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CDFA Opportunity Zones Update Newsletter - June 15, 2021

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CDFA Opportunity Zones Update
June 15, 2021
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Opportunity Zones Update Newsletter

Features

CDFA to Host Legislative Briefing to Provide Update on Infrastructure Bill, Bond Provisions
Join CDFA on Wednesday, June 16 at 4:00 PM Eastern for a free Legislative Briefing. We will discuss the status of the infrastructure bill and CDFA's latest efforts on Capitol Hill. We will also outline important action items that you can take to ensure that bond financing provisions are included in the infrastructure bill.

Mission, Money & Markets: Is 2021 a Turning Point for the Opportunity Zones Incentive?
The Kresge Foundation recently published an overview of the Opportunity Zones work they have invested in along with analysis of how those investments have performed. Are Opportunity Zones working in the places they are intended to help? Aaron Seybert from Kresge's Social Investment Practice offers his commentary.

A First-of-its-Kind Exploration of Ohio's Opportunity Zone Investments
This first-of-its-kind analysis of administrative data from the state of Ohio examines Opportunity Zone (OZ) projects also participating in the Ohio Opportunity Zones Tax Credit Program. Ohio's high-road approach to embracing OZs brought transparency to the local market and garnered significant amounts of investment into the core of its legacy cities.

JCT Report: Qualified Opportunity Funds Invested $24B Through 2019
The Joint Committee on Taxation issued a report which found that according to tax return data, Qualified Opportunity Funds have made roughly $24 billion in total investments as of the end of 2019. Over 92 percent of these investments went into low-income Opportunity Zone communities, and about six percent went to Opportunity Zones contiguous to low-income communities.

Getting Rural Projects Ready for Investment
Opportunity Appalachia is working with a group of 16 projects in rural Appalachia (OH, VA, and WV) to provide technical assistance and structure financings with social and financial returns, bringing new investment and jobs to hard-hit rural communities. Participating communities include places like Chillicothe, Ohio (pop. 21,700), Galax Virginia (pop. 6,700), and Grafton, West Virginia (pop. 5,000) – promising places overlooked by conventional financial institutions.

Upcoming Events
CDFA Virtual Summer School

CDFA // BNY Mellon Development Finance Webcast Series: How Healthcare is Investing in Communities
Tuesday, July 20, 2021 - 2:00 PM - 3:00 PM Eastern
During this webinar, we will hear from experts on creative ways that hospitals and healthcare systems can be better partners in solving the most pressing issues in our communities.

CDFA-Bricker PACE Webinar Series: Advancing Multi-Family Housing & Renewable Energy Goals with PACE
Tuesday, July 27, 2021 - 2:00 PM - 4:00 PM Eastern
Certain property and project types have not taken full advantage of PACE, however, during this workshop we'll explore what is being done to advance the goals in these market areas.

Opportunity Zones Headlines

IRS Urged to Clarify Disaster Relief for Opportunity Zones
Law360 | Jun. 14 | Opportunity Zones

Wealthy Investors Are Not the Answer for Revitalizing Black Neighborhoods
Bloomberg CityLab | Jun. 14 | Opportunity Zones

Kansas Extends the 'Rural Opportunity Zones'
The Kansan | Jun. 10 | Incentives | Opportunity Zones | Rural Development | State Finance Program

Three Bi-partisan Bills Delivering for Small Business
The Guardian | Jun. 10 | Access to Capital | Economic Development | Legislative | Opportunity Zones | Revolving Loan Funds (RLFs) | Rural Development

Preparing Opportunity Zone Investors for Higher Capital Gains
Financial Advisor Magazine | Jun. 9 | Access to Capital | Economic Development | Federal | Legislative | Opportunity Zones | Urban Development

2021 Set to Be Biggest Year Yet for Opportunity Zones
New Orleans City Business | Jun. 9 | Opportunity Zones

Inside the President's Budget Request: Spatial Inequality and Economic Dynamism
Economic Innovation Group | Jun. 7 | Access to Capital | Economic Development | Federal | Green Finance | Infrastructure Finance | Innovation Finance | Opportunity Zones | Rural Development

El Paso County, CO Relaunches Business Loan Fund for Small Businesses and Startups
Fox 21 | Jun. 3 | Access to Capital | Local Finance Program | Opportunity Zones | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | Case Studies

Aspire Fund, Arizona's Opportunity Zone Investment Fund, Officially Announces the Completion of the First Fully-Permitted Tiny Home Development
Cision | Jun. 2 | Economic Development | Housing Finance | Innovation Finance | Opportunity Zones | Urban Development

Here's Another Way Opportunity Zones Can Boost Neighborhood Development
GlobeSt | Jun. 1 | Opportunity Zones

Home Prices Increase in 75% of Opportunity Zones
HousingWire | May. 21 | Housing Finance | Opportunity Zones

D.C. Plans $50M Subsidy for Massive Ward 7 Development
Washington Business Journal | May. 20 | Economic Development | Opportunity Zones | Tax Increment Finance (TIF)


Resources

Impact in Place: Emerging Sources of Community Investment Capital and Strategies to Direct It at Scale
Access to Capital | Community Development | Economic Development | Opportunity Zones | Revolving Loan Funds (RLFs) | Rural Development | Tax Increment Finance (TIF)
Recognizing the urgency of the pandemic and related crises, on June 7, 2021, the Federal Reserve Bank of New York approached the U.S. Impact Investing Alliance to write a report about the current landscape of capital sources for community investment and how emerging capital sources and strategies could help shape the future of the field.


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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