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CDFA Opportunity Zones Update Newsletter - July 19, 2022

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CDFA Opportunity Zones Update
July 19, 2022
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Opportunity Zones Update Newsletter

Features

iFixit to Invest $24M in Chattanooga Opportunity Zones
CDFA Member Tennessee Department of Economic & Community Development recently announced a $24.2 million investment in an Opportunity Zone in Chattanooga, TN. Located in Onion Bottom Station, one of Tennessee's Qualified Opportunity Zones, iFixit will establish a new Chattanooga facility to house the company's distribution and back-office operations, further connecting the California company to its East Coast customer base. iFixit is expected to create 200+ jobs in the region.

Investment in Rural Opportunity Zones
Brush up on the basics of investing in rural communities and discuss rural OZ strategies during CDFA Summer School. The Intro Rural Finance WebCourse will be held virtually on August 3-4 from 12-5pm (Eastern). Learn more on the CDFA website.

Ohio Governor Signs Bill Temporarily Expanding OZ Credits
Ohio Gov. Mike DeWine signed legislation to temporarily expand and enhance the state's OZ tax credits and temporarily double the state's annual historic tax credit cap. The bill provides up to $75 million in OZ tax credits for investments in qualified opportunity funds that hold all assets in Ohio OZs.

New Affordable Housing Investment in Miami's Opportunity Zones
Walker & Dunlop, Inc. is structuring a $61M financing for UNI Tower, Miami, Florida's first 100% income- and rent-restricted residential skyrise. Located in the heart of Miami's urban core, the property will deliver 252 much-needed affordable and workforce housing units to one of the country's most costly housing markets.

Appalachian Community Capital Announces Over $1.9M in TA for 34 Development Projects
Opportunity Appalachia announced the selection of 34 projects to participate in a program to bring jobs, business support, and investment to Central Appalachia. The selected projects propose to create over 1,700 jobs and attract over $177 million in financing to develop manufacturing facilities; downtown development; community centers; health, wellness, and childcare centers; food and agricultural facilities; hotels; and retail enterprises in downtown and rural areas across Central Appalachia.

Taking the Pulse of the Opportunity Zones Industry
CDFA member, Economic Innovation Group, hosted a webinar to discuss how Opportunity Zones investors and stakeholders currently perceive the growing OZ marketplace, and how collecting data and articulating the impact of investments can help strengthen the OZ industry. View the webinar recording to hear EIG's key takeaways.

Upcoming Events
CDFA Virtual Summer School

CDFA National Development Finance Summit
November 2-4, 2022 - Denver, CO
The CDFA National Summit returns in-person to bring together the leaders and dealmakers in the development finance industry to discuss best practices, trends, and project financing solutions.

Opportunity Zones Headlines

Capital Gains Tax 101: Basic Rules Investors and Others Need to Know
Nasdaq | Jul. 19 | Opportunity Zones

Diversify Your Portfolio By Investing in Qualified Opportunity Zones
Entrepreneur | Jul. 15 | Opportunity Zones

Opportunity Zone Investors: A New Window of Opportunity
The Street | Jul. 15 | Opportunity Zones

New Law Requires Prevailing Wages for Construction Workers on Rebuild Rhode Island Tax Credit Projects
Novogradac | Jul. 13 | Opportunity Zones | Tax Credits

What Investors Need to Know About Investing in Opportunity Zones
Forbes | Jun. 23 | Opportunity Zones

Ohio Passes Increased Historic and Opportunity Zone Incentives in SB 225
KJ+K | Jun. 6 | Federal | Historic Preservation | Incentives | Opportunity Zones | 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
info@cdfa.net

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CDFA National Sponsors

  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • 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
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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