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.