Erie, PA Partners Unveil White House Road Map to Reinvestment OZ Prospectus
In late 2018, Erie became the first city in the country to launch a municipal-level investment prospectus designed to market and promote investment opportunities to local, regional, and national networks of Opportunity Zone investors.
Bipartisan Legislation in WI Boosts Incentives to Invest in Opportunity Zones
Wisconsin's legislature recently passed Assembly Bill 532, which doubles the state's Opportunity Zone tax exclusion for investors who invest in an Opportunity Fund. Under the legislation, investors receive an additional 10% state capital gains tax reduction if they hold an investment in a Wisconsin Qualified Opportunity Fund for at least five years, and an additional 15% after seven years.
Opportunity Zones: Aligning Public and Private Capital
At the end of 2017, a potential $6.1 trillion in unrealized capital gains was available for reinvestment. Throughout the U.S., unrealized capital gains have significant tax implications with enormous potential. This infographic from Bedford Funds explains what opportunity zone funds are, their core benefits, and their potential impact across the country.
Insight: Opportunity Zone Regulations Good for Taxpayers, Good for Investment
The IRS recently issued final opportunity zone regulations that are making investors and their advisers feel more comfortable with the program. Mike Bernier and Rachel van Deuren of Ernst & Young highlight the significant changes and improvements as well as the smaller changes and clarifications.
Construction Begins on $200M Mixed-Use Project in Chicago, IL Opportunity Zone
The Habitat Company has announced construction is underway at Ogden Commons, the $200 million mixed-use project in Chicago's North Lawndale neighborhood being developed in a public-private partnership. Located in a Qualified Opportunity Zone, the 10-acre development will offer 120,000 square feet of commercial and retail space and over 350 mixed-income housing units.
IL Announces $80M in Economic Development Grants for OZs, Broadband
Gov. J.B. Pritzker and the Illinois Department of Commerce and Economic Opportunity on Tuesday announced $80 million in Rebuild Illinois funds is now available to invest in public infrastructure and economic development. DCEO will issue a competitive notice of funding opportunity (NOFO) allowing applications for $50 million to support broadband and $12 million for opportunity zone investments.
Pairing Opportunity Zone Capital with HUD Programs to Deliver More Workforce Housing
Many market-rate developers are interested in building housing for middle-income renters but hesitate due to low incentives and high execution uncertainty. Programs from HUD have evolved to fill the construction lending gap: new HUD/FHA programs combined with opportunity zone incentives make workforce housing both feasible and financially attractive.
Jonesboro, AR Touts Its Opportunity Zones as Good Investments
There is an effort underway to spur investment in blighted and impoverished areas of AR, and there are several places in Jonesboro that have been designated as "Opportunity Zones." Opportunity Zones stretch from downtown Jonesboro to the Arkansas State University campus.
Changing Communities: How to Bring Fairness Into Finance
Lisa Hall is the fair finance lead and fellow-in-residence at the Beeck Center for Social Impact and Innovation at Georgetown University. Hall discussed the OZ Reporting Framework with Katherine Klein, Vice-Dean of Wharton Social Impact Initiative, during a recent episode of the Dollars and Change podcast. Read the summary or listen to the episode.
Fresno, CA Launches Online Opportunity Zone Investment Platform
Mayor Lee Brand announced the launch of Opportunity Fresno, a city website that showcases the pipeline of investment-worthy business and development projects located in "Opportunity Zones" in Fresno and Fresno County.