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CDFA Opportunity Zones Update Newsletter - October 19, 2021

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CDFA Opportunity Zones Update
October 19, 2021
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Opportunity Zones Update Newsletter


Project Spotlight: Investing in Erie, PA
Opportunity Zones have been a major catalyst for revitalizing Erie, PA, attracting $40 million in OZ investment for the redevelopment of historic buildings into hundreds of residential units and commercial spaces. OZs are only one piece of the puzzle, and multiple financing sources have been layered to realize the vision of a more thriving community in one of the nation's poorest zip codes. Join the CDFA Virtual National Summit to discuss the investment solutions that are driving the revitalization of downtown Erie.

Government Strategies for Deploying Federal Funding in Opportunity Zones
The Economic Innovation Group (EIG), a CDFA member, hosted a webinar to discuss how state and local governments are considering Opportunity Zones (OZ) as part of broader strategies to deliver COVID-19 and economic relief funding, and how OZ equity is being integrated into the suite of economic development financing tools.

Only the Rich Can Play: The Story of Opportunity Zones
David Wessel, director of the Hutchins Center at Brookings, recently published a new book "Only the rich can play: How Washington works in the new Gilded Age." Listen to several interviews with Wessel and other OZ advocates and skeptics focused on reforms that might make the program more effective.

Texas Department of Agriculture Endorses AgriTech Project in Qualified Opportunity Zone Fund
Sid Miller, Texas Agriculture Commissioner shares his support for the work of LoneStar Life Sciences and its efforts within their Qualified Opportunity Zone Fund. Commissioner Miller stated, "The Texas Department of Agriculture's mission is to partner with all Texans to make Texas the nation's leader in agriculture, fortify our economy, empower rural communities, promote healthy lifestyles, and cultivate winning strategies for rural, suburban, and urban Texas through exceptional service and the common threads of agriculture in our daily lives."

New Opportunity Zone Fund Focused on ESG and Sustainable Infrastructure
Tocqueville Asset Management, a New York wealth management firm, announced the first multi-sector Opportunity Zone Fund strategies focused on strong ESG guidelines. Tocqueville is collaborating with CapZone Impact Investments LLC, a preeminent expert in this area, to manage a series of Opportunity Zone Funds structured with the potential to deliver tax advantaged returns to investors.

Agenda Announced for the 2021 CDFA Virtual National Summit, November 1-5
Throughout 2021, CDFA has focused on four key concepts: Restore, Preserve, Invest, and Protect. These themes formed the basis of our work this past year and will guide our discussions during the upcoming Summit. Registration is open and the full agenda is now available online. Join us in November to find new ways of helping your community with development finance!

Upcoming Events
CDFA Virtual National Summit

CDFA-Bricker PACE Webinar Series: PACE 2.0 - The Next 10 Years
Tuesday, November 30, 2021 - 2:00 PM - 4:00 PM Eastern
It has been approximately 10 years since the first PACE programs began. During this workshop, our speakers will provide insights related to expanding PACE assessments to benefit buildings and properties for other non-energy related improvements such as indoor air quality, lead water pipe replacement, surface storm water mitigation, and sewer overflows.

Opportunity Zones Headlines

Ecostrat Announces Newest BDO Zone Designation in Siloam Springs, AR
Ecostrat | Oct. 19 | Energy Finance | Green Finance | Member News

Opinion: How Opportunity Zones Became a Tax Loophole for the Rich
New York Times | Oct. 19 | Opportunity Zones

One Acadiana, APC Awarded for Opportunity Zone Initiative
The Acadiana Advocate | Oct. 19 | Opportunity Zones

Opportunity Zones All But Certain to Change the Way Investors Do Business
Columbus Business First | Oct. 15 | Opportunity Zones

CDFI Fund Opens the FY 2021 Funding Round for the Bank Enterprise Award Program
CDFI Fund | Oct. 13 | Access to Capital | Community Development | Federal | U.S. Dept. of Treasury CDFI Fund

Opportunity Zones News Briefs - October 2021
Novogradac & Co | Oct. 1 | Opportunity Zones

Fulton County, NY Set to Host Brownfields Summit
The Leader-Herald | Sep. 24 | Brownfield Financing | Economic Development | Opportunity Zones | Redevelopment

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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CDFA National Sponsors

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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