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CDFA Opportunity Zones Update Newsletter - November 16, 2021

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


GAO Releases Report on Opportunity Zones and Challenges Facing the IRS
The Government Accountability Office (GAO) was asked to review the implementation and use of the Opportunity Zones incentive. This newly-released report describes the process for designating census tracts as Opportunity Zones and compares characteristics of designated and non-designated tracts; describes Qualified Opportunity Funds' experiences with and states' views on the tax incentive; analyzes available IRS data; and evaluates IRS's taxpayer compliance plans, among other objectives.

QOFs Tracked by Novogradac Surpass $20B in Equity Raised
Qualified opportunity funds QOFs tracked by Novogradac raised $20.28 billion by the end of September 2021, a jump of nearly 16% over three months. Novogradac is tracking 1,243 QOFs, of which 909 reported raising a specific equity amount.

Gener8tor's gBETA Accelerator Program is Expanding Into Colorado
CDFA members gener8tor and the Colorado Office of Economic Development and International Trade (OEDIT) have announced a new partnership aimed at growing businesses in Colorado's opportunity zones. The gBETA: Colorado Opportunity Zone Capital Accelerator program will use gener8tor's gBETA model to increase access to capital for businesses in the state's opportunity zones.

Designing Opportunity Zones Initiatives That Benefit Underserved Residents
This webinar from the Economic Innovation Group looks at OZ initiatives that are intentionally designed to improve social, economic, and health outcomes for underserved Black and Latinx residents.

The State of the Opportunity Zone Marketplace
This podcast from OpportunityDb looks at how the Opportunity Zone marketplace has evolved since inception. Discussion topics include: growth of QOFs for operating businesses; trend toward smaller funds; potential legislative and regulatory changes that may be forthcoming; whether impact reporting may become a QOF requirement at some point; and analyzing the size of the Opportunity Zone marketplace.

How Investment and Zoning Can Transform America's Underserved Communities
Leo Gomez of the Brooks Redevelopment Authority looks at how Opportunity Zones and other tools have helped the redevelopment efforts of Brooks Air Force Base in San Antonio, TX.

Upcoming Events
Intro Property Assessed Clean Energy (PACE) Finance WebCourse

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 stormwater mitigation, and sewer overflows.

CDFA Federal Financing Webinar Series: Preserving Local Food Systems with Federal Financing
Tuesday, December 14, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, hear from experts at the USDA about their various programs available for rural food systems and agricultural producers to recover from the pandemic.

Opportunity Zones Headlines

Baltimore's First ‘Zero-Energy' Development Coming to Penn North Neighborhood
Baltimore Sun | Nov. 15 | Energy Finance | Opportunity Zones

Building Momentum on North Temple Transit Corridor
Building Salt Lake | Nov. 15 | Housing Finance | Opportunity Zones

Capital Gains Hike Unlikely to Dispel Opportunity Zones' Allure
Law360 | Nov. 15 | Opportunity Zones

GAO: Opportunity Zone Investments Attracted $29B in 2019 Alone
AltsDb | Nov. 14 | Opportunity Zones

Investors Poured Billions Into Opportunity Zones; Compliance Issues Looming
The Playbook | Nov. 12 | Opportunity Zones

How Opportunity Zones Launched a ‘Gold Rush' for Wealthy Investors
Bloomberg City Lab | Nov. 11 | Opportunity Zones

How Rich Investors Exploit Opportunity Zones
PBS NewsHour | Nov. 11 | Opportunity Zones

GAO Evaluation of Early Opportunity Zones Activity Finds Promise, Need for Data
Economic Innovation Group | Nov. 10 | Opportunity Zones

Opportunity Zones Drew $29B to Low-Income Areas
Fox News | Nov. 10 | Opportunity Zones

GAO Says IRS Opportunity Zone Compliance Study Inadequate
Law360 | Nov. 8 | Opportunity Zones

‘Defective Trust' One Answer to OZ Timeline Quandary
Albuquerque Journal | Nov. 7 | Opportunity Zones

Financially Attractive Development Opportunities Within Lackawanna, NY Brownfield Opportunity Area and Opportunity Zone
Buffalo Business First | Oct. 29 | Brownfield Financing | Incentives | Opportunity Zones | Redevelopment | State Finance Program | Tax Credits

Opportunity Zones Have Mixed Record in Blighted Area
Sacramento Business Journal | Oct. 29 | Opportunity Zones

The Benefits of Investing in a QOF
The National Law Review | Oct. 22 | Opportunity Zones

Basics of QOF Investing: What is a QOZB?
McDermott Will & Emory | Oct. 21 | Opportunity Zones

Origin Investments Doubles Up on Opportunity Zone Funds
GlobeSt | Oct. 21 | Opportunity Zones


Opportunity Zones: Census Tract Designations, Investment Activities, and IRS Challenges Ensuring Taxpayer Compliance
Economic Development | Opportunity Zones
This GAO report describes the process for designating census tracts as Opportunity Zones and compares characteristics of designated and non-designated tracts; describes Qualified Opportunity Funds' experiences with and states' views on the tax incentive; analyzes available IRS data; and evaluates IRS's taxpayer compliance plans, among other objectives.

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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