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CDFA Opportunity Zones Update Newsletter - May 21, 2019

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CDFA Opportunity Zones Update
May 21, 2019
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Opportunity Zones Update Newsletter


HTC Growth and Opportunity Act Introduced in House
Reps. Earl Blumenauer, Darin LaHood, Terri Sewell, and Mike Kelly have introduced the Historic Tax Credit Growth and Opportunity Act. The legislation aims to bring more value to HTC transactions by eliminating the HTC basis adjustment requirement, and increasing the credit from 20 to 30 percent for properties with rehabilitation expenses of less than $2.5 million.

Opportunity Zones Could Skip Over Rural Places
Rural communities, like many urban neighborhoods, need outside investment to create jobs, build affordable housing, and provide critical services. Unfortunately, for many investors, rural deals are often too small and come with too much risk. Similarly, rural real estate appreciates very slowly and few investors know rural places and players.

MI Solar Developer Emphasizes Job Training in OZs
Chart House Energy is using Opportunity Zones to help hire and train workers in low-income communities. Chart House is also working across Michigan to develop solar projects that capture the tax benefits from Opportunity Zones in an effort to offer lower cost power. In an Ypsilanti project, the for-profit entity owns the system and provides discounted power to the host facilities.

PR Governor Signs Opportunity Zones Development Act
Puerto Rico Gov. Ricardo Rosselló has signed Senate Bill 1147, which establishes the regulatory framework for the development of Opportunity Zones on the island under the U.S. Tax Cuts and Jobs Act of 2017. The governor expects that with the help of the legislation, Puerto Rico will attract some $600 million in OZ investments across the island.

New Opportunity Zone Reporting Requirements Aim To Measure Social Impact
Senators Tim Scott (R-SC), Cory Booker (D-NJ), Todd Young (R-IN) and Maggie Hassan (D-NH) have announced legislation that would require investors to provide the Department of Treasury with important data so that it can measure the social impact being made around the country as a result of Opportunity Zones.

Making the Most of Opportunity Zones
The complexity, breadth of geographic opportunities, and potential value to investors of Opportunity Zones, make navigation supports important. To attract investors, state administrators may need to offer coordination and interaction with investors and other OZ stakeholders. Investors may otherwise find it difficult to identify attractive projects in certain communities.

How Philanthropy Leverages Opportunity Zones
Cities in the broadest sense — local governments, urban institutions, urban networks will need to act with deliberate agency and purpose if OZs are to spur growth that is inclusive, sustainable and truly transformative. Given this perspective, it is clear that philanthropies have a critical role in helping cities realize the full impact of Opportunity Zones.

Implementation Plan for The White House Opportunity and Revitalization Council
This report outlines the plan of the White House Opportunity and Revitalization Council to implement reforms and initiatives that will optimize Federal resources in Opportunity Zones. The White House aims to stimulate economic development, encourage entrepreneurship, expand educational and workforce development opportunities, and promote safe neighborhoods.

U.S. Treasury Releases Second Tranche of Proposed Opportunity Zones Regulations
On April 17, the U.S. Department of the Treasury announced the release of the much anticipated second tranche of Opportunity Zones guidance. The announcement, coming first at the CDFA Federal Policy Conference and later at the White House Opportunity Zones Conference, brings new and essential information on the tax treatment and special issues related to:
  • Operating businesses in Opportunity Zones
  • Land and land leases
  • Original use and building vacancy
  • Opportunity Fund assets and investments

Upcoming Events
CDFA Summer School
Opportunity Zones Headlines

Over 700 Acres of Brownfield Land in Dallas, TX is Now an Opportunity Zone
Builder | May. 20 | Brownfield Financing | Community Development | Opportunity Zones

JMP Launches an Opportunity Zone Platform: Portfolio Products
ThinkAdvisor | May. 20 | Opportunity Zones

Catalyst Launches First Real Estate Opportunity Zone Fund
PE Hub Network | May. 20 | Opportunity Zones

Harris Bay Announces Opportunity Zone Investment in Boutique Riverwalk Hotel
BusinessWire | May. 19 | Access to Capital | Opportunity Zones

Kankakee, IL Holds Community Meeting to Discuss Opportunity Zones
Daily Journal | May. 19 | Community Development | Local Finance Program | Opportunity Zones

Rural America Is the Next Place to Pioneer
The Hill | May. 19 | Food Systems Finance | Infrastructure Finance | Opportunity Zones | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs) | Rural Development

Opportunity Zone in Missoula, MT Lands First Investment, Forming Basis of a Tech Campus
KPAX | May. 17 | Access to Capital | Community Development | Innovation Finance | Opportunity Zones | Tax Increment Finance (TIF)

Alpha Capital Partners Closes Deal to Add Housing in Opportunity Zone
Multi-Housing News | May. 16 | Access to Capital | Housing Finance | Opportunity Zones

$80M Improvement Plan Announced for South Bend, IN Convention Center
WNDU 16 | May. 15 | Opportunity Zones | Tax Credits | Tax Increment Finance (TIF) | U.S. Dept. of Housing & Urban Development (HUD)

City Of Houston, TX Pinpoints OZ Projects
BisNow | May. 9 | Opportunity Zones

Clean Energy in OZs
PV Magazine | May. 6 | Energy Finance | Opportunity Zones

OH Port Authority Working on New Approach
Herald-Star | May. 6 | Community Development | Economic Development | Energy Finance | Opportunity Zones | Tax Credits

Restoring Opportunity to Cities through Opportunity Zones
Crain's Cleveland Business | May. 1 | Opportunity Zones

Kilpatrick Townsend: Highlights of Second Round of Proposed OZ Regulations
Kilpatrick Townsend | Apr. 29 | Opportunity Zones

Opportunity Zones Will Be a Boost to the Muni Market
The Bond Buyer | Apr. 25 | Bond Finance | Opportunity Zones

Food and Housing Community Idea for Bellingham, WA Waterfront
The Bellingham Herald | Apr. 25 | Community Development | Economic Development | Food Systems Finance | Housing Finance | Opportunity Zones

EIG Summarizes Key Provisions in Second Tranche of OZ Guidance
Economic Innovation Group | Apr. 24 | Internal Revenue Service (IRS) | 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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