Technical Assistance


CDFA Opportunity Zones Update Newsletter - February 18, 2020

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CDFA Opportunity Zones Update
February 18, 2020
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Opportunity Zones Update Newsletter


CDFA and The Opportunity Exchange Launch Partnership
Columbus, OH - The Council of Development Finance Agencies (CDFA) and The Opportunity Exchange (TOE) are pleased to announce the launch of a new partnership increasing opportunities for members to integrate modern technical tools into their local community and economic development strategies.

Opportunity Alabama Wins National Award and Grant
Opportunity Alabama, the nation's first nonprofit organization to create a marketplace for Opportunity Zone (OZ) investment in a state, has been named the best OZ organization in the U.S. for rural communities.

Final Tax Regulations Offer More Certainty to OZ Fund Managers and Investors
The focus of this Client Alert is certain of the changes introduced by the Final Regulations, which serve to encourage investment in operating businesses and commingled funds, arguably the areas which hold the most promise for positively impacting existing communities in the Opportunity Zones.

OH Taxpayers Save $240M by Investing in Opportunity Zones
In 2019, taxpayers saved approximately $240 million by reinvesting their otherwise taxable capital gains into 85 new business ventures located in Ohio opportunity zones, according to filings made with the Ohio Development Services Agency. Nationally, an estimated $6.72 billion has been invested in opportunity zone funds.

WI Could be the First State to Expand Opportunity Zone Tax Incentives
In Wisconsin, a bill is working its way through the state Legislature to make the program more enticing to investors. But critics say tax incentives for the wealthy could lead to poorer people being displaced from their neighborhoods. Under state Senate Bill 440, Wisconsin could become one of the first states to give even larger tax breaks to the investors who are the primary beneficiaries of this tax policy.

Penn Station Redevelopment gets Opportunity Zone Funding from Local Investor
Transformative plans to upgrade Penn Station into a modern transit and mixed-use hub got a boost from local opportunity zone investors. Blueprint Local, a fund based at Brown Advisory in Fells Point, announced it would infuse an undisclosed amount of private capital into the massive redo at the historic train station in Midtown. It is the second opportunity zone investment in Baltimore.

Senator Scott Mulls Bill Giving States a Mulligan on Choosing Opportunity Zones
Sen. Tim Scott (R-SC) said at the United States Conference of Mayors that he is considering a bill that would allow local and state governments to revisit a small percentage of the census tracts that were, or were not, designated opportunity zones in 2018. Scott said he is in discussions with Sen. Cory Booker (D-NJ), his fellow co-sponsor on the original legislation, and Sen. Ron Wyden (D-OR), on a new bill.

Federal Tax Bulletin: Final Qualified Opportunity Zone Regulations Adopt Many Changes
The final Opportunity Zones regulations largely conform to the proposed regulations that Treasury had previously issued. However, there are many important changes incorporated into the final regulations, generally reflecting an effort by Treasury to make the rules work better for taxpayers.

Upcoming Events
CDFA Federal Policy Conference

CDFA // BNY Mellon Development Finance Webcast Series: To TIF or Not to TIF, is TIF the Right Tool For Your Project?
Tuesday, March 17, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series experts will examine the best strategies local governments and analysts are using to determine appropriate TIF assistance levels.

Intro Bond Finance WebCourse
February 26-27, 2020 - Daily: 12:00 - 5:00 PM Eastern
The Intro Bond Finance WebCourse provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

Opportunity Zones Headlines

CDFA Releases Roadmap to Redevelopment for the Former Native Service Hospital in Anchorage, AK
CDFA | Feb. 13 | Brownfield Financing | CDFA Original Research | CDFA Press Releases | Community Development | Economic Development | Housing Finance | Opportunity Zones | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs) | Tax Credits | Tax Increment Finance (TIF) | Tribal Finance | U.S. Dept. of Housing & Urban Development (HUD) | U.S. Dept. of Treasury CDFI Fund | U.S. Environmental Protection Agency (EPA) | Urban Development

Midas Hospitality Closes Second Opportunity Zone Fund
Travel Daily News | Feb. 12 | Opportunity Zones

Chicago, IL Lags Behind Other Big Cities in Opportunity Zones Projects
The Real Deal | Feb. 12 | Opportunity Zones | Urban Development

New Report Shows Opportunity Zones Can Fuel IL Medical District Growth
Cision PR Newswire | Feb. 12 | Opportunity Zones | Social Finance

Catalyst Announces First Opportunity Zone Projects
GlobeSt | Feb. 11 | Opportunity Zones

Mtech Ventures Wins $50K in SBA Funding to Support Opportunity Zone Innovation
Maryland Technology Enterprise Institute | Feb. 11 | Access to Capital | Federal | Opportunity Zones

Why Cannabis And Opportunity Zones Could Be A Budding Industry
BisNow | Feb. 5 | Opportunity Zones | Social Finance

Final Tax Opportunity Zone Rules: A Deep Dive
Forbes | Feb. 3 | Opportunity Zones

CT Governor, State's ECD Announce New Program to Benefit Businesses in OZs
CT News Junkie | Jan. 30 | Access to Capital | Opportunity Zones | Revolving Loan Funds (RLFs)

Draft Puerto Rico Opportunity Zone Regulation Published
Caribbean News | Jan. 30 | Opportunity Zones

The Final Regulations: What's New, What's Changed, and What's Stayed the Same
The National Law Review | Jan. 30 | Opportunity Zones

Bozeman, MT Developers Plan ‘Missing Middle' Apartments Within OZs
Bozeman Daily Chronicle | Jan. 30 | Opportunity Zones

Charleston, SC Initiative Aims to Incentivize Affordable Housing Development in OZs
Charleston City Paper | Jan. 28 | Opportunity Zones

Fifth Third Bank Announces Chicago-based Decennial Group as Partner for $30M Investment in Opportunity Zones
Business Wire | Jan. 27 | Opportunity Zones

Brownfields Included in Final Opportunity Zones Regulations
JD Supra | Jan. 23 | Brownfield Financing | Opportunity Zones


Roadmap to Redevelopment Report: Anchorage, AK
Bond Finance | Brownfield Financing | CDFA Original Research | Community Development | Economic Development | Housing Finance | Incentives | Infrastructure Finance | Opportunity Zones | Public-Private Partnership (P3) Financing | Redevelopment | Revolving Loan Funds (RLFs) | Special Assessment Districts | State Finance Program | Tax Credits | Tax Increment Finance (TIF) | Tribal Finance | Urban Development
This report provides financing strategies for the redevelopment of the Former Alaska Native Service Hospital in Anchorage, AK

Joint Committee on Taxation Report: Overview of Selected Provisions for Financing Infrastructure Investments
Bond Finance | Community Development | Historic Preservation | Housing Finance | Infrastructure Finance | Legislative | Opportunity Zones | Public-Private Partnership (P3) Financing | Tax Credits
This report by the Staff of the Joint Committee on Taxation was prepared on January 29, 2020 for a hearing before the House Committee on Ways and Means. It discusses an overview of infrastructure financing options, including the highway trust fund, infrastructure banks, tax-exempt bonds, P3s, NMTCs, Opportunity Zones, LIHTCs, and Historic Rehab Tax Credits.

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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