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CDFA Opportunity Zones Update Newsletter - March 16, 2021

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CDFA Opportunity Zones Update
March 16, 2021
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Opportunity Zones Update Newsletter


Opportunity Zones: State of the Marketplace 2021
This 2021 EIG report explores whether the Opportunity Zones policy and regulations are working as intended, what its early effects have been, and details the improvements needed to ensure the policy fulfills its promise. While the early findings from the field provide cause for optimism, there is room for policy improvements and continued opportunities to educate investors, local leaders, and other stakeholders.

Opportunity Zones: The Early Evidence
The Hutchins Center on Fiscal and Monetary Plicy at Brookings convened a virtual conference on February 24 on Opportunity Zones. Ed Glaeser of Harvard gave opening remarks, follows by a presentation from CDFA Member Kenan Fikri of the Economic Innovation Group. The conference audio recording and presentations are now available online.

Richard King Mellon Foundation and Arctaris to Invest $20M in Pittsburgh Area Opportunity Zones
The Richard King Mellon Foundation is teaming with CDFA member Arctaris Impact Investors to invest $20 million in job initiatives and economic development in Opportunity Zones in Allegheny and Westmoreland counties. The partnership — the Southwestern Pennsylvania Opportunity Zone Program — includes a $4 million commitment from the foundation and $16 million from Arctaris.

Opportunity Zones Mapping Tool Updated to Show OZs with Boundary Changes
The Novogradac Opportunity Zones Mapping Tool has been updated to indicate whether there are boundary changes to qualified OZ census tracts due to the 2020 Census, a change that will necessitate IRS guidance, since eligibility for the OZ incentive is based on 2010 census tract boundaries.

The Impact of Opportunity Zones on the Residential Real Estate Market
A new paper examines the impact of OZs on residential real estate. The authors analyze census-tract demographics data between 2010 and 2019 as well as a proprietary dataset comprising 36.1 million residential transactions spanning all 50 U.S. states. The report shows that the OZ program increased real estate prices by 4-6%, but did not have a significant effect on the transaction volume.

Qualified Opportunity Zones: Delayed Timelines and Tracking Changes
Opportunity Zones have not escaped the uncertainties and upheaval brought on by the pandemic. Christopher Hanewald of CBIZ & Mayer Hoffman McCann P.C. sorts out the guidance and outlines remaining questions.

Representatives Burchett, Cuellar Introduce Opportunity Zone Extension Act of 2021
U.S. Representatives Tim Burchett (R-TN) and Henry Cuellar (D-TX) introduced the Opportunity Zone Extension Act of 2021. This bipartisan legislation would extend the Opportunity Zones program until the end of 2028.

Upcoming Events

Intro Opportunity Zones Finance WebCourse
April 28-29, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Intro Opportunity Zones Finance WebCourse will bring together program designers, fund managers, communities, investors, and policy experts to educate and review the most up-to-date thinking and strategies on how to maximize Opportunity Zone designations and how best to attract zone investments. This interactive webcourse will help communities bring all economic development stakeholders to the table, and have a firm understanding of how the development finance toolbox can both encourage and supplement Opportunity Fund investments.

Opportunity Zones Headlines

Grocery Store Newest Investment in Baltimore Opportunity Zone
Baltimore Business Journal | Mar. 16 | Food Systems Finance | Opportunity Zones

COVID-19 Relief for New Markets Tax Credit Program and Opportunity Zone Program
Butler Snow | Mar. 16 | Disaster Recovery & Relief | Opportunity Zones | Tax Credits | COVID-19

Opportunity Zones and Impact on Labor Markets
Brookings | Mar. 15 | Opportunity Zones

Opportunity Zones Kick-Starting Development in Troy, MI
Crains Detroit | Mar. 14 | Opportunity Zones

Opportunity Zone COVID Relief and the Great Fund Formation Rush of January 2021
Bloomberg Tax | Feb. 26 | Disaster Recovery & Relief | Opportunity Zones | COVID-19

How Innovation Districts Can Lead Inclusive Recovery
The Philadelphia Citizen | Feb. 25 | Brownfield Financing | Federal | Opportunity Zones | Social Finance | Tax Credits

Former HUD Secretary Ben Carson Comments on Opportunity Zones
Fox Business | Feb. 25 | Opportunity Zones

Distressed Communities and the Role of Economic and Tax Incentives
Forbes | Feb. 22 | Housing Finance | Opportunity Zones | Social Finance | Tax Credits | Tax Increment Finance (TIF)

Legislation Would Extend Opportunity Zones Incentive Through End of 2028
Novogradac | Feb. 18 | Federal | Legislative | Opportunity Zones


Opportunity Zones Prospectus - Brattleboro, Vermont
Access to Capital | Opportunity Zones
This is an Opportunity Zones prospectus for Brattleboro, Vermont. It was authored in partnership with the Brattleboro Development Credit Corporation.

Opportunity Zone Prospectus - Lyndon, Vermont
Access to Capital | Opportunity Zones
This is an Opportunity Zone Prospectus for the city of Lyndon, Vermont.

Opportunity Zone Prospectus - Newport, Vermont
Access to Capital | Opportunity Zones
This is an Opportunity Zone Prospectus for Newport, Vermont.

Opportunity Zone Investment Guide - City of Winooski, Vermont
Access to Capital | Opportunity Zones
This is an Opportunity Zone Investment Guide for the City of Winooski, Vermont.

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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