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Howard W. Buffett, the grandson of legendary investor and billionaire Warren Buffett, is getting into Opportunity Zones.

Buffett is launching a software tool that measures an Opportunity Zone investment's potential social, environmental and economic impact.

Through his advisory firm, Global Impact, Buffett developed the software, "Impact Rate of Return," with financial technology company NES Financial. The program aims to spur development in thousands of distressed areas across the country.

According to the firm, Buffett's reporting tool tracks an Opportunity Zone project's location, development type, census tract and investment size, then tabulates the data into one number. Buffett is rolling out the software across 67 Opportunity Zone investment funds.

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