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CDFA Opportunity Zones Update Newsletter - May 18, 2021

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CDFA Opportunity Zones Update
May 18, 2021
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Opportunity Zones Update Newsletter

Features

Leveraging Opportunity Zones for Infrastructure Investment
The House Committee on Ways and Means has scheduled a hearing for May 19, 2021 to discuss "Leveraging the Tax Code for Infrastructure Investment." This document, prepared by the staff of the Joint Committee on Taxation, provides an overview of tax incentives for the financing of infrastructure, including qualified opportunity zones with a breakdown of how OZ capital can be directed to infrastructure projects.

Neighborhood-Level Investment from the Opportunity Zone Program: Early Evidence
A new report from economists at the University of California Berkeley provides the first real evidence of OZ investment captured in 2019. Approximately $18.9 billion of aggregate OZ investments occurred that year representing nearly 2,500 investments. The authors estimate that 1,362 zones (roughly 16%) received investment and every state saw some form of investment.

IRS Bulletin 2021-10: Qualified Opportunity Zone Boundaries Unaffected by 2020 Decennial Census Changes
This announcement from the IRS confirms that the boundaries of the Designated QOZs were established at the time they were designated and are not subject to change because of the 2020 Census.

Podcast: How Panama City, FL Is Using OZs to Rebuild after Hurricane Michael
This conversation from OpportunityDb features discussion with Mark McQueen, city manager of Panama City, FL, including how Opportunity Zones on the Intracoastal Waterway are attracting investors and developers. Examples of local OZ projects in Panama City are provided.

Tracked Qualified Opportunity Fund Investment Grows $1B Since End of 2020
Qualified opportunity funds (QOFs) tracked by Novogradac reported an increase of more than $1 billion in investment since the end of 2020. QOFs tracked by Novogradac reported an equity raise of $16.34 billion for investment in opportunity zones (OZs) as of April 12, up from $15.16 billion reported at the end of 2020.

Assembling Capital for Infrastructure Projects
CDFA will bring together development finance experts from different infrastructure disciplines to analyze financing tools being used nationwide. The Intro Infrastructure Finance Web Course will help communities understand the fundamental concepts behind infrastructure projects with a focus on raising capital to achieve local and regional needs. Financing tools discussed include bonds, tax credits, revolving loan funds, Opportunity Zones, federal programs, and more.

Upcoming Events
CDFA Virtual Summer School
Opportunity Zones Headlines

$1M Investment from Erie Insurance Brings Growth to Opportunity Zone Business
OpportunityDb | May. 18 | Opportunity Zones

Census Counts Won't Expand Opportunity Zones and Tax Breaks
GlobeSt.com | May. 17 | Opportunity Zones

Qualified Opportunity Zone Investing: A Life Saver for Tax Reform
Cole Schotz | May. 17 | Opportunity Zones

Little Opportunity Fund Money Going to Non-Zones, JCT Finds
Bloomberg Tax | May. 17 | Opportunity Zones

EIG Welcomes IRS Guidance on Opportunity Zone Boundaries Given 2020 Census Changes
EIG | May. 14 | Opportunity Zones

Industrial Development Coming to Mesa, AZ Opportunity Zone
OpportunityDb | May. 10 | Opportunity Zones

Opportunity Zones Provide a Way to Hedge Expected Tax Hike
GlobeSt.com | May. 5 | Opportunity Zones

Sen. Tim Scott Addresses Opportunity Zones During Hartsville, SC Visit
WMBF News | May. 3 | Legislative | Opportunity Zones

Opportunity Zones Targeted for Renewable Energy Projects
Inside Indiana Business | Apr. 29 | Energy Finance | Opportunity Zones

Retail Rekindled on a Former Brownfield Site in Baltimore, MD
Chain Store Age | Apr. 28 | Brownfield Financing | Community Development | Food Systems Finance | Opportunity Zones | Tax Credits | Case Studies | Case Studies | Case Studies | Federal New Markets Tax Credits (NMTCs)

BDO Zone Investment Coalition Announces $1B of Deployable Capital for Biobased Projects
Cision | Apr. 22 | Opportunity Zones | Tax Credits | Federal New Markets Tax Credits (NMTCs)

Assessing the Scale and Reach of Opportunity Zones' First Year
EIG | Apr. 22 | Opportunity Zones

Biden Administration Debating How to Overhaul a Trump-Era Tax Break
New York Times | Apr. 21 | Opportunity Zones

Alabama House Passes Rural, Agribusiness, and Opportunity Zone Jobs Act
Alabama Political Reporter | Apr. 21 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Opportunity Zones | Rural Development | State Finance Program | COVID-19


Resources

OZ Prospectus - City of Adelanto, California
Community Development | Opportunity Zones | Rural Development
This is an Opportunity Zone Prospectus for the City of Adelanto, California. It was produced through collaboration between the City, San Bernardino County, and Local Equity LLC.

OZ Prospectus - Town of Apple Valley, California
Community Development | Opportunity Zones | Rural Development
This is an Opportunity Zone Prospectus for the Town of Apple Valley, California. It was produced through collaboration between the Town, San Bernardino County, and Local Equity LLC.

OZ Prospectus - City of Barstow, California
Community Development | Opportunity Zones | Rural Development
This is an Opportunity Zone Prospectus for the City of Barstow, California. It was produced through collaboration between the City, San Bernardino County, and Local Equity LLC.

OZ Prospectus - City of Colton, California
Community Development | Opportunity Zones | Rural Development
This is an Opportunity Zone Prospectus for the City of Colton, California. It was produced through collaboration between the City, San Bernardino County, and Local Equity LLC.

OZ Prospectus - City of Fontana, California
Community Development | Opportunity Zones | Rural Development
This is an Opportunity Zone Prospectus for the City of Fontana, California. It was produced through collaboration between the City, San Bernardino County, and Local Equity LLC.

OZ Prospectus - City of Grand Terrace, California
Community Development | Opportunity Zones | Rural Development
This is an Opportunity Zone Prospectus for the City of Grand Terrace, California. It was produced through collaboration between the City, San Bernardino County, and Local Equity LLC.

OZ Prospectus - City of Hesperia, California
Community Development | Opportunity Zones | Rural Development
This is an Opportunity Zone Prospectus for the City of Hesperia, California. It was produced through collaboration between the City, San Bernardino County, and Local Equity LLC.

OZ Prospectus - City of Highland, California
Community Development | Opportunity Zones | Rural Development
This is an Opportunity Zone Prospectus for the City of Highland, California. It was produced through collaboration between the City, San Bernardino County, and Local Equity LLC.

OZ Prospectus - City of Loma Linda, California
Community Development | Opportunity Zones | Rural Development
This is an Opportunity Zone Prospectus for the City of Loma Linda, California. It was produced through collaboration between the City, San Bernardino County, and Local Equity LLC.

OZ Prospectus - City of Needles, California
Community Development | Opportunity Zones | Rural Development
This is an Opportunity Zone Prospectus for the City of Needles, California. It was produced through collaboration between the City, San Bernardino County, and Local Equity LLC.

OZ Prospectus - City of Ontario, California
Community Development | Opportunity Zones | Urban Development
This is an Opportunity Zone Prospectus for the City of Ontario, California. It was produced through collaboration between the City, San Bernardino County, and Local Equity LLC.

OZ Prospectus - City of Redlands, California
Community Development | Opportunity Zones
This is an Opportunity Zone Prospectus for the City of Redlands, California. It was produced through collaboration between the City, San Bernardino County, and Local Equity LLC.

OZ Prospectus - City of Rialto, California
Community Development | Opportunity Zones | Urban Development
This is an Opportunity Zone Prospectus for the City of Rialto, California. It was produced through collaboration between the City, San Bernardino County, and Local Equity LLC.

OZ Prospectus - County of San Bernardino, California
Community Development | Economic Development | Opportunity Zones | Rural Development | Urban Development
This is an Opportunity Zone Prospectus for the County of San Bernardino, California. It was produced through collaboration between San Bernardino County and Local Equity LLC.

OZ Prospectus - City of San Bernardino, California
Community Development | Opportunity Zones | Urban Development
This is an Opportunity Zone Prospectus for the City of San Bernardino, California. It was produced through collaboration between the City, San Bernardino County, and Local Equity LLC.

OZ Prospectus - City of Upland, California
Community Development | Opportunity Zones
This is an Opportunity Zone Prospectus for the City of Upland, California. It was produced through collaboration between the City, San Bernardino County, and Local Equity LLC.

OZ Prospectus - City of Victorville, California
Community Development | Opportunity Zones | Urban Development
This is an Opportunity Zone Prospectus for the City of Victorville, California. It was produced through collaboration between the City, San Bernardino County, and Local Equity LLC.

OZ Prospectus - City of Yucaipa, California
Community Development | Opportunity Zones | Rural Development
This is an Opportunity Zone Prospectus for the City of Yucaipa, California. It was produced through collaboration between the City, San Bernardino County, and Local Equity LLC.


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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