CDFA Opportunity Zones Update Newsletter - February 16, 2021

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Features

CDFA Releases Policy Priorities for the Biden-Harris Administration

Development Finance Solutions for Building Back Better: Policy Priorities for the Biden-Harris Administration outlines 18 key development finance policies, including reforms to Opportunity Zones. Built in collaboration with development finance agencies across the country and several key advocacy partners, this paper provides a roadmap for the new administration to use development finance solutions to address the numerous interconnected challenges facing the U.S. economy.

Announcing the Opportunity Appalachia Investor Convening

CDFA is pleased to partner with Opportunity Appalachia to bring their Investor Convening to a national audience on February 23-24, 2021. The virtual event will include 16 Opportunity Zones projects ready for investment in West Virginia, Virginia, and Ohio, along with panel discussions about the importance of linking capital to rural Appalachian communities. Registration is now open and all interested stakeholders are encouraged to attend.

New Jersey Providing Discounts to OZ Businesses in Need of PPE

CDFA member, the New Jersey Economic Development Authority, is providing discounts off the price of personal protective equipment for small businesses. For those located in one of New Jersey's Opportunity Zones, up to $1,000 is available as a discount on PPE purchases.

Erie, PA Receives $500K Grant from Appalachia Regional Commission

The City of Erie, PA received a $500,000 Appalachian Regional Commission (ARC) POWER Grant to install high efficiency LED lighting, cameras, and free public Wi-Fi. The grant will help the city expand their Smart City initiative to Erie's eight Opportunity Zones.

Opportunity Funds Investment Report: $15B in Equity by End of 2020

Novogradac reports that investment in Opportunity Zones by qualified opportunity funds has surpassed $15 billion through the end of 2020. The latest data, which is voluntarily shared by funds across the U.S., continues a steady increasing trend since tracking began in May 2019.

IRS Notice Provides COVID-19 Relief to QOFs, OZ Investors, OZ Businesses

The IRS issued a notice providing relief to qualified opportunity funds and their investors due to the COVID-19 pandemic, extending opportunity zones relief provided by an earlier notice. Notice 2021-10 provides relief for the 180-day investment requirement, the 30-month substantial improvement period, 90% investment standard for QOFs, a working capital safe harbor for OZ businesses, and a 12-month reinvestment period for QOFs.

US EDA Invests $1.5 Million to Support Commercial Redevelopment Project in Jefferson City, MO Opportunity Zone

The Economic Development Administration (EDA) is awarding a $1.5 million grant to the city of Jefferson City, MO, to support the commercial redevelopment of the historic Missouri State Penitentiary site, which is located in an Opportunity Zone. The EDA grant will be matched with $1.6 million in local funds and is expected to create 67 jobs and generate nearly $28 million in private investment.

Upcoming Events

CDFA Federal Financing Webinar Series: Federal Programs for Affordable Housing Investment

Intro Opportunity Zones Finance WebCourse
April 28-29, 2021 - 12:00 - 5:00 PM Eastern

The Intro Opportunity Zones Finance WebCourse will bring together program designers, fund managers, communities, investors, and policy experts to educate and review the most up-to-date thinking and strategies on how to maximize Opportunity Zone designations and how best to attract zone investments. This interactive webcourse will help communities bring all economic development stakeholders to the table, and have a firm understanding of how the development finance toolbox can both encourage and supplement Opportunity Fund investments.

Opportunity Zones Headlines

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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