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CDFA Opportunity Zones Update Newsletter - May 19, 2020

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CDFA Opportunity Zones Update
May 19, 2020
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Opportunity Zones Update Newsletter

Features

Economic Innovation Group Conducting National Survey of Opportunity Zones Stakeholders
The Economic Innovation Group is seeking responses to its national survey of Opportunity Zones stakeholders to gain insights on current market activity, investor behavior, and factors that may shape the OZ ecosystem in 2020 and beyond. The results will be discussed at an EIG webinar in June. The survey closes at 5:00 pm PT on Friday, May 22, 2020.

Novogradac Opportunity Funds List Surpasses $10B in Investment
Just as the nation was beginning to recognize the toll the COVID-19 pandemic would take, investment in qualified opportunity funds (QOFs) reached a notable fundraising milestone. Investment in QOFs tracked on the Novogradac Opportunity Funds List has surpassed $10 billion–and the total invested in all QOFs is likely significantly more than that.

Opportunity Zones Market Trends and COVID-19
As we seek to emerge from the public health and global economic crises, serious questions remain about how to deliver recovery that is equitable and builds resilience across our nation. While still in its relative infancy, the OZ incentive could offer insights and lessons for the nation and support broader efforts to deliver an equitable recovery from COVID-19.

Opportunity Zones Deadlines Extended and Primed for What Comes Next
Investing in Opportunity Zones has become more complicated since the IRS released the final OZ regulations in December and the COVID-19 outbreak caused numerous states to issue stay-at-home orders, which had rippling effects across the national economy. It is important to consider these new regulations and important economic shifts when looking to invest in OZs.

The Case for Opportunity Zone Investments in Rural Areas
For investors battered by the stock market, Opportunity Zones offer a win-win. Opportunity Zones allow investors to benefit from the initiative's capital gains tax breaks, to make money, accomplish multi-generational long-term financial planning and diversify their portfolios away from equities. The tool has been underutilized in rural areas, despite the potential these areas hold.

Two Startups to Receive Opportunity Zone Funds in Warren, OH
Two Brite Energy Innovators portfolio companies have received funding through the federal Opportunity Zone program.  The two companies – Warren-based Intwine Connect and GeneratorWorks in Akron – are among the first startups in the nation to make use of Opportunity Zone funds, Brite said in the news release announcing the funding. 

First Homes Selling in Newest Pocket Neighborhood in Kachina Village, AZ
AspireFund, a Qualified Opportunity Zone Fund (QOF), has celebrated the fourth home sold in newly developed Kachina Pines, the first subdivision built in Kachina Village in more than 15 years. These modestly-priced Craftsman-style homes are the first of nine affordable housing units as part of the much-lauded Opportunity Zone development project spearheaded by AspireFund leader Ryan Scott.

Opportunity Zone Progress Slows in COVID-19 Crisis
As of April, 406 vehicles have raised $10.1B for Opportunity Zone funds, Novogradac reports. The firm notes that its data may under-report the capital raised by more than half because many funds are private and do not report fundraising totals. Even so, Opportunity Zones have failed to approach initial estimates by some proponents who eyed the $6T pot of capital gains that could potentially be invested.

$400M Renewable Fuels Plant to Be Built in Jasper County, IL
The City of Newton, IL plans to build a $400M renewable diesel plant in Southern Illinois that envisions utilizing innovative technologies and a new healthcare protocol to test and certify a COVID-19 free workforce. The 40-acre site is within a federally-designated Opportunity Zone and is believed to be one of the largest projects proposed in an OZ to date.

Upcoming Events
CDFA Federal Financing Webinar Series: Federal Recovery Resources from the EDA

CDFA Food Systems Finance Webinar Series: The Landscape of Food Systems Finance
Thursday, May 28, 2020 - 2:00 PM Eastern
For the second installment of the CDFA Food Systems Finance Webinar Series, we will present key initiatives and programs being used to finance local food systems, and how CDFA is continuing to prove the food system as an asset class.

CDFA-Bricker PACE Webinar Series: PACE Program Efficiency - Managing An Effective PACE Program
Tuesday, June 9, 2020 - 11:00 AM - 1:00 PM Eastern
In this webinar, PACE professionals explore best practices in establishing and managing a PACE program and about new efficiencies being developed to drive more effective delivery of PACE programs and projects.

CDFA-ARI Rural Finance Webinar Series: Building the Road to Recovery
Wednesday, June 10, 2020 - 1:00 PM - 2:30 PM Central
During the third installment of the CDFA-ARI Rural Finance Webinar Series, we will discuss the development finance tools that can support rural economies as they rebuild to be stronger than ever.

Opportunity Zones Headlines

EPA Selects Two Vermont Projects to Receive $800K for Brownfields Cleanup
Vermont Business Magazine | May. 6 | Brownfield Financing | Opportunity Zones | U.S. Environmental Protection Agency (EPA) | EPA Assessment Grants | EPA Clean-Up Grants

EDA to Invest $1.5M to Improve Internet Bandwidth for Businesses in Corning, NY
Genessee Sun | Apr. 27 | Infrastructure Finance | Opportunity Zones | U.S. Dept. of Commerce (DOC) | U.S. Economic Development Administration (EDA) | Broadband

Kansas City, MO Receives EPA Grant to Aid Redevelopment in Opportunity Zones
Patch | May. 11 | Brownfield Financing | Opportunity Zones | U.S. Environmental Protection Agency (EPA) | Local Brownfield Programs | EPA Clean-Up Grants

Northern Wyoming Community College District Receives Federal Funding for Health Sciences Facility
The Sheridan Press | May. 11 | Federal | Opportunity Zones | Social Finance | U.S. Economic Development Administration (EDA) | Health

Maine to Receive $1.3M for Brownfields Cleanup at Three Sites
Maine Biz | May. 11 | Brownfield Financing | Opportunity Zones | U.S. Environmental Protection Agency (EPA) | State Brownfield Programs | EPA Clean-Up Grants

Virginia's New Solar Project Development Laws Offer Opportunities and Potential Risks
JD Supra | May. 6 | Energy Finance | Opportunity Zones | State Finance Program | Tax Credits | State Energy Tax Credits | State Energy Tax Credits | State Tax Credit Programs

Beaver County, PA Awarded $600K for Brownfield Assessments
Ellwood City Ledger | May. 6 | Brownfield Financing | Opportunity Zones | U.S. Environmental Protection Agency (EPA) | EPA Assessment Grants

Eight Senators Ask Treasury to Modify OZ Rules Due to Impact of COVID-19
Novogradac | May. 5 | Disaster Recovery & Relief | Federal | Opportunity Zones | COVID-19

Colorado Outdoors Announces $1M Opportunity Zone Investment
Montrose Daily Press | May. 5 | Housing Finance | Opportunity Zones

Texas' First Opportunity Zone Investment Breaks Ground on the South Side
Brooks | Apr. 30 | Community Development | Opportunity Zones

U.S. Department of Commerce Invests $13M to Build Disaster Resilient Business Incubator in Puerto Rico Opportunity Zone
U.S. Department of Commerce | Apr. 29 | Economic Development | Opportunity Zones | U.S. Economic Development Administration (EDA)

Opportunity Zone Success Strategies During COVID-19, with Jill Homan
OpportunityDb | Apr. 29 | Disaster Recovery & Relief | Opportunity Zones | COVID-19

How Opportunity Zones Could Help Restore The Economy After COVID-19
Milwaukee Community Journal | Apr. 27 | Disaster Recovery & Relief | Incentives | Opportunity Zones | COVID-19

Home Prices Continue Rising in Two-Thirds of Opportunity Zones
AZ Big Media | May. 18 | Opportunity Zones

Trump Administration Provides Assistance for Community Revitalization, Local Food Economy
U.S. EPA | May. 14 | Agriculture Finance | Economic Development | Food Systems Finance | Opportunity Zones


Resources

Opportunity Zone Development Profile - Parramore Oaks
Green Finance | Housing Finance | Opportunity Zones | Special Assessment Districts | Tax Credits
Parramore Oaks will bring 120 new energy-efficient homes and a boost of economic activity to a downtown Orlando, FL community. It is a new energy-efficient apartment building for families, bringing mixed-income with 96 affordable homes and 24 market-rate homes using Opportunity Zone equity and housing tax credits.

Opportunity Zone Development Profile - The Tappan
Housing Finance | Opportunity Zones
Cleveland-based Sustainable Community Associates (SCA) have broken ground on their fourth development in the city—The Tappan—which will bring 95 new apartments and a bakery to the Tremont neighborhood.

Opportunity Zone Development Profile - Ox Fibre Apartments
Historic Preservation | Housing Finance | Opportunity Zones | Tax Credits
Ox Fibre Apartments will bring 83 new affordable apartments to Frederick, MD—a growing community located within one hour of both Washington, D.C. and Baltimore. Layering Opportunity Zones equity with state LIHTC, federal Historic Tax Credits (HTC), and additional sources of debt will allow the developer to bring a 19th century warehouse back to life while providing much-needed one-, two-, and three-bedroom homes at price points affordable to current residents.

IRS Regulations for Opportunity Zones & Brownfields Redevelopment
Brownfield Financing | Opportunity Zones
This document provides an overview of information on Internal Revenue Service (IRS) regulations with respect to brownfields investment in Opportunity Zones. Learn more about how Opportunity Zones can help local governments meet goals for sustainable and equitable development.


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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