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Special Edition - CDFA Opportunity Zones Update Newsletter - April 23, 2019

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CDFA Opportunity Zones Update
April 23, 2019
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Opportunity Zones Update Newsletter

Spotlight

U.S. Treasury Releases Second Tranche of Proposed Opportunity Zones Regulations
On April 17, the U.S. Department of the Treasury announced the release of the much anticipated second tranche of Opportunity Zones guidance. The announcement, coming first at the CDFA Federal Policy Conference and later at the White House Opportunity Zones Conference, brings new and essential information on the tax treatment and special issues related to:
  • Operating businesses in Opportunity Zones
  • Land and land leases
  • Original use and building vacancy
  • Opportunity Fund assets and investments
This special edition of the Opportunity Zones Update Newsletter includes both in-depth and high-level overviews of the latest guidance, as well other notable articles from the past week discussing relevant Opportunity Zones information.

Features

Implementation Plan for The White House Opportunity and Revitalization Council
This report outlines the plan of the White House Opportunity and Revitalization Council (Council) to implement administrative reforms and initiatives that will target, streamline, coordinate, and optimize Federal resources in Opportunity Zones to stimulate economic development, encourage entrepreneurship, expand educational and workforce development opportunities, and promote safe neighborhoods.

Treasury Releases Second Round of Opportunity Zone Guidance
On Wednesday, April 17th, Treasury released the latest round of guidance on the Opportunity Zones program. In this article, Opportunity Alabama offers a concise overview of the essential regulatory features included in the second tranche of OZ guidance.

HUD Announces RFI on Maximizing the Positive Impact of Opportunity Zones
The U.S. Department of Housing and Urban Development has announced a Request for Information (RFI) seeking public input on how the Department can use its existing authorities to maximize the beneficial impact of Opportunity Zones for residents and their communities.

View Recording of White House Opportunity Zone Conference
On Wednesday, April 17 over 170 people from across the Nation attended the White House Opportunity Zones Conference with State, Local, Tribal, and Community Leaders. The entire conference was recorded and is available to be viewed online.

Opportunity Zone Rules Leave Out Data Reporting, Penalty Details
Proposed rules on Opportunity Zones left some holes—such as the breadth of data the government has the authority to collect on the funds and how the Internal Revenue Service will handle penalties. Officials have said publicly that there will be three tranches of rules, with the April 17 batch being the second.

Investors Are Hesitant': Rural America Might Miss Out on 'Opportunity Zones'
Rural areas account for 40 percent of the designated opportunity zones, which offer private companies and investors tax breaks in exchange for investing in certain low-income communities. But some warn that even with the tax incentives, many rural areas still likely won't benefit unless state and local governments intervene to make the investment less risky.

Opportunity Zones: Highlights of the Second Set of Proposed Regulations
The second round of proposed Opportunity Zones regulations appear to answer many of the questions taxpayers have been asking, and provide some welcome flexibility to investors and businesses that want to take advantage of the opportunity zone incentives. 

Clarity Provided by Second Tranche of Treasury Regulations
The second tranche of Opportunity Zones guidance brings added regulatory clarity for investors, fund managers and others seeking to bring much needed equity capital to operating and real estate businesses in OZs. The 169 pages of proposed regulations also include updates to portions of previously proposed regulations. 

Second Round of Treasury Guidance: Key Provisions
The long-awaited second round of Opportunity Zone-related Proposed Regulations were issued Wednesday, April 17, 2019. The new guidance picks up where the last round left off, in that the Proposed Regulations are investor-friendly and will likely pull previously reluctant investors off the sidelines.

New OZ Regulations Clarify 50% Gross Income Test for OZ Businesses
The second tranche of OZ regulations provides guidance to OZ investors on how to comply with the requirement that an OZ business must derive 50 percent of its gross income from the active conduct of business in the qualified Opportunity Zones.

The 7 Most Important Things We Learned From The Opportunity Zone Regulations
Nearly 15 months after the creation of the Opportunity Zones incentive, industry officials hope the new set of guidelines will finally give local city officials guidance and developers and investors confidence to start investments in the more than 8,700 distressed communities in the U.S.

Upcoming Events
CDFA Summer School
Opportunity Zones Headlines

States, Cities Add Sweeteners to Attract Opportunity Zone Investors
Governing | Apr. 19 | Opportunity Zones

Latest Opportunity Zones Guidelines Offer More Clarity For Business Investments
Route Fifty | Apr. 19 | Opportunity Zones

April Updates on Opportunity Zones
Enterprise Community Partners | Apr. 18 | Opportunity Zones

Opportunity Zone Rules Deliver on Investors' Wish List
Bloomberg | Apr. 17 | Opportunity Zones

Second Round of Opportunity Zone Guidance Released
Affordable Housing Finance | Apr. 17 | Opportunity Zones

Treasury Issues Rules on Tax Breaks for Opportunity Zones
The New York Times | Apr. 17 | Opportunity Zones

Cities and Investors De-Mystify the Opportunity Zone Capital Stack
ImpactAlpha | Apr. 16 | Opportunity Zones



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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