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CDFA Opportunity Zones Update Newsletter - September 21, 2021

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CDFA Opportunity Zones Update
September 21, 2021
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Opportunity Zones Update Newsletter


Arctaris Launches Southwestern Pennsylvania Opportunity Zone Program
CDFA member Arctaris Impact Investors, along with the Richard King Mellon Foundation, announced the launch of the Arctaris Southwestern Pennsylvania Opportunity Zone Program and first investment in the region. The $20 million program will invest in projects that support economic development, workforce training, and sustainable job creation in Opportunity Zones within Allegheny and Westmoreland counties.

Promised Land Opportunity Zone Farms Closes $50M Financing
Promised Land Opportunity Zone Farms I, LLC has announced that it recently closed a $50 million debt financing with Conterra Agricultural Capital, LLC. The 10-year financing facility expands Promised Land's ability to stimulate economic development and promote employment across agricultural communities.

Novogradac Report Shows Opportunity Zones Investment Grew 15.5% in First Half of 2021
Investment in Opportunity Zones continued to grow in the first half of 2021, with qualified opportunity funds tracked by Novogradac surging past $17.5 billion in equity raised.

State Of The Opportunity Zone Marketplace In 2021
Despite their flaws, Opportunity Zones continue to show promise as a powerful tool to attract investment to neglected communities. This is in part due to its scope, covering much more of the country than previous federal economic development programs. Ensuring that the OZ program lives up to its full promise will require both local initiative and national reform.

Impact Community Closes $210M Affordable Housing Fund
IMPACT Community Capital has closed the new $210 million IMPACT Mortgage Opportunity Fund developed in partnership with Rose Community Capital's Bridge Lending Program for affordable housing properties. The loans provide borrowers time to apply for permanent financing and government subsidy programs.

Maryland Announces New Opportunity Zone Microgrants
Governor Larry Hogan announced that seven manufacturing and retail businesses will receive $500,000 to expand and grow in Maryland Opportunity Zones.

Upcoming Events

Intro Tax Credit Finance WebCourse
September 29-30, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Intro Tax Credit Finance WebCourse examines the application of tax credit programs in greater economic development finance efforts. This course discusses the practical application of tax credit programs including brownfields, new markets, low-income housing, historic preservation, and state-specific programs.

SSBCI Learning Series - Module II
September 24, 2021 - 1:00 PM Eastern
The second module of the SSBCI Learning Series will discuss the structure of Venture Capital Programs, Capital Access Programs, and Loan Guarantee Programs. It will also cover private financing strategies for engaging Angel Investors, Venture Capitalists, CDFIs, and Impact Investors.

CDFA-Bricker PACE Webinar Series: Best Practices for Marketing & Selling PACE Across All Market Sectors
Tuesday, September 29, 2021 - 2:00 PM - 4:00 PM Eastern
Now that the PACE marketplace has been "built", how does it become mainstream so that all property owners know about PACE? This workshop will explore proven methods for marketing and selling PACE to contractors, economic development agencies, commercial real estate professionals, and ultimately the property owner.

CDFA Virtual National Summit
November 1-5, 2021 - Daily: 1:00 PM - 5:00 PM (Eastern)

Opportunity Zones Headlines

Federal Opportunity Zone Program Bears Fruit, but Investment Transparency Questions Linger
Springfield Business Journal | Sep. 20 | Opportunity Zones

Opportunity Appalachia Receives Funding to Support OZ investment in Five States
Appalachian Community Capital | Sep. 20 | Opportunity Zones

Ohio QIF 'Build Chillicothe' Cuts Ribbon on First Property
Chillicothe Gazette | Sep. 16 | Community Development | Disaster Recovery & Relief | Housing Finance | Local Finance Program | Opportunity Zones | COVID-19

Environmentally Sustainable Workforce Housing in OZs
OpportunityDb | Sep. 8 | Opportunity Zones

Getting Started With Qualified Opportunity Funds
NerdWallet | Sep. 7 | Opportunity Zones

Maximizing Tax Benefits with Opportunity Zones and Cost Segregation
Bloomberg Tax | Sep. 7 | Opportunity Zones

Developers Seek Investments for Tax-Advantaged Opportunity Zones
San Francisco Business Times | Sep. 7 | Opportunity Zones

IRS Takes Scalpel to Opportunity Zone Regs in New Update
GlobeSt.com | Sep. 3 | Federal | Internal Revenue Service (IRS) | Opportunity Zones

Act Before Year End to Maximize Opportunity Zone Benefits
Lowndes | Sep. 3 | Opportunity Zones

Report studies Opportunity Zones, finds faults
Lake County Examiner | Aug. 30 | Opportunity Zones

Promised Land Opportunity Zone Farms Closes $50M Financing
PR Newswire | Aug. 19 | Access to Capital | Agriculture Finance | Economic Development | Food Systems Finance | Opportunity Zones

New $36M Boutique Hotel in Milwaukee, WI Gets Another Year to Begin Loan Payments
Milwaukee Journal Sentinel | Aug. 19 | Access to Capital | Economic Development | Energy Finance | Historic Preservation | Opportunity Zones | Property Assessed Clean Energy (PACE) | Tax Credits


CDFA-TEDC Webinar: Driving Investment into Texas' Rural Opportunity Zones
Opportunity Zones | Rural Development | Webcasts
During this webinar, expert panelists provided best practices and tips for economic development practitioners on driving investments into rural Opportunity Zones in Texas.

A Playbook for Scaling Latino-Owned Businesses
Access to Capital | Economic Development | Food Systems Finance | Incentives | Opportunity Zones | Revolving Loan Funds (RLFs) | Social Finance
A Playbook for Scaling Latino-Owned Businesses is designed to support the scaling and continued growth of Latino-owned businesses by offering entrepreneur support organizations, financial institutions, and other stakeholders actions they can take to offer Latino entrepreneurs greater access to financial capital, expanded markets, and support for rapid scale.

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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  • NW Financial Group, LLC
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  • The Bond Buyer
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  • Wells Fargo Securities
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