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CDFA Opportunity Zones Update Newsletter - July 16, 2019

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CDFA Opportunity Zones Update
July 16, 2019
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Opportunity Zones Update Newsletter


SEC and NASAA Outline OZ Securities Laws Considerations
The staffs of the Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA) have provided a summary of the Opportunity Zone incentive that briefly discusses the program and describes the compliance implications for Opportunity Funds under federal and state securities laws.

HUD Bets on Tech Innovation for Opportunity Zones
The U.S. Department of Housing and Urban Development has announced that it will co-lead an Opportunity Zone-focused workforce challenge of the U.S. Census Bureau's "The Opportunity Project (TOP)" initiative. TOP is an accelerator program that matches tech companies, universities, government, and communities together to create useful digital products for the public.

IRS Still Has a Lot on Its OZ Regulations Plate
The second and likely final public hearing for the Opportunity Zones incentive showed that the incentive's staunchest advocates are still hoping the federal government makes some changes to the rules before they are finalized. The second hearing was held on July 9, 2019.

Harvest Returns: An OZ Fund in TX to Nurture Ag Investments
Harvest Returns, a Fort Worth-based investment platform for agriculture, announced that it has launched the Sustainable Agriculture Opportunity Zone Fund to help farmers in Qualified Opportunity Zones (QOZs). With Harvest Returns' new fund, it intends to achieve tax-advantaged capital appreciation in projects that are sustainable economically, socially, and environmentally.

PACE Equity Deal First in Nation to Combine PACE Funding and an OZ Fund
PACE Equity recently completed funding $4.3 million for the construction of a new Hyatt House hotel in Rochester, Minnesota. It is notably the first Opportunity Zone fund project in the nation to include PACE funding to date. The hotel developer turned to PACE Equity, who ultimately funded $4.3 million. The remainder of the capital stack was provided by a construction loan of $29.7 million and $14.4 million equity.

Investments in Renewable and Conventional Power Projects in Opportunity Zones
A significant majority of qualified Opportunity Funds (QOFs) have focused on real estate development, but QOFs that target investments in infrastructure projects including electric generating and storage facilities may present compelling opportunities for developers and investors.

What Investors Need To Know About The 'Three Waves' Of Opportunity Zones
The OZ life cycle consists of three distinct waves; the land rush, the business boom, and the end zone. Wave two, or the business boom, will be the sweet spot of the OZ program as OZ businesses have the potential to generate much better investor returns than real estate projects. As with venture investing in general, the target returns for OZ business investing should be at least 10 times the investment.

SC Opportunity Fund Launches OZ Summit
The SC Opportunity Zone Summit will take place on October 10th at the Greenville, SC Convention Center. This one-day summit offers a glance at how investors can maximize the positive impact of Opportunity Zones throughout South Carolina. U.S. Senator Tim Scott, along with an array of industry experts, business leaders and community stakeholders will be in attendance.

Upcoming Events
CDFA Summer School
Opportunity Zones Headlines

39 States Conform with Opportunity Zones Incentive
Duane Morris | Jul. 14 | Opportunity Zones

Capital Square Launches New OZ Platform
Yahoo Finance | Jul. 11 | Opportunity Zones

PR Begins Economic Recovery
BisNow | Jul. 10 | Access to Capital | Bond Finance | Economic Development | Opportunity Zones | Tax Credits

Summary Of The Inaugural Tribal Treasury Advisory Committee Meeting
Mondaq | Jul. 10 | Community Development | Economic Development | Opportunity Zones | Tax Credits | Tribal Finance

Treasury Risks Dropping the Ball on OZ Accountability
The Hill | Jul. 10 | Opportunity Zones

Unanswered Questions from the April Regulatory Guidance on Opportunity Zones
JD Supra | Jul. 5 | Internal Revenue Service (IRS) | Opportunity Zones | U.S. Dept. of Treasury

The Education Opportunity in Opportunity Zones
Education Next | Jul. 2 | Community Development | Economic Development | Opportunity Zones

EPA Targets Opportunity Zones for Cleanup
Connect Commercial Real Estate | Jun. 27 | Brownfield Financing | Opportunity Zones

Appleton Partners Announces Municipal Opportunity Zone Credit Strategy
Business Wire | Jun. 26 | Bond Finance | Opportunity Zones

Developer Planning $75M, 344 Apartment Project in Downtown Cincinnati, OH
FOX 19 | Jun. 24 | Access to Capital | Housing Finance | Opportunity Zones | Urban 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


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