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CDFA Opportunity Zones Update Newsletter - February 15, 2022

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CDFA Opportunity Zones Update
February 15, 2022
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Opportunity Zones Update Newsletter


Arctaris to Construct Broadband Fiber Network in Maine
CDFA Members Arctaris Impact Investors and Finance Authority of Maine (FAME) have partnered to build new fiber broadband networks in economically distressed areas throughout Maine. The network will reach approximately 12,000 residential and business premises, providing these underserved communities with access to affordable high-speed broadband.

Novogradac Report Shows Surge in Opportunity Zones Investment in Second Half of 2021
The Novogradac Opportunity Zones Investment Report: Data Through Dec. 31, 2021, is now available. The report shows that nearly $24.40 billion in equity was raised by 978 QOFs, as reported to Novogradac. The total investment reported by Novogradac at the end of 2021 was $6.88 billion more than at midyear, a 39.3% increase.

CDFA Federal Financing Webinar Series: New ARPA and IIJA Programs
In the last year, two major pieces of legislation have changed the federal funding landscape with new programs created through the American Rescue Plan and the Investment in Infrastructure Jobs Act. During the Federal Financing Webinar Series, CDFA will feature timely and in-depth conversations with federal financing experts discussing new programs, updates to existing programs, and the latest strategies for applying and deploying funding.

Delaware Funding to Connect Opportunity Zones and the Creative Economy
As part of a larger $7.7 million grant from the EDA to promote tourism recovery efforts, the Delaware Division of Small Business is allocating $1 million to the Delaware Arts Alliance to produce an interactive, publicly available map of Delaware's creative economy, create comprehensive recovery plans for Delaware's Opportunity Zones, and perform an economic impact study.

St. Cloud, FL Engages in Opportunity Zones
St. Cloud Main Street gathered business owners, realtors, and elected leaders to listen to Central Florida Opportunity Zone experts learn about the intricacies of federal and state financing programs, designed to incentivize business investment activity in economic-distressed locations. Topics discussed include Opportunity Zones, New Markets Tax Credits, and other targeted state programs.

Upcoming Events
Intro Revolving Loan Fund WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Analyzing the Impact of COVID-19 Emergency Loan Funds
Tuesday, February 22, 2022 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we take a look at some takeaways from the deployment of CARES Act funds and other emergency pandemic response programs, including how communities designed emergency loan funds and what impacts the funds had on small and micro businesses.

CDFA // BNY Mellon Development Finance Webcast Series: Capitalization Strategies & Funding from the American Rescue Plan
Tuesday, March 15, 2022 - 2:00 PM - 3:00 PM Eastern
The American Rescue Plan Act of 2021 created an unprecedented amount of capital to support investment in healthcare, agriculture, infrastructure, and more. Deploying ARPA dollars, especially from the State & Local Fiscal Recovery Fund, to the right projects and programs can provide investment and financing opportunities that will revolve in the community for decades. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will discuss capitalization strategies that communities can use to leverage federal funding to drive long-term private investment.

Opportunity Zones Headlines

IRS Issues Private Letter Ruling for Self-Certifying as a Qualified Opportunity Fund
Novogradac | Feb. 9 | Opportunity Zones

Progress on Policies to Mobilize Private Capital for Public Good
Impact Alpha | Feb. 9 | Community Development | Federal | Legislative | Opportunity Zones | Social Finance | U.S. Dept. of Treasury CDFI Fund | U.S. Economic Development Administration (EDA)

Cryptocurrency Investors Are Cashing In On A Trump Tax Break Meant To Help The Poor
Huffington Post | Feb. 9 | Opportunity Zones

Deadlines for Investing 2021 Gains in Opportunity Zones
Smith Gambrell Russell | Feb. 3 | Opportunity Zones

Opportunity Zones News Briefs - February 2022
Novogradac | Feb. 3 | Opportunity Zones

The Council of Development Finance Agencies (CDFA) is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private and non-profit entities alike. For more information, visit www.CDFA.net or email info@cdfa.net.

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300


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