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Opportunity Zones Update Newsletter - September 18, 2018

CDFA Opportunity Zones Update
September 18, 2018
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Opportunity Zones Update Newsletter

Features

Welcome to the CDFA Opportunity Zones Update
CDFA is proud to announce the launch of the new Opportunity Zones Update newsletter. This free monthly newsletter will feature news, resources, case studies, and event information related to Opportunity Zones and Opportunity Funds. We will send the first two editions to our entire network, and then to only those who subscribe. Please subscribe today!

Kresge, Rockefeller Receive 141 Responses to LOI
The Kresge Foundation and The Rockefeller Foundation received 141 responses from fund managers from across the nation who are creating Opportunity Funds and attempting to raise billions in new capital to spur a range of community development investments via this new tax benefit. 

OIRA Receives OZ Proposed Regulations from Treasury
OMB's Office of Information and Regulatory Affairs has acknowledged receipt of proposed regulations from Treasury to provide guidance concerning capital gains invested in Opportunity Zones pursuant to provisions under the new U.S. tax law. The proposed regulations will be released once OIRA review is completed.

Six Ways to Attract Capital and Shape OZ Investing
Interest in opportunity zones is abundant. Information is not. That's why more than 200 investors, local leaders and policymakers from more than 40 states turned up at Georgetown last week for an opportunity zone pow-wow hosted by the Beeck Center and the Council of Development Finance Agencies.

Enterprise, Rivermont Capital, and Beekman Advisors Launch Opportunity Fund
Enterprise Community Partners is joining forces with Rivermont Capital and Beekman Advisors to launch an "Opportunity Fund" focused on local business development and entrepreneurship. The Rivermont Enterprise Emergent Communities Fund, targeted at $250 million, will invest in small towns and rural areas in the Southeast.

Early Navigation of Opportunity Zone Waters Leaves Many Questions
Despite growing interest in Opportunity Funds and investing in Opportunity Zones, the law does not address many practical issues of how Opportunity Funds will operate and the timing for compliance measures. Very little guidance has been given to date, however, it is expected that additional guidance will be provided by the Treasury Department soon.

For Goldman, Opportunity Zones Make Helping the Poor More Lucrative
Goldman Sachs is racing to make use of Opportunity Zones and potentially popularize it on Wall Street. Days after the legislation passed, Goldman Sachs created an opportunity fund to invest in a project that will add affordable housing to New York's Jamaica neighborhood.

Opportunity Zones: The Latest Insights from Across the Nation (Recording)
In this webinar, Enterprise's Rachel Reilly, Zack Patton, and CDFA's Katie Kramer provide an update on Opportunity Zones. They discuss who's launching Opportunity Funds, provide updates from the Hill and the latest on additional guidance from the IRS; and how cities, regions, and states are planning for investment.

CDFA Opportunity Zones Report: State of the States
In this special report CDFA documents the current status of the Opportunity Zones incentive in states around the country. Using both statistical and anecdotal information gathered from recent surveys and conversations, CDFA highlights the work being done by states as they prepare for the first Opportunity Fund investments.

Will Opportunity Zones Avoid Mistakes of the Past?
In an ideal world, Opportunity Zones designations will infuse capital into low-income, historically marginalized communities. But without clear guidelines in place, will those benefits materialize? This profile from Next City features CDFA VP Katie Kramer, in addition to other close partners of CDFA.

Early Bird Rates Extended to September 21st for 2018 National Summit in Dallas, TX!
Register now to receive the best rates for the 2018 CDFA National Development Finance Summit on November 7-9. During the event you will meet industry experts from public and private sectors and have the ability to connect with financing, learn about the latest approaches, and discover development finance solutions to bring to your local community. Don't miss out on our biggest event of the year!

Upcoming Events
CDFA National Development Finance Summit
Opportunity Zones Headlines

CA Releases New OZ Webpage
State of California | Sep. 14 | Opportunity Zones

Novogradac Releases Two Additional OZ Mapping Tools
Novogradac & Co. | Sep. 7 | Opportunity Zones

Seizing the Opportunity to Finance Small Businesses in New Opportunity Zones
Impact Alpha | Sep. 6 | Access to Capital | Opportunity Zones

Opportunity Zones May Help Investors More Than Distressed Communities
Forbes | Aug. 21 | Opportunity Zones

How to Maximize the $6T OZ Opportunity
Forbes | Aug. 21 | Opportunity Zones

State of OZ in Southern UT
St. George Spectrum & Daily News | Aug. 21 | Opportunity Zones

OZ Offer Unique Benefits for Kern Co., CA
Bakersfield Californian | Aug. 21 | Opportunity Zones

Gov. Murphy, Sen. Booker Talk OZ with Steve Adubato
NJBiz | Aug. 21 | Opportunity Zones

Adviser: Investing in OZ Delivers a Big Tax Benefit
Crain's Cleveland Business | Aug. 21 | Opportunity Zones

Frustrated Developers, Investors Seek Opportunity Zone Guidance
BisNow | Aug. 20 | Opportunity Zones

In Opportunity Zones, Good Things Come to Those Who Hustle
Economics 21 | Aug. 15 | Opportunity Zones

Community Capital Stacks Bring the Right Money to ‘Opportunity Zones'
Impact Alpha | Aug. 9 | Opportunity Zones

OZ Advocates Call for Market Transparency and Impact Accountability
Impact Alpha | Aug. 9 | Opportunity Zones

Opportunity Zones: Moving Toward a Shared Impact Framework
Federal Reserve Bank of New York | Aug. 9 | Opportunity Zones

Figuring Out If 'Opportunity Zones' Can Revitalize Struggling Neighborhoods
Route Fifty | Aug. 7 | Opportunity Zones

Investing in Qualified Opportunity Zones
Forbes | Aug. 6 | Opportunity Zones

OZs to Create Jobs in Low-Income Areas in Manatee Co, FL
Bay News 9 | Aug. 6 | Opportunity Zones

Opportunity Zones Could Jump-Start Redevelopment in Vallejo, CA
BisNow | Aug. 3 | Opportunity Zones

Opinion: Opportunity Zone Collaboration Essential for Erie to Compete
Erie Times-News | Aug. 3 | Opportunity Zones

Displacement Concerns Grow in Opportunity Zones
Impact Alpha | Aug. 2 | Opportunity Zones

What Are Qualified Opportunity Zones?
Wealth Management | Aug. 2 | Opportunity Zones

Louisville, KY Launches Opportunity Zones Map
Insider Louisville | Aug. 1 | Opportunity Zones

Exploring the Potential for Opportunity Zones to Work With LIHTC
Affordable Housing Finance | Aug. 1 | Opportunity Zones | Tax Credits


Resources

Opportunity Zones: An Updated Overview and Look at What's Ahead
Opportunity Zones
Enterprise Community Partners provides an updated look at Opportunity Zones, as well as a look at what's ahead.


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
info@cdfa.net

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