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CDFA Opportunity Zones Update Newsletter - July 20, 2021

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CDFA Opportunity Zones Update
July 20, 2021
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Opportunity Zones Update Newsletter

Features

Arctaris Announces OZ Investment to Develop a Vibrant City Center and Culinary Arts District in Erie, PA
Arctaris Impact Investors and its affiliate management companies are investing through its Opportunity Zone funds in a $26.9 million redevelopment project that includes approximately 64,000 s/f of commercial space comprised of a grocery store, food hall and 28 residential units. The purpose of the project is to transform and revitalize Erie's downtown core, home to one of the poorest zip codes in the United States and a USDA-designated food desert.

Attracting Investments to Rural Opportunity Zones
KSU TAB and EPA Region 7 are presenting Attracting Investments to Rural Opportunity Zones on July 29, 2021. This free, 90-minute webinar will discuss what Opportunity Zones are and how rural communities specifically can benefit from them along with developing a community prospectus to attract investors or developers to OZ projects. Katie Kramer, CDFA Vice President, will be presenting during the conversation.

Early Stage Venture Investing in Opportunity Zones
How much success have some Opportunity Zone investors had in deploying capital into early stage venture companies? This episode of the Opportunity Zones Podcast features Leonard Mills, CEO of Verte OZ, an Opportunity Zone fund that invests in high-growth disruptive businesses.

The Link Between Opportunity Zones and Home Prices
With roughly half of qualified opportunity funds focused on real estate projects and development, a significant group has chased real estate. On the commercial property side (including apartments, office, industrial, and retail), transactions carried a 14% to 20% price premium by capitalizing on tax benefits. While it is harder to quantify the impact of OZ's on single-family home prices, they produced an extra 2.2% per year in neighborhood home price appreciation.

Public-Private Partnerships and Opportunity Zones
CDFA will host the Intro Public-Private Partnership (P3) Finance Course this August as part of CDFA Summer School. This course examines how development finance agencies can adopt P3 principles to address a variety of projects and outlines basic P3 concepts, key players involved in transactions, asset valuation, contract negotiation, risk assessment, revenue stream development, and feasibility analysis.

Ohio Budget Legislation Increases Taxpayer Cap for State OZ Tax Credit
Budget legislation signed by Ohio Gov. Mike DeWine includes a provision increasing the state opportunity zones (OZ) tax credit taxpayer cap per fiscal biennium to $2 million. The budget legislation retained the statewide cap of $50 million per fiscal biennium, but doubled the amount a single taxpayer can claim. The 10% credit is for investments in qualified opportunity funds that hold 100% of their invested assets in Ohio.

Upcoming Events
CDFA Virtual Summer School

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.

CDFA // BNY Mellon Development Finance Webcast Series: Unlocking Capital for BIPOC-owned Businesses
Tuesday, August 17, 2021 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will be discussing creative financing approaches to minimize barriers and increase access to capital for minority-owned businesses across the country.

CDFA Federal Financing Webinar Series: Investing in Critical Community Facilities
Tuesday, August 24, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, several federal agencies will discuss their financing solutions for local community facilities and how to coordinate with partners.

Opportunity Zones Headlines

Crosswind Renewable Energy Corp. Acquires Real Estate Assets in the Washington, DC Region
Community Redevelopment | Jul. 20 | Opportunity Zones

Investors Snub Portland, OR's Ritz-Carlton Tower, Despite Incentives
Portland Business Journal | Jul. 20 | Opportunity Zones

Opportunity Zones Investment in University of Nevada, Reno Student Housing
Cision | Jul. 15 | Housing Finance | Opportunity Zones

Metro Government Budget Commits $10M to TIF District in West Louisville, KY
WDRB | Jun. 30 | Access to Capital | Community Development | Economic Development | Opportunity Zones | Tax Increment Finance (TIF)

The Wesmont Brings Workforce Housing and Brownfield Cleanup to Indianapolis' Near Eastside
PR Newswire | Jun. 29 | Brownfield Financing | Housing Finance | Opportunity Zones | Redevelopment | Tax Credits | Case Studies | Case Studies

Rep. Hagedorn Introduces Legislation to Increase Number of Opportunity Zones
Congressman Jim Hagedorn | Jun. 25 | Legislative | Opportunity Zones


Resources

Leveraging Development Finance Tools to Attract Opportunity Zone Investment
Access to Capital | CDFA Original Research | Community Development | Economic Development | Opportunity Zones | Organizational Management | Rural Development | Social Finance | Urban Development
This guide, authored by CDFA and Skeo, provides an overview of various development finance tools and suggestions for how communities could use these tools to finance projects in Opportunity Zones. Each section includes additional resources to learn more, along with case studies to illustrate how development finance tools have been used to support revitalization goals in several Opportunity Zones.

CDFA Food Finance White Paper Series: Food Systems & Investment Tools
Agriculture Finance | CDFA Original Research | Food Systems Finance | Opportunity Zones | Tax Credits | Community Development
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.

C-PACE for Opportunity Zones
Energy Finance | Green Finance | Opportunity Zones | Property Assessed Clean Energy (PACE)
How C-PACE can be used in Opportunity Zones featuring case studies of completed projects.


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

  • Baker Tilly
  • BNY Mellon
  • Bricker & Eckler LLP
  • Brownfield Superfund Advisory, Inc
  • Bryan Cave Leighton Paisner LLP
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  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
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  • KeyBanc Capital Markets
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  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
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  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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