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CDFA Opportunity Zones Update Newsletter - June 18, 2019

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CDFA Opportunity Zones Update
June 18, 2019
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Opportunity Zones Update Newsletter

Spotlight

LISC, CDFA, and the Ford Foundation Collaborate on Community OZ Playbook
LISC, in collaboration with CDFA and with support from the Ford Foundation, has released Navigating the Opportunity Zones: Community Partners. The release is the first installment of the LISC Opportunity Zones Playbook series, and is geared to the people and organizations committed to community revitalization and shared prosperity for all residents. The Playbook is broken into the following six community action steps:

  Step 1: Hold a Stakeholder Meeting
  Get the lay of the land, educate partners about Opportunity Zone policy, and engage key players.

  Step 2: Embark on a Plan for Work in the Opportunity Zones
  Assess the terrain, map and support community planning, and unroll a community planning   process.

  Step 3: Incentives and Guardrails in the Opportunity Zones
  Tapping policies and public programs that can help bolster success - and minimize risks - for   communities.

  Step 4: Collaborating to Build a Pipeline and Leverage Local Expertise
  By forging a consortium or grant programs, or by modeling the financial feasibility of projects,   community partners can begin to kindle Opportunity Zone projects.

  Step 5: Ramp Up Your Investor Marketing
  Creating a prospectus, marketing your Opportunity Zone, and other strategies for connecting with   investors.

  Step 6: Develop Impact Metrics and Encourage Transparency
  Rigorous evaluation and accessible reporting are keys to inclusive and equitable success in the   Opportunity Zones.

Features

CDFA to Host Webinar on Opportunity Zones and Affordable Housing with HUD, USDA
Financing experts from HUD and USDA will provide an outline of how their respective financing and grant programs can drive investments into Opportunity Zones. CDFA will center the discussion around USDA Rural Development programs and HUD programs within the office of Community Planning and Development. We hope you'll join the discussion!

Menkiti Group Launches $100M Opportunity Fund
Menkiti Group is partnering with LISC to launch a $100M Opportunity Fund that will start with projects in D.C.'s Anacostia neighborhood and in Worcester, MA. The development firm's experience working in emerging neighborhoods and its pipeline of projects gives it an advantage over institutional funds that are entering the market for the first time.

NeuroRescue Relocates to Lafayette, LA Opportunity Zone
NeuroRescue, a medical device company focused on improving outcomes in patients following cardiac arrest with return of spontaneous circulation (ROSC), head trauma, fever in the ICU and stroke, is relocating from Ohio to Lafayette, LA to take advantage of the Oil Center's Opportunity Zone.

Project in Cleveland, OH Neighborhood Benefits from OZs
Following the closing of a financial package primarily composed of funds from an investor under the new federal Opportunity Zone program, construction crews are starting work on the $23 million Tappan apartments in Cleveland's Tremont neighborhood. About 80% of the project's cost is financed by Opportunity Fund equity.

OZ Market Starting To Heat Up, But Many Investors Are Still Waiting
A string of recent Washington DC projects have recently closed on Opportunity Zone projects, as leaders across the OZ space indicate that investment activity has begun to heat up following the April release of key IRS regulations. Nevertheless, the majority of potential OZ project capital is still waiting on the sidelines.

U.S. EDA Prioritizes Applications for Projects Located in Opportunity Zones
The U.S. Economic Development Administration has added Opportunity Zones as an agency Investment Priority. This new Investment Priority will significantly increase the number of catalytic Opportunity Zone-related projects that EDA can fund to spur greater public investment in these areas.

Greater Cleveland Partnership Launches OZ Fund
The Greater Cleveland Partnership, in conjunction with Cleveland Development Advisors, is launching a $50 million real-estate Opportunity Fund to target the 64 Opportunity Zones in Cuyahoga County. The fund is called Opportunity CLE Development Fund. The organization anticipates the fund will spur more than $700 million in investments over the next 15 years.

AL Governor Signs State Incentive for OZ Investments
Governor Kay Ivey has signed the Alabama Incentives Modernization Act (the AIM Act) into law. At the heart of the Act is a first-of-its-kind framework designed to provide the best and most impact-oriented Opportunity Zone investments with aligned state-level capital gains tax breaks, potential state investment dollars, and new impact investment tax credits to de-risk investments.

Several States Expand on Opportunity Zone Incentives and Tax Credits
Several states add tax incentives to their OZs as well as extending their state Historic Tax Credits. Maryland expanded state tax incentives to OZs, Hawaii to conform to the IRS Code for investments in federal OZs, and legislation in Texas to create a 25 percent tax credit for investments in OZs.

Investors Warming to ME Opportunity Zones
The Opportunity Zones incentive has started to bloom in Maine as investors become familiar with new regulations. However, Opportunity Zones have yet to attract heavy investment, despite creating a buzz in development circles.

Upcoming Events
CDFA Summer School
Opportunity Zones Headlines

OFA Launches Map Overlaying OZs with Congressional Districts
Opportunity Funds Association | Jun. 17 | Legislative | Opportunity Zones

Navigating the Complexities of Hotel Financing
National Real Estate Investor | Jun. 12 | EB-5 Visa | Opportunity Zones | Property Assessed Clean Energy (PACE)

Erie, PA May Become Model for Federal Opportunity Zones
Erie News Now | Jun. 12 | Opportunity Zones

Opportunity Zone Investing: Is It for You?
Kiplinger | Jun. 11 | Opportunity Zones

U.S. Opportunity Zone Legislation Is Moving Capital
Real Capital Analytics | Jun. 10 | Opportunity Zones

Who Will Benefit from Tax Breaks in Distressed Neighborhoods?
The Washington Post | Jun. 6 | Community Development | Economic Development | Opportunity Zones

EPA to give $64.6M in Funding to 149 Communities for Brownfields
EPA | Jun. 5 | Brownfield Financing | Opportunity Zones | U.S. Environmental Protection Agency (EPA)

MN Enacts Law Conforming to Federal Tax Code
Novogradac & Company | Jun. 5 | Internal Revenue Service (IRS) | Opportunity Zones | State Finance Program

5 Credits and Incentives That Can Boost the Value of Opportunity Zone Projects
Orlando Business Journal | Jun. 2 | Opportunity Zones | Rural Development | Tax Credits | Tax Increment Finance (TIF) | Urban Development

Opportunity Zones Give Big Law ‘Pop-Up' Teams Plenty of Work
Bloomberg Tax | May. 29 | Member News | Opportunity Zones

Opportunity Zones' Biggest Myths
Forbes | May. 29 | Opportunity Zones

Opportunity Zones Update for Contractors
Chicagoland | May. 29 | Opportunity Zones

Opportunity Funds: Consider the Benefits and Dangers Before Investing
CNBC | May. 28 | Opportunity Zones

Is Anyone Actually Investing in Opportunity Funds?
Institutional Investor | May. 24 | Opportunity Zones

Alpha OZ Fund Acquires Student Housing in Lafayette, LA
Global Newswire | May. 23 | Opportunity Zones

The OZ Program: An Odd Fit for Venture Capital
Kohrman Jackson & Krantz | May. 23 | 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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