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CDFA Opportunity Zones Update Newsletter - December 17, 2019

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CDFA Opportunity Zones Update
December 17, 2019
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Opportunity Zones Update Newsletter


CDFA Legislation to Modernize Private Activity Bonds Introduced in Congress
The Council of Development Finance Agencies (CDFA) is pleased to announce that Representatives Stephanie Murphy (D-FL) and Darin LaHood (R-IL) have introduced the Modernizing Agricultural and Manufacturing Bonds Act (MAMBA) in the U.S. House of Representatives as H.R. 5422. MAMBA would modernize the Internal Revenue Code (IRC) as it relates to small issue bonds, specifically the private activity bond rules for first-time farmers and manufacturing bonds.

Announcing the CDFA Federal Policy Conference: April 14-15, 2020 in Washington, DC
The CDFA Federal Policy Conference will highlight policies and programs at the federal level and will feature development finance experts and practitioners from key federal agencies, congressional offices, and policy organizations. Attendees will have access to networking opportunities with a dozen federal agencies, a federal grant application writing workshop, and so much more. Register now to secure your spot!

Meet The Forbes OZ 20: The Top Players Investing For Lasting Impact
Powered by the Sorenson Impact Center, Forbes is debuting the Forbes OZ 20: The Top Opportunity Zone Catalysts. Comprised of 10 trailblazing community organizations and 10 innovative OZ funds, the Forbes OZ 20 shines a light on the players harnessing the new tax policy to unlock transformative economic potential and create lasting change in America's overlooked communities.

New Statewide WI Opportunity Zone Fund Raising up to $25M
A new statewide opportunity fund aims to help Wisconsin investors benefit from the federal Opportunity Zone incentive program while investing in real estate development and business startups within their home state. The so-called Badger State Opportunity Fund was spearheaded by the city of Racine, which is where the fund would be headquartered.

FDIC and OCC Propose to Modernize Community Reinvestment Act Regulations
The Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) announced a proposal to modernize the agencies' regulations under the Community Reinvestment Act (CRA) that have not been substantively updated for nearly 25 years.

TN ECD Announces Second Round of Regional Opportunity Zone Training
The Tennessee Department of Economic and Community Development announced that it will begin hosting the second round of regional training sessions in partnership with local leaders to educate stakeholders on the benefit of Opportunity Zones.

Sens. Scott, Grassley, Colleagues Introduce Expanded Bill on OZ Reporting Requirements
The IMPACT, or Improving and Reinstating the Monitoring, Prevention, Accountability, Certification, and Transparency Provisions of Opportunity Zones, Act includes a variety of reporting requirements, fully listed below, to provide for the most robust and granular analysis over time on the targeted impacts of investments in Opportunity Zones

OH Opportunity Zone Tax Credit Application Period Opens January 2, 2020
Taxpayers interested in claiming the first-come, first-served Ohio Opportunity Zone Tax Credit for the tax year 2019 should be aware that the window to apply for the tax credit will open at 10:00 am EST on January 2, 2020. The window to apply will close at 5:00 pm EST on January 31, 2020.

Pairing the Opportunity Zones Incentive with Historic Tax Credits
Developers are continually looking for ways to make use of the OZs incentive to drive investment to their projects. Among them, historic tax credit (HTC) developers are exploring ways to combine the OZs incentive with HTC investments for their often difficult to finance projects. Many HTC projects are located in OZs, which makes considering the potential to raise OZ capital a worthwhile exercise for these developers.

Upcoming Events
CDFA Federal Policy Conference
Opportunity Zones Headlines

Opportunity Zones Could Help Entice More Businesses to Downtown Wheeling, WV
WTOV9 | Dec. 13 | Opportunity Zones | Urban Development

HUD Awards Nearly $200M to 52 Native American Tribes, Tribally Designated Housing Entities
U.S. Department of Housing and Urban Development | Dec. 13 | Federal | Housing Finance | Opportunity Zones | Tribal Finance | U.S. Dept. of Housing & Urban Development (HUD)

Five Historic For-Sale Properties in a Hattiesburg, MS OZ Receive Attention
Mississippi Business Journal | Dec. 12 | Opportunity Zones | Redevelopment

Filing Frenzy Shows Companies Lining up for Opportunity Zones
Pensions & Investments | Dec. 11 | Opportunity Zones | U.S. Dept. of Treasury

How OZ Funds Are Adhering to Policy Intent
OpportunityDb | Dec. 11 | Opportunity Zones

$90M Asheville, NC Mixed-Use Apartment Project up for Vote; 488 Units Planned
Citizen Times | Dec. 10 | Housing Finance | Opportunity Zones

Treasury Submits Updated Opportunity Zones Rules to OIRA
Office of Information and Regulatory Affairs | Dec. 9 | Federal | Opportunity Zones | U.S. Dept. of Treasury

Real Estate Outlook 2020 Trends and Opportunities
Houston Business Journal | Dec. 6 | Housing Finance | Opportunity Zones | Tax Credits | Tax Credits\Low Income Housing Tax Credits (LIHTCs) | Tax Credits\Federal New Markets Tax Credits (NMTCs) | Tax Credits\State New Markets Tax Credits

The Most Transformative Project in America
The Philadelphia Citizen | Dec. 5 | Historic Preservation | Opportunity Zones | Property Assessed Clean Energy (PACE) | Tax Credits | Opportunity Zones\Case Studies | Property Assessed Clean Energy (PACE)\Case Studies | Tax Credits\Low Income Housing Tax Credits (LIHTCs) | Tax Credits\Federal Historic Rehab Tax Credits | Tax Credits\Federal New Markets Tax Credits (NMTCs)

Hotel Covington in Cincinnati, OH to Expand as Part of $22.5M Mixed-Use Project
Cincinnati Business Journal | Dec. 4 | Access to Capital | Housing Finance | Opportunity Zones

$400M Waterfront Revitalization Project Set to Solve Major Challenges in Pawtucket, RI
The Valley Breeze | Dec. 3 | Economic Development | Infrastructure Finance | Opportunity Zones | Tax Increment Finance (TIF) | Water Finance

Hackensack, NJ Officials Will Use $100K Grant To Assess Redevelopment Potential of OZs
Tap Into Hackensack | Nov. 27 | Opportunity Zones

PA Former Steel Site Is Turning Into An Aquaponics Facility
Pittsburgh Post Gazette | Nov. 20 | Access to Capital | Agriculture Finance | Food Systems Finance | Opportunity Zones

Economic Innovation Group Launches Interactive Opportunity Zones Map
Economic Innovation Group | Nov. 20 | Member News | Opportunity Zones

EDA Invests to Support Entrepreneurial Development Near UT Opportunity Zone
U.S. Economic Development Administration | Nov. 20 | Access to Capital | Federal | Opportunity Zones | U.S. Economic Development Administration (EDA)

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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