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CDFA Opportunity Zones Update Newsletter - August 17, 2021

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CDFA Opportunity Zones Update
August 17, 2021
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Opportunity Zones Update Newsletter

Features

QOFs Tracked by Novogradac Surpass $17.5B in Equity Raised
Qualified opportunity funds (QOFs) tracked by Novogradac raised $17.52 billion in equity as of midyear, according to the Novogradac Opportunity Zones Investment Report: Data Through June 30, 2021.

Driving Investment Into Texas' Rural Opportunity Zones
Attracting investors to rural Opportunity Zones is a well-known challenge. Federal Reserve data show that at least 60% of opportunity zones in Texas are at least partially in a rural census tract. In order to attract investment in these rural Opportunity Zones, local leaders must be able to identify priority projects and businesses and build a local investment strategy. On September 7, join CDFA and TEDC to learn best practices and tips for economic development practitioners on driving investments into rural Opportunity Zones in Texas.

Republican Representatives Introduce Legislation to Extend Opportunity Zone Expiration
Reps. Michelle Steel (CA-48), María Salazar (FL-27), Burgess Owens (UT-04), and Carlos Giménez (FL-26) introduced the Growth and Opportunity Act legislation to extend Opportunity Zones past their current expiration of 2026.  H.R. 4608 would provide for the designation of new qualified Opportunity Zones every ten years, and a new Opportunity Zone tax incentive round would begin on January 1, 2027.

Upcoming Events
Intro Tax Credit Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Unlocking Capital for BIPOC-owned Businesses
Tuesday, August 17, 2021 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will be discussing creative financing approaches to minimize barriers and increase access to capital for minority-owned businesses across the country.

CDFA Federal Financing Webinar Series: Investing in Critical Community Facilities
Tuesday, August 24, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, several federal agencies will discuss their financing solutions for local community facilities and how to coordinate with partners.

Opportunity Zones Headlines

Norfolk, VA Unveils 3 Proposals to Redevelop Mall Area
The Virginian-Pilot | Aug. 13 | Bond Finance | Opportunity Zones | Redevelopment

OpEd: Infrastructure Plan Could Boost NJ Opportunity Zones
NJ.com | Aug. 13 | Opportunity Zones

Solving the Housing Crisis with OZs
OpportunityDb | Aug. 13 | Housing Finance | Opportunity Zones

Are Opportunity Zones Helping?
The Conversation | Aug. 12 | Opportunity Zones

Opportunity Zone Redevelopment Areas Still Reaping Benefits of National Home-Price Boom in Second Quarter 2021
ATTOM | Aug. 12 | Housing Finance | Opportunity Zones

More Scrutiny for Oregon Opportunity Zones
Portland Business Journal | Aug. 9 | Opportunity Zones

Chicago, IL Investor Raises $265M, Seeks More for Opportunity Zone Projects
Crain's Chicago Business | Aug. 2 | Housing Finance | Opportunity Zones | Redevelopment | Urban Development

LIHTC Workforce Housing in Frederick, MD Historic District Announces Grand Opening
Yahoo Finance | Aug. 2 | Housing Finance | Opportunity Zones | Redevelopment | Tax Credits

Ohio Renews 10% Income Tax Credit for Opportunity Zone Investments
Kegler Brown Hill + Ritter | Jul. 28 | Access to Capital | Economic Development | Legislative | Opportunity Zones | State Finance Program | Tax Credits


Resources

Delivering Opportunity: A Diagnostic and Strategy Playbook to Maximize Indiana's Opportunity Zones
Opportunity Zones
To overcome binding constraints on the market's growth and maximize the potential of the new federal OZ incentives for Indiana communities, EIG authored this report and mapped out several strategies that should be considered to unlock more capital and strengthen local capacity.

What State and Local Governments Can Do to Support Federal Opportunity Zones Investments
Opportunity Zones
The July 2020 Novogradac Journal of Tax Credits looks at various ways communities can assist in securing Opportunity Zone investments in affordable housing. Suggested strategies include combining OZs with other development finance tools, leasing city land to developers at a minimum price, applying for additional federal support, and more.


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

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