CDFA Opportunity Zones Update Newsletter - September 17, 2019

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Features

AL Looking at $1B from Opportunity Zone Investments

Turning an 83-year-old school into an assisted living facility. Building a 125-room teaching hotel on a college campus. Converting a downtown Birmingham building vacant for four decades into loft apartments. Those are just three of about $1 billion in potential developments by private investors around Alabama.

Crowdfunding Platform Launches $20M Opportunity Fund

CrowdStreet is launching a $20 million fund that will target new developments and redevelopments in small and mid-market designated Opportunity Zones. The fund will be managed through CrowdStreet Advisors, the company's registered investment advisory service that administers real estate investments for its clients.

Why Opportunity Zones Could Be Key to Transforming Our Cities

The promise of being the base for Amazon's second headquarters was great — so great, in fact, 238 cities jumped into the intense, year-long competition. Contenders had so much faith in the impact they promised robust urban transit systems, tax breaks, talent pipelines and infrastructure support. Used correctly, Opportunity Zones could deliver the promise of many Amazons.

Rockefeller, LISC Partner for Equitable Investment in Opportunity Zones

The Rockefeller Foundation has announced $3.7 million in grants that will benefit Oakland, Dallas, St. Louis, and Washington D.C. as the newest participants in the Opportunity Zone Community Capacity Building Initiative. The Rockefeller Foundation also announced a $400,000 grant to the Local Initiatives Support Corporation (LISC) to help implement the initiative in all six cities.

How to Ensure Opportunity Zone Investments Strengthen Local Communities

For OZs to achieve their purpose of strengthening communities, they must be aligned with investors, local intermediaries, and neighborhood leaders. SSIR has identified three ways in which developers and investors should approach new projects in OZs to ensure the community's welfare and the investment's success.

U.S. Dept. of Commerce Seeks Public Input on Aligning Programs with OZs

The Department of Commerce is seeking public input on aligning federal economic development programs to facilitate investment in qualified Opportunity Zones. The request for information notice is available in the Federal Register until October 18.

Investments in ‘People and Places' Start to Demonstrate Impact in Opportunity Zones

Capital is finally flowing to projects in U.S. Opportunity Zones that promote inclusive development and community empowerment. More than 200 Opportunity Funds have launched across the country, aiming to raise and deploy more than $57 billion.

NM EDD Announces $1M Bonus to OZ Projects

The New Mexico Economic Development Department has unveiled an incentive program for Opportunity Zone projects and is offering a $1 million bonus to investments that meet certain benchmarks. Under the $1 million OZ Jobs Bonus, the NMEDD will use the existing Local Economic Development Act grant fund to kick in the additional money to Opportunity Zone projects.

Upcoming Events

Intro Opportunity Zones Finance WebCourse

Ohio Invests: Opportunity Zones & Development Finance (2019)
September 26, 2019 - Columbus, OH

Join the Ohio Invests: Opportunity Zones & Development Finance conference on September 26, 2019 for a special one-day event in Columbus. This event will feature a number of economic development finance experts from around the state discussing Opportunity Zones and the Development Finance tools, authorities, resources and approaches, and how these can affect the Ohio economy going forward.

New York & New Jersey: Opportunity Zones & Beyond (2019)
October 3, 2019 - New York, NY

Join the New York & New Jersey: Opportunity Zones & Beyond conference on October 3, 2019 for a special one-day event hosted at the offices of BNY Mellon in New York City. This event will feature a number of economic development finance experts from around the state discussing Opportunity Zones and the development finance tools, authorities, resources and approaches, and how these can affect the New York/New Jersey economy going forward.

Georgia Opportunity Zones: Driving Peach State Investment (2019)
October 10, 2019 - Atlanta, GA

Join the Georgia Opportunity Zones: Driving Peach State Investment conference, in partnership with GEDA, on October 10, 2019 for a special one-day conference hosted at the offices of Seyfarth Shaw LLP in Atlanta. This event will feature a number of economic development finance experts from around the state discussing Opportunity Zones and the development finance tools, authorities, resources and approaches, and how these can affect the Georgia economy going forward.

Opportunity Zones Headlines

>>> VIEW THE OPPORTUNITY ZONES RESOURCE CENTER

Resources

IRS - Opportunity Zones Frequently Asked Questions
Internal Revenue Service (IRS) | Opportunity Zones

This newly-updated document from the IRS contains answers to Frequently Asked Questions (FAQs) on Opportunity Zones.

>>> EXPLORE ONLINE RESOURCE DATABASE

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
info@cdfa.net