CDFA Food Finance White Paper Series: Food Systems & Investment Tools
This paper continues a white paper series demonstrating the ways in which traditional development financing is already supporting food systems, with a focus on finance tools that help to stimulate investment. An overview of investment tools, such as tax credits and opportunity zones, is provided with examples of current programs as well as an extensive collection of case studies to illustrate how these tools can make an impact.
Key Timing Issues for Qualified Opportunity Fund Investments
Time is running out to maximize the tax benefits available under the qualified opportunity zone (QOZ) program. Under current guidance, it seems that one must invest in a "qualified opportunity fund" (QOF) by December 31, 2019, to be eligible for all possible QOZ tax benefits (though most QOZ tax benefits will still be available for QOF investments made after 2019).
Bill Introduced in Senate to Require QOF Reporting, Change Designation of Some OZs
The proposal requires information reporting from both Opportunity Funds and their investors. QOFs are required to report identifying information, amount and composition of assets, names and taxpayer identification numbers of investors, the amounts and dates of investments, which zones QOFs have invested in, and a variety of identifying information about the type of investments made.
The $50M Cambria Hotel in Detroit, MI Breaks Ground using PACE, TIF, Opportunity Fund
At the western edge of downtown, construction has officially begun on Detroit's latest luxury hotel. Financing was compiled from a variety of sources, including $6.8 million in energy-efficiency PACE loans—the largest so far supplied in the state—$8.4 million in Brownfield Tax credits, Opportunity Zone financing, loans from TCF Bank and Invest Detroit, as well as investor equity.
IRS Opportunity Zone Form Doesn't Quell Transparency Concerns
A new draft tax form for investors taking advantage of opportunity zone incentives affirms the need for Congress to bolster reporting requirements for the perks, according to those advising on and studying them. The IRS released proposed Form 8996, but the form doesn't require more granular information, like job creation and poverty alleviation data requested by numerous organizations.
How Tribal Nations Can Leverage Opportunity Zones for Economic Growth
With an estimated $6 trillion of unrealized capital gains in the U.S. stock market, Opportunity Zones could transform development in these designated areas. Of the 8,700 designated census tracts, over 300 are in Indian Country. Opportunity Zones present tribal nations with the chance to attract investors who may have never otherwise considered projects within those spaces.
Video: Senator Tim Scott, Womble Bond Dickinson Attorney Stephanie Few Discuss OZs
Senator Tim Scott remains one of the most enthusiastic champions of Opportunity Zones. At the recent South Carolina Opportunity Zone Summit, he and Womble Bond Dickinson attorney Stephanie Few had a "Fireside Chat" about the successes, challenges, and promises of Opportunity Zones.
PR Holds First Fiscal Public Policy and Opportunity Zone Summit
The Opportunity Zones Priority Projects Committee, the Governor, mayors, and legislative leadership convened in an Opportunity Zones Summit to update the island's municipal leaders on opportunity zone developments in Puerto Rico. The Summit was held to educate mayors on OZ's and other tools to achieve greater economic development.