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CDFA Opportunity Zones Update Newsletter - November 19, 2019

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CDFA Opportunity Zones Update
November 19, 2019
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Opportunity Zones Update Newsletter

Features

CDFA Food Finance White Paper Series: Food Systems & Investment Tools
This paper continues a white paper series demonstrating the ways in which traditional development financing is already supporting food systems, with a focus on finance tools that help to stimulate investment. An overview of investment tools, such as tax credits and opportunity zones, is provided with examples of current programs as well as an extensive collection of case studies to illustrate how these tools can make an impact.

Key Timing Issues for Qualified Opportunity Fund Investments
Time is running out to maximize the tax benefits available under the qualified opportunity zone (QOZ) program. Under current guidance, it seems that one must invest in a "qualified opportunity fund" (QOF) by December 31, 2019, to be eligible for all possible QOZ tax benefits (though most QOZ tax benefits will still be available for QOF investments made after 2019).

Bill Introduced in Senate to Require QOF Reporting, Change Designation of Some OZs
The proposal requires information reporting from both Opportunity Funds and their investors. QOFs are required to report identifying information, amount and composition of assets, names and taxpayer identification numbers of investors, the amounts and dates of investments, which zones QOFs have invested in, and a variety of identifying information about the type of investments made.

The $50M Cambria Hotel in Detroit, MI Breaks Ground using PACE, TIF, Opportunity Fund
At the western edge of downtown, construction has officially begun on Detroit's latest luxury hotel. Financing was compiled from a variety of sources, including $6.8 million in energy-efficiency PACE loans—the largest so far supplied in the state—$8.4 million in Brownfield Tax credits, Opportunity Zone financing, loans from TCF Bank and Invest Detroit, as well as investor equity.

IRS Opportunity Zone Form Doesn't Quell Transparency Concerns
A new draft tax form for investors taking advantage of opportunity zone incentives affirms the need for Congress to bolster reporting requirements for the perks, according to those advising on and studying them. The IRS released proposed Form 8996, but the form doesn't require more granular information, like job creation and poverty alleviation data requested by numerous organizations.

How Tribal Nations Can Leverage Opportunity Zones for Economic Growth
With an estimated $6 trillion of unrealized capital gains in the U.S. stock market, Opportunity Zones could transform development in these designated areas. Of the 8,700 designated census tracts, over 300 are in Indian Country. Opportunity Zones present tribal nations with the chance to attract investors who may have never otherwise considered projects within those spaces.

Video: Senator Tim Scott, Womble Bond Dickinson Attorney Stephanie Few Discuss OZs
Senator Tim Scott remains one of the most enthusiastic champions of Opportunity Zones. At the recent South Carolina Opportunity Zone Summit, he and Womble Bond Dickinson attorney Stephanie Few had a "Fireside Chat" about the successes, challenges, and promises of Opportunity Zones.

PR Holds First Fiscal Public Policy and Opportunity Zone Summit
The Opportunity Zones Priority Projects Committee, the Governor, mayors, and legislative leadership convened in an Opportunity Zones Summit to update the island's municipal leaders on opportunity zone developments in Puerto Rico. The Summit was held to educate mayors on OZ's and other tools to achieve greater economic development.

Upcoming Events

CDFA-TEDC Webinar: Rural Broadband - Financing the Last Mile
December 18, 2019 - 10:00 AM -11:30 AM Central
Rural communities commonly have difficulty financing middle-mile and last-mile broadband infrastructure. The Massachusetts Broadband Initiative and the Wyoming Broadband Advisory Council represent two state-level entities attempting to bridge the middle-mile and last-mile broadband gaps. One potential solution for this issue is to construct a fiber-optic network for municipal usage and lease the excess capacity (also called "dark fiber") to telecommunications providers to generate revenue. During this webinar, speakers will discuss solutions to financing middle-mile and last-mile fiber-optic networks.

CDFA // BNY Mellon Development Finance Webcast Series: Sourcing Local Capital for Community Projects
Tuesday. December 17, 2019 - 1:00 PM Eastern
From crowdfunding to co-ops, during this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will learn about the tools that are being used to bridge the financing gap and make local economies work.

Opportunity Zones Headlines

West Dallas, TX Storage Facility Will Be One of Area's First Opportunity Zone Projects
Dallas Morning News | Nov. 14 | Opportunity Zones

What You Need to Know About the New Opportunity Investment Draft Form
Tech Bullion | Nov. 14 | Internal Revenue Service (IRS) | Opportunity Zones

Behind the Reinvestment Fund's $180M in Baltimore, MD Projects
Baltimore Business Journal | Nov. 14 | Community Development | Opportunity Zones | Urban Development

Sustainable: Opportunity Zones Could Boost Clean Energy
Finance & Commerce | Nov. 5 | Energy Finance | Green Finance | Opportunity Zones

How Allegheny County, PA is Approaching Opportunity Zones
NPR | Nov. 4 | Economic Development | Opportunity Zones

East Austin, TX Mixed-Use Development Plans to Preserve 1920s Home for Restaurant
KVUE ABC | Nov. 4 | Historic Preservation | Opportunity Zones

Opportunity Zones—Reaping the Rewards of Raw Land Investments
Bloomberg Tax | Nov. 4 | Agriculture Finance | Opportunity Zones

Chasing Away NJ's Economic Ghosts by Transforming Blight and Brownfield Sites
NJ Spotlight | Nov. 1 | Brownfield Financing | Municipal Securities Rulemaking Board (MSRB) | Opportunity Zones | Tax Credits

Opportunity Zones: Boosting America's Distressed Neighborhoods?
Think Realty Magazine | Oct. 30 | Economic Development | Opportunity Zones

Two Major Apartment Projects Planned in Philadelphia, PA Opportunity Zones
Philadelphia Inquirer | Oct. 26 | Housing Finance | Opportunity Zones

Mayors: Look Beyond Metro Area for Opportunity-Zone Investments
The Weekly Journal | Oct. 25 | Opportunity Zones | Public-Private Partnership (P3) Financing

Clean, Renewable Energy Fosters Economic Development
Arkansas Business | Oct. 25 | Energy Finance | Green Finance | Opportunity Zones | Property Assessed Clean Energy (PACE) | Tax Credits

HI Workshops Aim to Present Opportunity Zone Projects to Investors
Pacific Business News | Oct. 25 | Opportunity Zones

$9M in Commitments from CDA Supporting Development in 3 Cleveland Neighborhoods
Crain's Cleveland | Oct. 23 | Access to Capital | Community Development | Food Systems Finance | Opportunity Zones

Missed Opportunity Zones Investments: Minority-Owned Banks
Crain's Detroit Business | Oct. 22 | Opportunity Zones

Report Outlines Tax Incentives Available for Certain OR Housing Developers
East Oregonian | Oct. 17 | Access to Capital | Housing Finance | Incentives | Opportunity Zones

Lavender Farm Opens and Partnered with Harvest Returns' OZ Fund
Gazette-Journal | Oct. 16 | Agriculture Finance | Food Systems Finance | Opportunity Zones


Resources

Opportunity Zone Reporting & Reform Act of 2019 - Detailed Summary
Legislative | Opportunity Zones
The proposal requires information reporting from both Opportunity Funds and their investors. QOFs are required to report identifying information, amount and composition of assets, names and taxpayer identification numbers of investors, the amounts and dates of their investments, which zones the funds have invested in, and a variety of identifying information about the type of investments made.


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

  • Alaska Industrial Development and Export Authority
  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • Petros PACE Finance
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
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