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CDFA Opportunity Zones Update Newsletter - March 17, 2020

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CDFA Opportunity Zones Update
March 17, 2020
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Opportunity Zones Update Newsletter

Features

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.

Upcoming Events
Intro Tax Credit Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: The Performance of Social Impact Bonds
Tuesday, April 21, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore if the performance of Social Impact Bonds (SIBs) is living up to the hype and how SIBs can be used as a powerful tool for community development.

Intro Tax Increment Finance WebCourse
May 20-21, 2020 - Daily: 12-5pm (Eastern)
This course brings TIF deal-making and best practices into focus through a two-day program targeting the entire TIF community including economic developers, public agency representatives, bond issuers, legal professionals, developers, financial advisors, and other stakeholders. 

Opportunity Zones Headlines

Walker & Dunlop Secures $50M Construction Loan for Lakeland, FL Opportunity Zone Project
Connect Florida | Mar. 10 | Housing Finance | Opportunity Zones | U.S. Dept. of Housing & Urban Development (HUD)

Projects From Federal Tax Break Slowly Trickling Into NJ Communities
NJBIZ | Mar. 5 | Housing Finance | Opportunity Zones | Opportunity Zones\Case Studies

Standard Communities Leverages LIHTCs, OZ Funds, Partnerships, $200M Debt for Affordable Senior Apartments
Senior Housing News | Mar. 1 | Bond Finance | Community Development | Housing Finance | Opportunity Zones | State Finance Program | Tax Credits | Tax Credits\State Tax Credit Programs

Missoula, MT Economic Partnership Explores Socially-Minded Investment Funds for Projects in Local OZ
Scripps Local Media | Feb. 28 | Community Development | Local Finance Program | Opportunity Zones | Social Finance

$49M Recycled Pulp Facility Coming to Chesapeake, VA
Virginia Business | Feb. 28 | Community Development | Opportunity Zones

SimpliSafe Plans Customer Support Complex in Henrico County, VA
Area Development | Feb. 28 | Economic Development | Opportunity Zones

New York Developer to Build Apartment Complex Near Meadows Mall in Las Vegas, NV
Las Vegas Review-Journal | Feb. 27 | Community Development | Housing Finance | Opportunity Zones

CORI Makes Opportunity Zone Investment in Voi, Inc., Moving to VT
Vermont Business History | Feb. 27 | Community Development | Opportunity Zones | Opportunity Zones\Understanding Opportunity Zones

Keys to Opportunity Zone Development Success
Commercial Property Executive | Feb. 27 | Opportunity Zones | Opportunity Zones\Understanding Opportunity Zones

The OZ Navigator Firm Snags Three Lots in Rainier Valley, WA for Affordable Housing Development
Bisnow Seattle | Feb. 26 | Housing Finance | Opportunity Zones | Opportunity Zones\Opportunity Funds

EDA Grant Money to Help With Levee Reconstruction in OZ
Williamsport Sun-Gazette | Feb. 25 | Federal | Opportunity Zones | Resiliency

Terramark Building Mixed-Income Apartment Complex on Near West Side of San Antonio, TX
San Antonio Express-News | Feb. 25 | Economic Development | Housing Finance | Opportunity Zones

Construction Begins on $75M Mesa, AZ Opportunity Zone Development
Phoenix Business Journal | Feb. 25 | Housing Finance | Opportunity Zones

Builders Provide Workforce Housing in Post Falls, ID Opportunity Zone
Post Falls Press | Feb. 24 | Housing Finance | Opportunity Zones

Chicago, IL Announces $10M in Funding to Help Small Business Owners in Underserved Neighborhoods
Efficient Gov | Feb. 19 | Community Development | Local Finance Program | Opportunity Zones | Redevelopment | Urban Development | Opportunity Zones\Opportunity Funds

Carolina Opportunity Funds Chooses BioEconomy Solutions
PR Newswire | Feb. 19 | Agriculture Finance | Economic Development | Energy Finance | Opportunity Zones

How Community Development Tax Incentives Have Benefited NV
Novogradac | Feb. 18 | Community Development | Opportunity Zones | Tax Credits

New Orleans Redevelopment Fund Closes 'on Record Raise'
New Orleans City Business | Feb. 18 | Opportunity Zones | Tax Credits

NES Financial to Administer Arctaris Opportunity Zone Funds
PRWeb | Feb. 18 | Economic Development | Opportunity Zones | Opportunity Zones\Opportunity Funds


Resources

City of Erie, PA Opportunity Zones Investment Prospectus 2.0
Community Development | Opportunity Zones | Public-Private Partnership (P3) Financing
This Reinvestment Roadmap was drafted by the City of Erie and the Erie Regional Chamber and Growth Partnership for the White House Opportunity and Revitalization Council.


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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