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CDFA Opportunity Zones Update Newsletter - December 21, 2021

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CDFA Opportunity Zones Update
December 21, 2021
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Opportunity Zones Update Newsletter

Features

The Future of Opportunity Zones
What does the future hold for the tax-incentivized Opportunity Zone investments? Will there be a reasonable expansion of the OZ policy in the coming years? While future legislation for OZs remains open to debate, this bipartisan investment program offers distinct financial benefits with social and economic impacts. This podcast from OpportuntiyDb explores the future of Opportunity Zones.

Arctaris Invests in 13-Acre Opportunity Zone Development in Washington, D.C.
Arctaris Impact Investors, LLC is pleased to announce its recent Opportunity Zone investment in a $600 million multi-phased development project spanning the Ward 7 and 8 neighborhoods of Washington, D.C. The project is expected to attract additional capital to the region for inclusive development. The investment was catalyzed by D.C. Mayor Muriel Bowser's mandate for city agencies to use the leasing power to spur economic development in historically underserved communities.

Pinnacle Partners Launches $100M Opportunity Zone Investment Fund
A subsidiary of leading Opportunity Zone investment firm Pinnacle Partners, in partnership with Opportunity Zone advisory firm Javelin 19 Real Estate, has launched Pinnacle Partners Opportunity Zone Fund VIII, a highly curated multifamily Opportunity Zone fund investing in a minimum of four select real estate projects in Opportunity Zones in emerging U.S. markets.

GTIS Partners Qualified Opportunity Zone Fund to Close at Year-End, Among the Largest OZ Funds Raised to Date
GTIS Partners announced that its GTIS Qualified Opportunity Zone fund will have its final close on December 31, 2021. With $450 million in capital raised so far from family offices, RIAs, and directly from HNW individuals, the fund is expected to be among the largest opportunity zone funds raised to date. Unique in the Opportunity Zone space, the fund is structured as a private REIT and a 506(c) offering available to Accredited Investors.

Farmland Opportunity Zone Investing
When combined with the opportunity zone incentive, farmland can be a compelling asset class for investors. Farmland offers unique features compared to traditional real estate and often outperforms other investments during recessionary times. But what makes agriculture a low-risk, high-return asset and how can investors capitalize on these opportunities?

Proposed $2B Mega-Development in University Heights, Bronx, NY
Steps for the planned, billion-dollar "Fordham Landing" mixed-use development in the University Heights neighborhood advanced further. The developer, Dynamic Star LLC, has filed construction applications with the New York City Department of Buildings for a 17-story, mixed-use building. Dynamic Star with a strong equity partner who will be able to take advantage of significant tax benefits, as some of the assemblage falls within an Opportunity Zone.

Upcoming Events

Fundamentals of Economic Development Finance Course
January 26-27, 2022 - Daily: 12:00 - 5:00 PM Eastern
CDFA's Fundamentals of Economic Development Finance Course is the foundation for all of CDFA's educational offerings. This course helps attendees understand the variety of development finance tools available, from bonds, tax credits and TIF, to federal financing programs, RLFs, and access to capital lending resources.

Intro Bond Finance Course
February 14-15, 2022 - Daily: 12:00 - 5:00 PM Eastern
The Intro Bond Finance WebCourse provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

Advanced Bond Finance WebCourse
February 16-17, 2022 - Daily: 12:00 - 5:00 PM Eastern
The Advanced Bond Finance Course is designed for professionals who already have an understanding of tax-exempt financing and seek detailed instruction on complex financing techniques. Expert speakers will explore topics including the application of financial derivatives, advance refundings, investing bond proceeds, and how to spot arbitrage issues.

Opportunity Zones Headlines

Opportunity Zone Home Price Growth Trails Rest of Nation
GlobeSt | Dec. 20 | Housing Finance | Opportunity Zones

New Measure Looks to Boost Investment in Distressed Pennsylvania Communities
WFMZ-TV | Dec. 20 | Legislative | Opportunity Zones | State Finance Program

Universities Must Address the Downsides of Innovation Districts
Times Higher Education | Dec. 20 | Opportunity Zones

Open for Opportunity: Corridor Attracts First Wave of Development in Ohio
Net Lease Industry | Dec. 20 | Infrastructure Finance | Opportunity Zones

City Crafts Economic Development Zones in California
The Real Deal | Dec. 20 | Legislative | Opportunity Zones

OZ Investing in San Jose, CA with Urban Catalyst
AltsDb | Dec. 20 | Opportunity Zones

Opportunities Zones Face Bleak End of Year Deadline
GlobeSt | Dec. 17 | Opportunity Zones

Podcast: Bitcoin, Opportunity Zones, and Jobs
The Opportunity Zones Database | Dec. 15 | Opportunity Zones

Tidewater Landing Lands $37M Pawtucket, RI Tax Breaks 
Providence Business Journal | Dec. 13 | Bond Finance | Economic Development | Incentives | Infrastructure Finance | Opportunity Zones | Tax Increment Finance (TIF)

Seattle's First OZ Project Canton Lofts Sells for $32M
OpportunityDb | Dec. 7 | Opportunity Zones

Enterprise Community Partners Closes Low-Income Housing Funds After Raising $365M
The Real Deal | Dec. 2 | Community Development | Housing Finance | Opportunity Zones | Tax Credits

Hedge Fund Set for Tax Breaks in Shift to Las Vegas, NV Opportunity Zone
Bloomberg | Nov. 24 | Opportunity Zones

Senators Discuss Rezoning of St. Croix Agricultural Lands for RT Park Development
Virgin Islands Daily News | Nov. 22 | Agriculture Finance | Economic Development | 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
info@cdfa.net

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CDFA National Sponsors

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