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, 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.

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.

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.

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.

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.

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.

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.

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

Intro Bond Finance WebCourse
February 26-27, 2020 - Daily: 12:00 - 5:00 PM Eastern

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This report provides financing strategies for the redevelopment of the Former Alaska Native Service Hospital in Anchorage, AK

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.

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