchant/Getty Images)
NEW YORK, NY - MAY 05: Jared Kushner (L) and Ivanka Trump attend the 'Charles James: Beyond Fashion' Costume Institute Gala at the Metropolitan Museum of Art on May 5, 2014 in New York City. (Photo by Larry Busacca/Getty Images)
NEW YORK, NY - APRIL 1: Jared Kushner and Ivanka Trump attend The New York Observer's New Look Hosted by Jared Kushner and Joseph Meyer at Casa Lever on April 1, 2014 in New York City. (Photo by Patrick McMullan/Patrick McMullan via Getty Images)
NEW YORK, NY - SEPTEMBER 08: Jared Kurshner and Ivanka Trump attend InStyle 20th anniversary celebration at Diamond Horseshoe at the Paramount Hotel on September 8, 2014 in New York City. (Photo by Kevin Mazur/Getty Images for InStyle)
NEW YORK, NY - MAY 21: Jared Kushner and Ivanka Trump attend 21st Century Fox presents a screening of X-Men: Days of Future Past at Crosby Street Hotel on May 21, 2014 in New York City. (Photo by Clint Spaulding/Patrick McMullan via Getty Images)
BRIARCLIFF MANOR, NY - SEPTEMBER 15: Jared Kushner and Ivanka Trump attend The Eric Trump 8th Annual Golf Tournament at Trump National Golf Club Westchester on September 15, 2014 in Briarcliff Manor, New York. (Photo by Dave Kotinsky/Getty Images)
NEW YORK, NY - SEPTEMBER 16: Jared Kushner and Ivanka Trump attend Dan Colen: Miracle Paintings opening at Gagosian Gallery at Gagosian Gallery Chelsea on September 16, 2014 in New York City. (Photo by Patrick McMullan/Patrick McMullan via Getty Images)
NEW YORK, NY - JUNE 2: Jared Kushner and Ivanka Trump attend Celebrate the Honorees 2014 Commercial Observer's Power 100 and Mortgage Observer's Power 50 at The Plaza on June 2, 2014 in New York City. (Photo by RONALD RIQUEROS/Patrick McMullan via Getty Images)
NEW YORK, NY - SEPTEMBER 07: Ivanka Trump and Jared Kushner attend the Joan Rivers memorial service at Temple Emanu-El on September 7, 2014 in New York City. (Photo by Kris Connor/Getty Images)
NEW YORK, NY - SEPTEMBER 23: Jared Kushner and Ivanka Trump attend the New York City Ballet 2014 Fall Gala at David H. Koch Theater at Lincoln Center on September 23, 2014 in New York City. (Photo by Gary Gershoff/WireImage)
NEW YORK, NY - NOVEMBER 3: Jared Kushner and Ivanka Trump attend 2014 Library Lions Gala at The Stephen A. Schwarzman Building on November 3, 2014 in New York City. (Photo by J Grassi/Patrick McMullan via Getty Images)
NEW YORK, NY - DECEMBER 10: Jared Kushner (L) and Ivanka Trump attend the Valentino Sala Bianca 945 Event on December 10, 2014 in New York City. (Photo by Dimitrios Kambouris/Getty Images)
NEW YORK, NY - FEBRUARY 11: Ivanka Trump and Jared Kushner are seen on February 11, 2015 in New York City. (Photo by NCP/Star Max/GC Images)
NEW YORK, NY - FEBRUARY 26: Jared Kushner and Ivanka Trump attend 2015 Chef For Kids Cancer to Benefit Cookies for Kids' Cancer at The Waterfront on February 26, 2015 in New York City. (Photo by Sylvain Gaboury/Patrick McMullan via Getty Images)
NEW YORK, NY - APRIL 14: Jared Kushner and Ivanka Trump leave the 2015 Tribeca Film Festival Vanity Fair party at State Supreme Courthouse on April 14, 2015 in New York City. (Photo by Mireya Acierto/FilmMagic)
NEW YORK, NY - APRIL 14: Businessman Jared Kushner and businesswoman Ivanka Trump attend the 2015 Tribeca Film Festival - Vanity Fair Party at State Supreme Courthouse on April 14, 2015 in New York City. (Photo by Jim Spellman/WireImage)
NEW YORK, NY - APRIL 14: Jared Kushner and Ivanka Trump attend Vanity Fair Celebrates the 14th Annual Tribeca Film Festival - Arrivals at State Supreme Courthouse on April 14, 2015 in New York City. (Photo by Patrick McMullan/Patrick McMullan via Getty Images)
NEW YORK, NY - MAY 04: Jared Kushner and Ivanka Trump attend the 'China: Through The Looking Glass' Costume Institute Benefit Gala at the Metropolitan Museum of Art on May 4, 2015 in New York City. (Photo by Jamie McCarthy/FilmMagic)
NEW YORK, NY - MARCH 30: Jared Kushner (L) and Ivanka Trump attend the 'Woman In Gold' New York Premiere at The Museum of Modern Art on March 30, 2015 in New York City. (Photo by Michael Stewart/WireImage)
WASHINGTON, DC - APRIL 25: Jared Kushner and Ivanka Trump attend the Yahoo News/ABC News White House Correspondents' dinner reception pre-party at the Washington Hilton on Saturday, April 25, 2015 in Washington, DC. (Photo by Dimitrios Kambouris/Getty Images for Yahoo)
NEW YORK, NY - MAY 04: Jared Kushner and Ivanka Trump attend the 'China: Through The Looking Glass' Costume Institute Benefit Gala at the Metropolitan Museum of Art on May 4, 2015 in New York City. (Photo by Larry Busacca/Getty Images)
BRIARCLIFF MANOR, NY - SEPTEMBER 21: Jared Kushner and Ivanka Trump attends the 9th Annual Eric Trump Foundation golf invitational at Trump National Golf Club Westchester on September 21, 2015 in Briarcliff Manor City. (Photo by Bobby Bank/WireImage)
BRIARCLIFF MANOR, NY - SEPTEMBER 21: Jared Kushner and Ivanka Trump attend the 9th Annual Eric Trump Foundation Golf Invitational Auction & Dinner at Trump National Golf Club Westchester on September 21, 2015 in Briarcliff Manor, New York. (Photo by Grant Lamos IV/Getty Images)
NEW YORK, NY - JUNE 07: Ivanka Trump (R) and Jared Kushner attend the 2015 Tony Awards at Radio City Music Hall on June 7, 2015 in New York City. (Photo by Dimitrios Kambouris/Getty Images for Tony Awards Productions)
NEW YORK, NY - MARCH 26: Ivanka Trump and Jared Kushner are seen on March 26, 2016 in New York City. (Photo by Tal Rubin/GC Images)
NEW YORK, NY - MARCH 29: Ivanka Trump and Jared Kushner are seen arriving home from the hospital with their newborn on March 29, 2016 in New York City. (Photo by Tal Rubin/GC Images)
NEW YORK, NY - MAY 02: Jared Kushner (L) and Ivanka Trump attend the 'Manus x Machina: Fashion In An Age Of Technology' Costume Institute Gala at Metropolitan Museum of Art on May 2, 2016 in New York City. (Photo by Larry Busacca/Getty Images)
NEW YORK, NY - SEPTEMBER 11: Jared Kushner and Ivanka Trump seen at USTA Billie Jean King National Tennis Center on September 11, 2016 in the Queens borough of New York City. (Photo by Team GT/GC Images)
NEW YORK, NY - NOVEMBER 18: Jared Kushner, the son-in-law of President-elect Donald Trump, walks through the lobby of Trump Tower with his wife Ivanka on November 18, 2016 in New York City. President-elect Trump and his transition team are in the process of filling cabinet and other high level positions for the new administration. (Photo by Spencer Platt/Getty Images)
Ivanka Trump, assistant to U.S. President Donald Trump, left, and Jared Kushner, senior White House adviser, listen during a joint press conference with Trump and Saad Hariri, Lebanon's prime minister, not pictured, in the Rose Garden of the White House in Washington, D.C., U.S., on Tuesday, July 25, 2017. Trump said he's disappointed with Attorney General Jeff Sessions for recusing himself from investigations of Russian interference in the 2016 election, and that 'time will tell' if the nation's top law enforcement officer remains in his job. Photographer: Zach Gibson/Bloomberg via Getty Images
WASHINGTON D.C., Sept. 28, 2017 : Ivanka Trump (L) and her husband Jared Kushner, White House senior adviser, attend the National Day reception held by the Chinese Embassy in Washington D.C. Sept. 27, 2017. (Xinhua/Yin Bogu via Getty Images)
WASHINGTON, DC - SEPTEMBER 11: U.S. Ivanka Trump and Jared Kushner arrive for a ceremony on the South Lawn of the White House marking the September 11 attacks September 11, 2017 in Washington, DC. Today marks the 16th anniversary of the attacks that killed almost 3,000 people and wounded another 6,000. (Photo by Win McNamee/Getty Images)
Ivanka Trump, assistant to U.S. President Donald Trump, left, talks to Jared Kushner, senior White House adviser, before a ceremony in the Rose Garden of the White House to pardon the National Thanksgiving Turkey, Drumstick, in Washington, D.C., U.S., on Tuesday, Nov. 21, 2017. This years pardoned turkeys, Wishbone and Drumstick, will join last years turkeys at Virginia Techs Gobblers Rest exhibit, where students and veterinarians care for the turkeys, and the public can visit and learn about the universitys teaching, research, and outreach programs in animal and poultry sciences and veterinary medicine. Photographer: Andrew Harrer/Bloomberg via Getty Images
Jared Kushner, senior White House adviser, left, and Ivanka Trump, assistant to U.S. President Donald Trump, walk on the South Lawn of the White House to board Marine One before departing to Camp David in Washington, D.C., U.S., on Friday, June 1, 2018. Trump said he will meet Kim Jong Un on June 12 in Singapore, after he sat down with a senior adviser to the North Korean leader in the White House to continue the groundwork for the historic meeting. Photographer: Yuri Gripas/Bloomberg via Getty Images
FILE: Jared Kushner, senior White House adviser, right, and Ivanka Trump, assistant to U.S. President Donald Trump, board Marine One on the South Lawn of the White House in Washington, D.C., U.S., on Friday, May 19, 2017. New Yorks banking regulator has asked Deutsche Bank AG and a pair of local lenders to provide information about their relationships with Jared Kushner, his family and the Kushner Cos., according to people familiar with the matter. Kushners financial and business ties have been of consistent interest for potential conflicts given his broad portfolio as senior adviser to his father-in-law, President Donald Trump. Our editors select the best archive images on Kushner and his family. Photographer: T.J. Kirkpatrick/Bloomberg via Getty Images
US President Special Advisor Jared Kushner (2nd L) holding his son Theodore (L) walks back to the white House with his wife Ivanka Trump (R) and their son Joseph (C) as they return after spending a weekend in Bedminster NJ on July 29, 2018 in Washington DC. (Photo by Eric BARADAT / AFP) (Photo credit should read ERIC BARADAT/AFP/Getty Images)
Jared Kushner, senior White House adviser, and Ivanka Trump, assistant to U.S. President Donald Trump, arrive for a 'Be Best' initiative event in the Rose Garden of the White House in Washington, D.C., U.S., on Monday, May 7, 2018. Melania announced a campaign Monday to raise awareness of children's issues including social media use and opioid abuse, making a rare solo public appearance in the Rose Garden of the White House to formally launch her official work. Photographer: Yuri Gripas/Bloomberg via Getty Images
Ivanka Trump and Senior Advisor Jared Kushner follow US President Donald Trump to Marine One on the South Lawn of the White House November 29, 2018 in Washington, DC. (Photo by Brendan Smialowski / AFP) (Photo credit should read BRENDAN SMIALOWSKI/AFP/Getty Images)
WASHINGTON, DC - NOVEMBER 20: Senior White House adviser Jared Kushner (L), his wife, White House adviser and first daughter Ivanka Trump (2nd L), and their son Joseph Kushner (R) leave after a turkey pardoning event at the Rose Garden of the White House November 20, 2018 in Washington, DC. The two turkeys, Peas and Carrots, will spend the rest of their lives in a farm after the annual Thanksgiving presidential tradition today. (Photo by Alex Wong/Getty Images)
WASHINGTON, DC - DECEMBER 05: (AFP- OUT) Former Vice President Joe Biden, fourth from left, and his wife Jill Biden, second from left, speak with Ivanka Trump, the daughter of President Donald Trump, third from left, and her husband, President Donald Trump's White House Senior Adviser Jared Kushner, third from right, as former Vice President Al Gore, second from right, speak to former President Jimmy Carter, right, and former first lady Rosalynn Carter, bottom center, before a State Funeral for former President George H.W. Bush at the National Cathedral, December 5, 2018 in Washington, DC. President Bush will be buried at his final resting place at the George H.W. Bush Presidential Library at Texas A&M University in College Station, Texas. A WWII combat veteran, Bush served as a member of Congress from Texas, ambassador to the United Nations, director of the CIA, vice president and 41st president of the United States. (Photo by Andrew Harnik-Pool/Getty Images)
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Six of the Kushner Cos. buildings are in New York City's Brooklyn Heights area, with views of the Brooklyn Bridge and Manhattan skyline, where a five-bedroom apartment recently listed for $8 million. Two more are in the beach town of Long Branch, N.J., where some oceanfront condos within steps of a white-tablecloth Italian restaurant and a Lululemon yoga shop list for as much as $2.7 million.

There's no evidence the couple had a hand in selecting any of the nation's 8,700 Opportunity Zones, and the company has not indicated it plans to seek tax breaks under the new program. But the Kushners could profit even if they don't do anything — by potentially benefiting from a recent surge in Opportunity Zone property values amid a gold rush of interest from developers and investors.

Ivanka Trump's advocacy for the Opportunity Zone program "creates a direct conflict of interest with her spouse's investment in Cadre," said Virginia Canter, chief ethics counsel for the nonprofit Citizens for Responsibility and Ethics in Washington. "Jared Kushner's interests are Ivanka Trump's interests and vice versa."

The couple's financial disclosures show their jointly held financial empire is worth between $200 million and $800 million, with much of it in real estate, including a stake of between $25 million and $50 million in Cadre. Those documents state they must recuse themselves from dealing with policy matters that touch on real estate and "would have a direct and predictable effect on Cadre." Ivanka Trump also has interests in Trump Organization properties which are not located inside Opportunity Zones.

"Ms. Trump has divested assets, set up trusts, removed herself from businesses and decisions about her investments," Abbe Lowell, ethics counsel for the couple, said in a statement. "In addition, she adheres to the ethics advice she has received from counsel about what issues she can work on and those to which she is recused."

The Kushner Cos. did not respond to requests for comment.

President Trump was scheduled to attend an Opportunity Zone event in Washington on Wednesday that would depict the program as a boon to distressed communities. White House spokesman Hogan Gidley told the AP that individual state governors of both parties nominate communities for Opportunity Zone designation "based on what underserved areas would benefit most. ... The White House has nothing to do with those decisions."

The Investing in Opportunity Act, which became law last December as part of the Republican-sponsored tax overhaul, never gained traction when it was first proposed during the Obama administration, but it quickly found favor in a White House headed and dominated by real estate developers and investors.

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Jared Kushner through the years
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Jared Kushner through the years
UNITED STATES - AUGUST 08: Jared Kushner attends the New York premiere of 'Factotum' at the IFC Center Theater. (Photo by Richard Corkery/NY Daily News Archive via Getty Images)
NEW YORK CITY, NY - JUNE 16: Laura Englander and Jared Kushner attend The Partnership for Public Service's Third Annual Black Tie Gala Honoring John McCain with 'The Theodore Roosevelt Award for the Advancement of Public Service' at Waldorf-Astoria on June 16, 2005 in New York City. (Photo by Jimi Celeste/Patrick McMullan via Getty Images)
Jared Kushner during Miss Potter New York Premiere - Inside Arrivals at DGA Theater in New York City, New York, United States. (Photo by Lawrence Lucier/FilmMagic)
NEW YORK CITY, NY - MAY 8: Mort Zuckerman and Jared Kushner attend TIME Magazine's 100 Most Influential People 2007 at Jazz at Lincoln Center on May 8, 2007 in New York City. (Photo by PATRICK MCMULLAN/Patrick McMullan via Getty Images)
NEW YORK CITY, NY - JUNE 14: (L-R) Jerry Della Famina, Matthew Weiner and Jared Kushner attend AMC Hosts a Special Preview and Discussion of Their Provocative New Series 'MAD MEN' at Michael's on June 14, 2007 in New York City. (Photo by JIMI CELESTE/Patrick McMullan via Getty Images)
Michael Moore and Jared Kushner during 'Sicko' New York City Premiere - Reception at Ziegfeld Theater in New York City, New York, United States. (Photo by Jamie McCarthy/WireImage for The Weinstein Company)
NEW YORK - SEPTEMBER 24: Owner of the New York Observer Jared Kushner arrives at The Metropolitan Opera's Opening Night at Lincoln Center September 24, 2007 in New York City. (Photo by Amy Sussman/Getty Images for Metropolitan Opera)
NEW YORK CITY, NY - SEPTEMBER 9: (L-R) Ivanka Trump, Narciso Rodriguez and Jared Kushner attend Afterparty for the NARCISO RODRIGUEZ Spring/Summer 2008 Collection at Gramercy Park Hotel on September 9, 2007 in New York City. (Photo by JOE SCHILDHORN/Patrick McMullan via Getty Images)
NEW YORK CITY, NY - MARCH 13: vanka Trump (in Elie Saab and Ivanka Trump Fine Jewelry) and Jared Kushner attend The Young Fellows of The Frick Collection, with ELIE SAAB and IVANKA TRUMP Fine Jewelry present a gala 'Un Ballo in Maschera' at The Frick Collection on March 13, 2008 in New York City. (Photo by DAVID X PRUTTING/Patrick McMullan via Getty Images)
BEDMINSTER, NJ - OCTOBER, 25: In this handout image provided by Ivanka Trump and Jared Kushner, Ivanka Trump (R) and Jared Kushner (L) attend their wedding at Trump National Golf Club on October 25, 2009 in Bedminster, New Jersey. (Photo Brian Marcus/Fred Marcus Photography via Getty Images)
�2010 RAMEY PHOTO August 19, 2010 - Porto Cervo - Sardinia Ivanka Trump,the daughter of Ivana and Donald Trump, is spending a few days on holiday with her husband Jared Kushner. CPE/MB (Photo by Philip Ramey/Corbis via Getty Images)
Jared Kushner, Owner of New York Observer and Kai Madison Trump attend the 4th annual Eric Trump Foundation Golf Invitational at the Trump National Golf Club Westchester on September 14, 2010 in Briarcliff Manor, New York.
NEW YORK - NOVEMBER 18: Jared Kushner speaks at the FINCA 25th Anniversary Creating Pathways Out of Poverty event at Capitale Bowery on November 18, 2010 in New York City. (Photo by Joe Corrigan/Getty Images for FINCA)
NEW YORK, NY - MARCH 09: Jared Kushner, Ivanka Trump and Donald Trump attend the COMEDY CENTRAL Roast of Donald Trump at the Hammerstein Ballroom on March 9, 2011 in New York City. (Photo by Jeff Kravitz/FilmMagic)
NEW YORK, NY - APRIL 17: Jared Kushner and Ivanka Trump attend the Vanity Fair Party during the 2012 Tribeca Film Festival at the State Supreme Courthouse on April 17, 2012 in New York City. (Photo by Jim Spellman/WireImage)
DORAL, FL - MARCH 07: Jared Kushner, Ivanka Trump and Eric Trump attend the Carolina Herrera Fashion Show with GREY GOOSE Vodka at the Cadillac Championship at Trump National Doral on March 7, 2014 in Doral, Florida. (Photo by John Parra/Getty Images for GREY GOOSE)
BRIARCLIFF MANOR, NY - SEPTEMBER 15: Lara Yunaska and Jared Kushner attend The Eric Trump 8th Annual Golf Tournament at Trump National Golf Club Westchester on September 15, 2014 in Briarcliff Manor, New York. (Photo by Dave Kotinsky/Getty Images)
NEW YORK, NY - MAY 04: Jared Kushner and Ivanka Trump attend the 'China: Through The Looking Glass' Costume Institute Benefit Gala at the Metropolitan Museum of Art on May 4, 2015 in New York City. (Photo by Axelle/Bauer-Griffin/FilmMagic)
NEW YORK, NY - MARCH 26: Ivanka Trump and Jared Kushner are seen on March 26, 2016 in New York City. (Photo by Tal Rubin/GC Images)
NEW YORK, NY - SEPTEMBER 11: Ivanka Trump and husband Jared Kushner attend the men's final between Novack Djokovic of Serbia and Stan Wawrinka of Switzerland at Arthur Ashe Stadium on day 14 of the 2016 US Open at USTA Billie Jean King National Tennis Center on September 11, 2016 in the Queens borough of New York City. (Photo by Jean Catuffe/GC Images)
Ivanka Trump (L) and husband Jared Kushner are seen at a polling station in a school during the 2016 presidential elections on November 8, 2016 in New York. / AFP / MANDEL NGAN (Photo credit should read MANDEL NGAN/AFP/Getty Images)
(FromL) Ivanka Trump, her husband Jared Kushner and Tiffany Trump smile as Republican presidential elect Donald Trump speaks during election night at the New York Hilton Midtown in New York on November 9, 2016. Trump stunned America and the world Wednesday, riding a wave of populist resentment to defeat Hillary Clinton in the race to become the 45th president of the United States. / AFP / MANDEL NGAN (Photo credit should read MANDEL NGAN/AFP/Getty Images)
NEW YORK, NY - NOVEMBER 18: Jared Kushner, the son-in-law of President-elect Donald Trump, walks through the lobby of Trump Tower with his wife Ivanka on November 18, 2016 in New York City. President-elect Trump and his transition team are in the process of filling cabinet and other high level positions for the new administration. (Photo by Spencer Platt/Getty Images)
NEW YORK, NY - DECEMBER 7: Jared Kushner sits in Vice President-elect Mike Pence's car outside of Trump Tower, December 7, 2016 in New York City. President-elect Donald Trump and his transition team are in the process of filling cabinet and other high level positions for the new administration. (Photo by Drew Angerer/Getty Images)
White House senior advisor Jared Kushner (2nd L) smiles at his wife Ivanka Trump as she is mentioned by Israel's Prime Minister Benjamin Netanyahu during his remarks at the Yad Vashem holocaust memorial in Jerusalem May 23, 2017. REUTERS/Jonathan Ernst
White House senior advisor Jared Kushner arrives to join U.S. President Donald Trump and the rest of the U.S. delegation to meet with Saudi Arabia's King Salman bin Abdulaziz Al Saud at the Royal Court in Riyadh, Saudi Arabia May 20, 2017. REUTERS/Jonathan Ernst
Ivanka Trump, daughter of US President Donald Trump, her husband Jared Kushner, senior adviser to Trump step off Air Force One upon arrival at Rome's Fiumicino Airport on May 23, 2017. Donald Trump arrived in Rome for a high-profile meeting with Pope Francis in what was his first official trip to Europe since becoming US President. / AFP PHOTO / MANDEL NGAN (Photo credit should read MANDEL NGAN/AFP/Getty Images)
Jared Kushner is seen at the Royal Court after US President Donald Trump received the Order of Abdulaziz al-Saud medal in Riyadh on May 20, 2017. / AFP PHOTO / MANDEL NGAN (Photo credit should read MANDEL NGAN/AFP/Getty Images)
BAGHDAD, IRAQ - APRIL 03: In this handout provided by the Department of Defense (DoD), Jared Kushner, Senior Advisor to President Donald J. Trump, speaks with Lt. Gen. Stephen J. Townsend, commander, Combined Joint Task Force -- Operation Inherent Resolve, during a helo ride aboard a CH-47 over Baghdad, Iraq, April 3, 2017. (Photo by Dominique A. Pineiro/DoD via Getty Images)
QAYYARAH WEST, IRAQ - APRIL 04: In this handout provided by the Department of Defense (DoD), Jared Kushner, Senior Advisor to President Donald J. Trump meets with Service Members at a forward operating base near Qayyarah West in Iraq, April 4, 2017. (Photo by Dominique A. Pineiro/DoD via Getty Images)
WASHINGTON, DC - MARCH 17: U.S. President Donald Trump (C) walks along the West Wing colonnade with his daughter Ivanka Trump (L) and his son-in-law and Senior Advisor to the President for Strategic Planning Jared Kushner before he departs the White House March 17, 2017 in Washington, DC. The first family is scheduled to spend the weekend at their Mar-a-Lago Club in Palm Beach, Florida. (Photo by Chip Somodevilla/Getty Images)
Senior Advisor to the President, Jared Kushner (L), walks with his wife Ivanka Trump to board Marine One at the White House in Washington, DC, on March 3, 2017. The two are travelling with US President Donald Trump to Florida. / AFP PHOTO / MANDEL NGAN (Photo credit should read MANDEL NGAN/AFP/Getty Images)
U.S. President Donald Trump, center, speaks while Jared Kushner, senior White House advisor, left, and Kenneth Frazier, chairman and chief executive officer of Merck & Co., listen during a meeting with manufacturing executives in the State Dining Room of the White House in Washington, D.C., U.S., on Thursday, Feb. 23, 2017. Trump told some of America's most prominent corporate executives that he intends to put them to work restoring manufacturing jobs and U.S. dominance in trade. Photographer: Olivier Douliery/Bloomberg via Getty Images
WASHINGTON, DC - JANUARY 30: Jared Kushner, senior adviser to President Donald Trump, listens during a meeting with small business leaders in the Roosevelt room at the White House in Washington, DC on Monday, Jan. 30, 2017. (Photo by Jabin Botsford/The Washington Post via Getty Images)
Ivanka Trump and her husband Jared Kushner dance at the Liberty Ball at the Washington DC Convention Center following Donald Trump's inauguration as the 45th President of the United States, in Washington, DC, on January 20, 2017. / AFP / JIM WATSON (Photo credit should read JIM WATSON/AFP/Getty Images)
WASHINGTON, DC - MAY 09: Ianka Trump (R), Jared Kushner, White House senior advisor to the president for strategic planning and son-in-law to President Donald Trump, and two of their children greet members of the armed forces and their families during an event celebrating National Military Appreciation Month and National Military Spouse Appreciation Day in the Eisenhower Executive Office Building May 9, 2017 in Washington, DC. Vice President Mike Pence hosted about 160 spouses and children of the active duty U.S. military members. (Photo by Chip Somodevilla/Getty Images)
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A significant moment came when the law's key GOP sponsor, South Carolina U.S. Sen. Tim Scott, met President Trump after the violence-plagued white supremacist rally in Charlottesville, Virginia, in August of 2017.

Trump promised Scott his support for Opportunity Zones as a way to show his administration's outreach to minority communities. But Scott had already found a supporter weeks earlier in Trump's daughter, in conversations that grew out of previous meetings about passing a child care tax credit.

Political sponsors and lobbyists told the AP that Ivanka Trump played an important role in promoting the legislation, while Kushner was also quietly supportive behind the scenes.

"Ivanka was on board with it," said Sean Smith, Scott's communications director. After their first conversation, Smith said Scott and Ivanka Trump talked by phone and in person nearly a dozen times. He added that Scott also spoke to Kushner about the program, but noted, "It was much more Ivanka than Jared."

A team from Economic Innovation Group, or EIG, a Washington think tank that pioneered the Opportunity Zones concept, met with top Kushner aides Reed Cordish and Chris Liddell two weeks before the tax reform bill was passed.

Funded by Napster founder and early Facebook investor Sean Parker, EIG spent more than $1.4 million on lobbying over the past two years, both before and after the Investing in Opportunity Act passed. The group met with White House officials every quarter since the start of the Trump administration, and also met with frequently with officials from Treasury and other White House agencies, records show.

"Creating the incentive to bring capital into communities that are currently being overlooked is just a tremendous opportunity," Ivanka Trump said as her father and a crowd of supporters nodded during the White House session February 14.

Last month, at a dinner in Washington put on by the conservative Kemp Foundation, Scott singled out Ivanka Trump as his point person on the initiative. "When we were looking for help to get the tax bill across the finish line," he said, "I kept looking to the same person for help in the White House."

There is no indication the couple directly intervened in the shaping of the Opportunity Zone program specifically to advance their financial interests. And public officials say there is no evidence that any actions were taken to influence the selection of Opportunity Zone boundaries.

But backers of the program acknowledge that Ivanka Trump's out-front role drummed up interest from public officials and financial stakeholders.

Along with the Kushner-tied Cadre Opportunity Zone funds, more than 50 real estate and private equity interests have made plans in recent weeks to create investment funds under the program, including several with ties to the couple and the Trump administration.

Last month, former White House Communications Director Anthony Scaramucci launched an opportunity zone fund tied to his Skybridge Capital investment firm, aiming to build projects worth more than $3 billion. Opportunity Zone funds have also been set up recently by New York-based Normandy Real Estate Partners and Heritage Equity Partners, two firms that have worked with Kushner Cos. on real estate ventures.

They are flocking to what financial analysts say are some of the most generous tax benefits they have ever seen. Investors who plow capital gains from previous investments into Opportunity Zone projects can defer taxes on those gains up to 2026. If they decide not to cash out their investment for seven years, they get to exclude up to 15 percent of those gains from taxes. And they can permanently avoid paying taxes on any new gains from investment in the zones if they hold onto the investment for a decade. With capital gains taxes as high as 23.8 percent, the savings can easily add up.

Government officials have estimated the program would cost $1.5 billion in lost tax revenue over 10 years, but Treasury Secretary Steve Mnuchin has estimated the zones would attract up to $100 billion in renewal efforts.

While the Opportunity Zone program mostly targets census tracts of high poverty and unemployment, it also allows "contiguous" tracts that might not be low-income, but are close enough to deprived communities to be eligible.

Critics say that could allow developers to cash in by targeting zones already teeming with investment and gentrified neighborhoods. Amazon's recent decision to locate a new headquarters in the bustling New York City neighborhood of Long Island City, for example, drew rebukes following reports it was in an Opportunity Zone.

A study by the Urban Institute in Washington found that nearly a third of the more than 8,700 Opportunity Zones nationwide — and all 13 of the ones containing Kushner properties — were showing signs of heavy investment and gentrification, based on such factors as rent increases and the percentage of college-educated residents.

The Kushners' most immediate advantage could come from their investment in Cadre. CEO Ryan Williams announced late last month that Cadre was starting up an Opportunity Zone fund that would aim to build major development projects in designated areas of Los Angeles, San Francisco, Seattle, Portland, Phoenix, Houston, Atlanta, Philadelphia and Miami.

The company said the program "fits with Cadre's commitment to identifying opportunities in less-advantaged areas that are primed for growth."

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