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CDFA Opportunity Zones Update Newsletter - April 16, 2019

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CDFA Opportunity Zones Update
April 16, 2019
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Opportunity Zones Update Newsletter


Kresge Seeds Two Opportunity Funds, with Strings Attached
The Kresge Foundation is anchoring two Opportunity Funds with $22 million in first-loss capital, on the condition that fund managers agree to measure and track their impact. Arctaris Impact and Community Capital Management are launching Opportunity Zone funds, which together are looking to raise and invest $800 million.

20 Issues to Track in the Second Tranche of OZ Guidance
In the next few weeks, the second tranche of proposed OZ regulations will be released. The issues addressed will likely include many of those presented at the most recent public hearing and included in comment letters. In this article, Michael Novogradac discusses 20 OZ guidance areas that may be addressed in the next tranche of guidance.

Small Cities Feel the Clock Ticking on Opportunity Zones
In theory, the Opportunity Zones legislation was intended to spread benefits far and wide. But the many Opportunity Zones in big coastal cities and a few landlocked major cities in the middle of the country with strong real estate markets may promise Opportunity Zone investors better returns than in smaller markets.

State, Local Governments Work to Steer Opportunity Zones Investment
Many state and local governments have fully embraced the Opportunity Zones incentive and have made clear that they want OZ investment in their communities. Beyond conforming state capital gains taxes with the federal incentive, several states are considering additional financial incentives to encourage and direct OZ investments within their states.

Cities and Investors De-Mystify the Opportunity Zone Capital Stack
Conversations around Opportunity Zones have matured from what to how as deadlines loom for claiming full tax benefits. The absence of detailed federal guidance has spurred the kind of bottom-up market-making championed by the late Jeremy Nowak.

Home Sale Prices in Opportunity Zones Jump 25%
Home sale prices of residential properties in designated Opportunity Zones rose by more than 25 percent over the past year, according to a new Zillow report. The Zillow findings are significant because they show the impact the program is already having on real estate prices.

OZs Are Knocking, But Few Answering the Call So Far
Despite a feverish push from developers, accountants and law firms, investors are hesitating before jumping into Opportunity Funds, according to wealth advisers. Some are awaiting more guidance from the Treasury Department, which is expected to release rules this month, while others are heeding caution that some funds are riskier bets or aren't yet up and running.

Midwest Joint Venture Antes Up $1B for Opportunity Zone Development Investment
Decennial Group says it's looking at 250 potential projects, primarily in America's heartland and rural areas. The Chicago-based Decennial Group is targeting investment of $1 billion in development projects to leverage the tax incentives created by the 2017 law.

Upcoming Events
CDFA Summer School

CDFA // BNY Mellon Development Finance Webcast Series: Emerging Structures for Investing in Low-Income Communities
Tuesday, April 23, 2019 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, our expert speakers will discuss the financing structure that supported Plaza 122, a place based specific solution for a community in need.

Opportunity Zones Headlines

MD Bill to Establish OZ Incentives, Extend State HTC Awaits Governor's Signature
Novogradac & Co. | Apr. 10 | Historic Preservation | Incentives | Legislative | Opportunity Zones | State Finance Program | Tax Credits

Bill Would Create Tax Credit Pilot for OZs
Business Report | Apr. 10 | Economic Development | Opportunity Zones | Tax Credits

Eco-friendly Hotel in OR Opportunity Zone Receives Capital Investment
PRNewswire | Apr. 8 | Access to Capital | Green Finance | Historic Preservation | Opportunity Zones

CO OEDIT Hosting Two-Part Opportunity Zones Workshop
Colorado Office of Economic Development and International Trade | Apr. 4 | Opportunity Zones

Batavia Development Corporation Considers $5M Opportunity Fund
The Batavian | Mar. 27 | Opportunity Zones

Oklahoma City, OK 'Urban Village' Project is Planted in an Opportunity Zone
The Oklahoman | Mar. 25 | Economic Development | Opportunity Zones

Petros PACE Closes $1.2M in C-PACE Financing in OH
Benzinga | Mar. 19 | Energy Finance | Opportunity Zones | Property Assessed Clean Energy (PACE)

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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