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CDFA Opportunity Zones Update Newsletter - August 20, 2019

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CDFA Opportunity Zones Update
August 20, 2019
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Opportunity Zones Update Newsletter


Sites Selected for IN Rural Opportunity Zone Initiative
The Indiana Office of Community and Rural Affairs announced six sites will receive technical assistance and capacity-building support as part of the Rural Opportunity Zone Initiative. The purpose of this initiative is to build the capacity of Opportunity Zones in rural Indiana to attract private, public and/or philanthropic sector investments that support locally-driven priorities.

LA Economic Development Launches Opportunity Zones Web Portal
Louisiana Economic Development has launched an online service to connect investors with Louisiana properties eligible for the federal Opportunity Zone program. Through the new Louisiana Opportunity Zones web portal, investors can explore potential projects in Opportunity Zones throughout the state. The portal is powered by The Opportunity Exchange.

Opportunity Zones Could Provide Major Boost for Clean Energy, Sustainable Development
Market watchers are predicting $200 to $300 billion in investment in the nation's 8,700-plus OZs. And federal rules have made it clear that green economy projects — such as local power generation, microgrids, EV charging stations and energy storage — are eligible for Opportunity Fund investment. 

Sanity Check for Qualified Opportunity Zone Investments
A deadline is looming to maximize the stepped-up basis afforded to realized capital gains invested in qualified opportunity zone properties and businesses. To avoid making mistakes, here is a sanity check to see if investing in a QOZ property or business makes any sense.

White House OZ Council Releases List of Federal Programs Favoring OZs
The White House Opportunity and Revitalization Council members have identified over 160 Federal programs where targeting, preference, or additional support could be granted to Opportunity Zones. The Council has already taken action on over 130 grants or programs.

NM Economic Development Department Creates OZ Hub Website, Will Host OZ Forum
New Mexico Economic Development Department recently announced the creation of an OZ Hub website. The Hub hosts resources for business, communities, investors, and partners. Also, the New Mexico OZ Forum is happening August 27 in Albuquerque at the National Hispanic Cultural Center.

NJEDA Announces Opportunity Zone Challenge Program
The New Jersey Economic Development Authority (NJEDA) has launched the Opportunity Zone Challenge Program, a competitive grant program aimed at supporting community efforts to attract investments in Opportunity Zones. Grants awarded through the program will fund municipal and county-level financial and technical planning around Opportunity Zone economic development.

A Roadmap to Investment in Opportunity Funds
A recent report by Cushman & Wakefield found that the 138 Opportunity Zone funds it tracks are targeting an aggregate total of more than $44 billion in equity. If you haven't already jumped into the Opportunity Zone investor pool but you think you might want to, here's some information to help you decide if this is the right opportunity for you.

Podcast: Strategies for Collaborative Rural and Tribal Investment
The Emerald Coast Opportunity Zone in northwest Washington state is a unique group of rural municipalities and tribal nations that has collaborated on producing a portfolio of rural Opportunity Zone projects with scale.

Entrepreneurs Selected for Newly Launched Opportunity Zone Justice Accelerator
With funding support from the District of Columbia's Department of Small and Local Business Development, the Opportunity Zone Justice Accelerator seeks to strengthen and grow businesses founded by returning citizens. The pilot initiative also aims to drive new, long-term private capital investments to traditionally disinvested areas of the country.

Upcoming Events
Intro Opportunity Zones Finance WebCourse

CDFA Federal Financing Webinar Series: Opportunity Zones and Transportation Infrastructure featuring DOT and EDA
August 22, 2019 - 2:00 PM Eastern
In this webinar, CDFA will convene financing experts from the Department of Transportation and Economic Development Administration to discuss how their respective financing and grant programs can support projects in Opportunity Zones. CDFA will center the discussion around programs offered through DOT's Build America Bureau and Federal Highway Administration, as well as funding programs offered by the EDA. Speakers will also discuss the role of public-private partnerships (P3s) in transportation projects, and explore the possible intersection between P3s and Opportunity Fund equity. 

Opportunity Zones Headlines

Affordable Housing Coming to Downtown Phoenix, AZ Opportunity Zones
AZ Big Media | Aug. 19 | Housing Finance | Opportunity Zones

Rep. Sewell Announces Grant Funding for Nonprofit Supporting Investment in Opportunity Zones
Selma Times-Journal | Aug. 19 | Access to Capital | Federal | Opportunity Zones

Improving Opportunity Zones to Truly Benefit Needy Communities in New York City, NY
Gotham Gazette | Aug. 16 | Community Development | Opportunity Zones | Social Finance | Urban Development

Topeka, KS Partnership Proposes TIF District to Spur Downtown Revitalization
WIBW 13 | Aug. 15 | Opportunity Zones | Tax Increment Finance (TIF)

Santa Fe, NM Issues $18M in Industrial Revenue Bonds for $27M Food Processing Plant
Albuquerque Journal | Aug. 15 | Bond Finance | Food Systems Finance | Opportunity Zones

A Catch-22 For Opportunity Zone Investors
Palisades Hudson Financial Group LLC | Aug. 15 | Opportunity Zones

Milwaukee County, WI Task Force Signs Off on $66M Plan to Overhaul Domes
Daily Reporter | Aug. 14 | Historic Preservation | Opportunity Zones | Public-Private Partnership (P3) Financing | Tax Credits

White House Opportunity and Revitalization Council Visits Acadiana, LA
Daily Advertiser | Aug. 8 | Federal | Historic Preservation | Opportunity Zones | Redevelopment | Tax Credits

How Opportunity Zones Are Helping AI Startups Thrive in Low-Income Communities
Forbes | Aug. 7 | Economic Development | Opportunity Zones

Groundbreaking $31M Revitalization of Bennington's Putnam Block
Vermont Business Magazine | Aug. 5 | Brownfield Financing | Historic Preservation | Opportunity Zones | Tax Credits

Atlanta, GA Scores Nearly $1M to Support Economic Development in Opportunity Zones
Curbed | Aug. 1 | Economic Development | Opportunity Zones | Social Finance | Urban Development

NFL Linebacker Derrick Morgan Retires to Start an Opportunity Zone Fund
Celebrity Net Worth | Jul. 31 | Community Development | Opportunity Zones | Social Finance

Q&A with CDFA President & CEO Toby Rittner Featured in Development Incentives Quarterly
Vorys | Jul. 29 | Community Development | Economic Development | Opportunity Zones

Work on Tech-Focused Office Begins Following Opportunity Fund Investment
The Post and Courier | Jul. 26 | Opportunity Zones

Maxus Raises Nearly $4M for Opportunity Zone Fund
Kansas City Business Journal | Jul. 26 | Opportunity Zones

Consultant's "Think Big" Solution Requires Fast-Paced Applications for Tax Credits
Urban Milwaukee | Jul. 25 | Access to Capital | Community Development | Energy Finance | Historic Preservation | Opportunity Zones | Property Assessed Clean Energy (PACE) | Tax Credits

Opportunity Zone Incentive to Breathe Life into Downtown Philipsburg, PA
Centre Daily | Jul. 23 | Community Development | Opportunity Zones | Rural Development

Virtua Partners Pioneers the Opportunity Zone Industry, Funds Three Projects in 90 Days
Tuscon.com | Jul. 19 | Access to Capital | Economic Development | Innovation Finance | Opportunity Zones

Missoula, MT Utilizes TIF for Office Building in OZ
Missoula Current | Jul. 18 | Opportunity Zones | Tax Increment Finance (TIF)

PA 2019 Tax Bill Add Ons
JD Supra | Jul. 17 | Incentives | Opportunity Zones | State Finance Program | Tax Credits

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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