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CDFA Opportunity Zones Update Newsletter - August 18, 2020

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CDFA Opportunity Zones Update
August 18, 2020
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Opportunity Zones Update Newsletter

Features

Opportunity Zones & the U.S. Department of Transportation
The U.S. Department of Transportation (USDOT) regularly reports to the White House Opportunity and Revitalization Council's Chair and Vice-Chair on implementation actions and progress made within the Economic Development work stream. Through this subcommittee, USDOT will leverage federal grants and loans in a more integrated way to develop dilapidated properties and provide basic infrastructure and financial tools to attract private investment. 

Why 2020 Is Primed for Opportunity Zone Investments
Amid all the bad news, there may be one bright spot this summer (and beyond) for investors: Opportunity Zones. New deadlines, growing momentum, and various market factors will converge to make such investments — and the positive social impact they bring — more attractive than ever.

Leveraging OZs to Build a Food Co-Op
In Opportunity Virginia's July newsletter, Director of Investments Jay Beekman sits down with Rich Larochelle, Chairman of the Board of Directors of the Fredericksburg Food Cooperative ("FXBG Co-op"). The FXBG Co-op recently finished a $4.3M capital raise that will allow it to launch a full-service, member-owned grocery store with a mission to provide Fredericksburg, VA, and the surrounding area with access to locally-grown and locally-sourced products.

There's Still Time To Invest In Qualified Opportunity Zones
The sale of assets in order to survive the impact of COVID-19 will likely present unique opportunities in the real estate market—especially those in and surrounding QOZs. With many businesses forced to shut down and real estate markets on the edge of a pullback, properties available for redevelopment within QOZs may start to become more accessible.  Read about some such QOZs here.

To Boost Black Communities, Support Black-Owned Banks
Systemic racial injustice has been brought to the forefront across communities and industries, and it requires our attention. There is a powerful yet relatively simple solution: Allow minority depository institutions (MDIs) and community development financial institutions (CDFIs) to qualify for Opportunity Zone–type investments.

Banks Get Green Light for Opportunity Zone Investing
Banks can now invest in opportunity zones (OZs), according to a new ruling from federal regulators that invites new money into the qualified opportunity funds (QOFs) created to funnel money into projects in those census-designated and Treasury-approved areas.

Republican or Democrat, The Opportunity Zone Program Will Likely Change Next Administration
With bipartisan support in place since its inception, the federal Opportunity Zone program frequently touted by the Trump administration appears likely to last another presidential term, although perhaps in a modified form. On the legislative front, a bill by U.S. Sen. Tim Scott, a Republican from South Carolina, and one of the opportunity zone bill's original sponsors, would put reporting requirements in place and has a good chance of becoming law, experts say.

Can Opportunity Zones Recover from the COVID-19 Crisis?
Do Opportunity Zones have the potential to create a more optimistic and hopeful outlook, and to help build national recovery and resiliency in the wake of the COVID-19 pandemic and economic crisis? On August 5, OpportunityDb co-hosted a live national webinar briefing with Egils Milbergs at OZ Accelerator. The webinar featured opening remarks from Senator Tim Scott (R-SC) and a panel with guests from Urban Institute, Sen. Scott's office, Sorenson Impact Foundation, Emsi, EIG, and SBA.

Arctaris Impact Investors Launches $25M Opportunity Zone Initiative RFP + FAQs
Arctaris Impact Investors is inviting you to participate in our $25M Place-Based Opportunity Zone Fund Investment Initiative. This initiative intends to improve the quality of life for all Americans by providing Opportunity Zone investment capital for community development programs that would otherwise go unfunded. Arctaris will award each recipient $25 million or more of Opportunity Zone capital in combination with localized match dollars from government, philanthropic, or private sector partners.

Upcoming Events
CDFA-Bricker PACE Webinar Series: Policy and the Future of PACE

CDFA // BNY Mellon Development Finance Webcast Series: Investing in Childcare Facilities
Thursday, August 27, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will showcase various childcare facilities financing programs from across the country and highlight projects that have successfully utilized these tools.

Intro Infrastructure Finance WebCourse
September 23-24, 2020 - Daily: 12:00 - 5:00 PM Eastern
The Intro Infrastructure Finance WebCourse, in partnership with Frost Brown Todd and its affiliate FBT Project Finance Advisors, will help communities understand the fundamental concepts behind infrastructure projects with a focus on raising capital to achieve local and regional needs.

Opportunity Zones Headlines

Arctaris Impact Investors Request for Proposal: $25M Place-Based Opportunity Zone Investment Initiative
Arctaris Impact Investors | Aug. 14 | Member News | Opportunity Zones | Job Postings & RFPs

HUD's Carson Provides Opportunity Zone Updates
DSNews | Aug. 14 | Opportunity Zones | U.S. Dept. of Housing & Urban Development (HUD)

Miami Is Getting Two New Affordable Housing Projects, Both Inside Opportunity Zones
Miami Herald | Aug. 14 | Housing Finance | Opportunity Zones

Richman Plans Senior Housing on Allapattah Opportunity Zone Property
The Real Deal | Aug. 14 | Healthcare | Housing Finance | Opportunity Zones | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

City of Albuquerque Creates Opportunity Zones Website to Attract Investments
KRQE | Aug. 13 | Opportunity Zones

MCG Finances $65M Loan for New Medical Center in Northern California
AccessWire | Aug. 13 | Opportunity Zones

$1B Rosemont Redevelopment Plan Calls for First 1,000 Homes by 2023
Orlando Sentinel | Aug. 10 | Housing Finance | Opportunity Zones

Urban Catalyst Drives Economic Development in Downtown San Jose Opportunity Zone Despite Pandemic-Related Slowdown
PR Newswire | Jul. 28 | Access to Capital | Opportunity Zones | Opportunity Funds

Opportunity Zone Focus Behind Creation of New Clearwater Company
Catalyst | Jul. 28 | Local Finance Program | Opportunity Zones | Opportunity Funds

EDA Invests $1.2M to Make Critical Infrastructure Improvements to Support Manufacturing in Iowa Opportunity Zone
U.S. EDA | Jul. 28 | Infrastructure Finance | Opportunity Zones | U.S. Economic Development Administration (EDA) | Transportation

Financing for 150-Unit Affordable Housing Development in New Orleans Opportunity Zone Provided by Walker & Dunlop
PR Newswire | Jul. 28 | Housing Finance | Opportunity Zones | Tax Credits | Low Income Housing Tax Credits (LIHTCs)

Los Angeles, CA Opportunity Zone Project Breaks Ground
MultiHousingNews | Jul. 28 | Housing Finance | Opportunity Zones

Developers Get to Take a Swing at the Tropicana Field Site
Catalyst | Jul. 27 | Opportunity Zones | Tax Increment Finance (TIF)

COVID's Impact on Opportunity Zone Funds May Surprise You
Million Acres | Jul. 27 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Opportunity Zones | COVID-19

Agriculture Cold Storage Companies Expand Due to COVID-19
AZ Big Media | Jul. 27 | Agriculture Finance | Food Systems Finance | Opportunity Zones

Reshoring Advanced Manufacturing Supply Chain to Generate Good Jobs
Brookings | Jul. 23 | Disaster Recovery & Relief | Economic Development | Food Systems Finance | Infrastructure Finance | Opportunity Zones | Revolving Loan Funds (RLFs) | Tax Credits | COVID-19

EDA Invests $3.3M to Rebuild Airport Hangar Buildings Damaged by Hurricanes in Carteret County, NC
WNCT 9 | Jul. 22 | Disaster Recovery & Relief | Federal | Infrastructure Finance | Opportunity Zones


Resources

Opportunity Zones: A Place-Based Incentive for Investment in Low-Income Communities
Opportunity Zones
Section 1400Z,2 of the Tax Cuts and Jobs Act of 2017 created a new place-based tax incentive intended to spur economic development and job creation in distressed communities designated as "Opportunity Zones." Although Opportunity Zones (OZs) are the latest place-based tax incentive, they also represent a sweeping expansion of the approach— both in terms of the potential tax benefits being provided and the huge scale of the geography now covered for reduced income taxes for investors.

How Opportunity Zones Can Help Accelerate Post-COVID Economic Resurgence: A Milken Institute Working Paper
Disaster Recovery & Relief | Economic Development | Opportunity Zones | Redevelopment | Resiliency
In a post-COVID world, it will be imperative to invest in our underserved communities' capacity to serve themselves, and in their resilience. Opportunity Zones are one tool to drive this effort. The Milken Institute has developed this state and local official training guide to help community leaders engage more effectively with the private sector and philanthropic partners to create new, lasting models for building local prosperity and community wealth.


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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