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CDFA Opportunity Zones Update Newsletter - January 18, 2022

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CDFA Opportunity Zones Update
January 18, 2022
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Opportunity Zones Update Newsletter


Pleasantville, NJ Residents and Officials Gather to Discuss Neighborhood Revitalization Plan
The New Jersey Department of Community Affairs announced it would award the Pleasantville Housing & Redevelopment Corporation a grant for a 10-year midtown revitalization project through the state's Neighborhood Revitalization Tax Credit program. The grant could also help advance projects facilitated by federal tax breaks given to Opportunity Zones.

Opportunity Zone Fund Appeal Shows Staying Power
As property and equity markets picked up steam in 2021, Opportunity Zone tax incentives attracted investors at a stepped-up pace. As 2021 ended, the question was whether potential investors will continue to be as enthusiastic about Opportunity Zones until fundraising comes to a halt in 2027.

First Opportunity Zone Fund for Accessory Dwelling Units Launched
ADU OZ Fund, LLC has launched the first Opportunity Zone Fund for Accessory Dwelling Units (ADU's) to construct multi-family workforce and affordable housing using accessory dwelling units, as well as other housing options.

EIG OZ Webinar Series: Investing in Local Opportunity Zones to Drive Main Street Revitalization
The Economic Innovation Group (EIG) hosted a webinar to discuss locally-led Opportunity Zones (OZ) strategies to strengthen Main Street corridors. Guest speakers shared insights on how these efforts were initiated, and shared stories about how OZ financing has been used to revitalize historic properties, support small businesses, and expand opportunity for residents.

Will an Opportunity Zone in the Heart of Chapel Hill Attract New Startups?
Downtown Chapel Hill's largest construction project promises to bring much-wanted lab space for biotech companies, which have flocked for years to nearby Durham and Research Triangle Park. Could the fact that the future lab space sits within a federally designated Opportunity Zone lure more of those companies to Chapel Hill?

Ways and Means Committee Letter Asks Treasury to Refine OZs to Better Help Disadvantaged Communities
Nine Democrats on the U.S. House of Representatives' Ways and Means Subcommittee on Oversight sent a letter asking the U.S. Department of the Treasury to consider three ways to boost the benefits of the opportunity zones (OZ) incentive in helping communities in need: implementing a rigorous certification process for OZ funds, allocating a dedicated agency staff to oversee OZs and requiring transaction reporting separate from tax forms.

Upcoming Events
Fundamentals of Economic Development Finance Course

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 Course
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

IRS Ruling Provides Extension for LLC to Self-Certify as QOF
Novogradac | Jan. 17 | Opportunity Zones

Opportunity Zone Impact Investing Survey
Opportunity Db | Jan. 12 | Opportunity Zones

Griffin Capital QOZ Fund Offering Period Successfully Closes with Approximately $585M of Equity
Business Wire | Jan. 12 | Opportunity Zones

Successful Opportunity Zone Investing Strategies
Opportunity Db | Jan. 5 | Opportunity Zones

Opportunity Zones in 2021: Taking Stock Four Years On
Bloomberg | Dec. 31 | Opportunity Zones

Puerto Rico Opportunity Zone Fund Makes Investment in Fusion Farms
Cision | Dec. 29 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Opportunity Zones | Resiliency

Chicago Developer to Begin Construction of 346 Units in Colorado Springs Opportunity Zone
Mile High CRE | Dec. 27 | Economic Development | Housing Finance | 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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CDFA National Sponsors

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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