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CDFA Opportunity Zones Update Newsletter - March 19, 2019

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CDFA Opportunity Zones Update
March 19, 2019
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Opportunity Zones Update Newsletter


CDFA to Host OZ Panel of Federal Agency Leaders at Federal Policy Conference
As part of our 2019 Federal Policy Conference, on April 17 CDFA will host a two-hour session on Opportunity Zones and Federal Financing Collaborations. The session will feature a keynote address from Dr. Ben Carson, Secretary of HUD, followed by panel discussions featuring Opportunity Zones experts from around the country and senior officials from SBA, USDA, EDA, and HUD.

>>>Register Today!

Investors Eagerly Await Rules on Opportunity Zones
A new batch of tax regulations from the Treasury Department will establish the most comprehensive guidelines yet for what sorts of investments qualify for tax benefits associated with Opportunity Zones, and how investors must proceed in order to take advantage of them.

Will the IRS Include Brownfields Properties in Its Opportunity Zone Regulations?
IRS draft regulations currently under consideration do not appear to allow for inclusion of brownfields in the Opportunity Zones created by the Tax Cuts and Jobs Act. That could mean a real lost opportunity for many communities since brownfields often are in the very areas that the Opportunity Zone program is intended to benefit.

DeWine Proposes Tax Credit to Aid Distressed Communities
DeWine told a morning business roundtable at the University of Akron that the 10 percent income tax credit for Opportunity Zones in the state will be included in his proposed 2020-21 budget. The income tax credit also is intended to induce people outside the state to invest in Ohio. Under DeWine's proposal, the 10 percent income tax credit would be nonrefundable.

FL Bill Would Create Commissions for Opportunity Zones
HB 481 would create Opportunity Zone development agencies composed of eight to 13 members, who would be appointed by municipalities and not receive compensation. Those agencies would develop strategic plans for each zone and apply for state incentives, including sales tax credits and a 60% reduction in property tax assessments for improvements made.

CO OEDIT Announces Availability of OZ Technical Support Grants
The Colorado Opportunity Zone Program Office now has grants available to provide technical support for community-oriented Opportunity Zone projects. These grants must be applied for by a local economic development organization or equivalent, (like chamber of commerce, municipality leadership, etc), but can be used to support a public or private project.

Commentary: The Problem With Opportunity Zones
By waiving capital-gains taxes for long-term investments in more than 8,000 designated census tracts around the country, Opportunity Zones are intended to stimulate commerce and create jobs in economically distressed communities. Unfortunately, without strong reporting requirements, it will be impossible to determine the true value of the incentive.

HUD Expands LIHTC to Encourage OZ Investments
The federal Opportunity Zones program has been wildly popular with investors and developers, but critics say the tax incentive program has so far not gone to areas most in need. Now, the Department of Housing and Urban Development has announced an initiative to encourage affordable housing investment within the thousands of designated Opportunity Zones nationwide.

CDFA Launches Federal Financing Webinar Series: Opportunity Zones
CDFA is renewing its Federal Financing Webinar Series with a focus on Opportunity Zones. The CDFA Federal Financing Webinar Series: Opportunity Zones is a four-part online offering that will convene finance experts, federal agencies, and local development finance practitioners to discuss the variety of ways federal grants, loans, guarantees and credit enhancements can leverage greater investment in Opportunity Zones.

Upcoming Events
CDFA Federal Policy Conference
Opportunity Zones Headlines

As OZ Regs Are Finalized, Here's How Money May Flow
The Business Journals | Mar. 18 | Opportunity Zones

These Opportunity Zone Investors Want to Support Local Businesses
Next City | Mar. 13 | Opportunity Zones

IRS Signals New OZ Tax Break Details to Come Shortly
Financial Advisor IQ | Mar. 13 | Federal | Opportunity Zones

HUD Plans to Give Preference to Affordable Housing in OZs
The Real Deal | Mar. 13 | Opportunity Zones

Fund Announces $9.6M for Pittsburgh, PA Brownfield/OZ Industrial Site
Pennsylvania Business Report | Feb. 22 | Brownfield Financing | Opportunity Zones | Redevelopment | Urban Development

Opportunity Zones Must Work for Working Businesses
The Hill | Feb. 22 | Opportunity Zones

Amazon HQ2 Was an 'Unfortunate Distraction' From 'Needy Communities'
Governing | Feb. 21 | Opportunity Zones

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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