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CDFA Opportunity Zones Update Newsletter - September 14, 2020

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CDFA Opportunity Zones Update
September 14, 2020
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Opportunity Zones Update Newsletter

Features

Opportunity Zones Get Big Push as Critics Question Who They Help
Contentious economic development incentives lawmakers and the White House are pitching as an answer to the nation's economic and social ills are structurally unable to help fix those problems—and may even exacerbate them—critics say.

EPA Meets With Federal Agencies in New Castle, PA to Discuss Redevelopment
The US Environmental Protection Agency joined federal partners to meet with New Castle and Lawrence County Economic Development leadership and community leaders to discuss how EPA can assist the city in the redevelopment of former Brownfields and sites in Opportunity Zones that had become tarnished from past industrial activity.

Novogradac Opportunity Fund List Shows Nearly $2B in Additional Investment
Equity raised by qualified opportunity funds (QOFs) listed on the Novogradac Opportunity Funds List surpassed $12 billion, data that comes on the heels of an estimate made last week by the White House Council of Economic Advisers (CEA) that $75 billion was invested in QOFs by the end of 2019.

Opportunity Zones Continue to Make an Impact
Although the nation is bracing for a new slowdown in the last quarter of the year, Notice 2020-39—issued by the Internal Revenue Service in June—is expected to boost investors' confidence in placing capital. Edmon Rakipi, principal at Opp Zone Capital—an entity that provides specialized Opportunity Zone investment and fund management services nationwide—expects the OZ program to contribute to the revitalization of some of the hardest-hit real estate sectors.

White House Directs Federal Agencies to Prioritize Opportunity Zones
An executive order signed by President Donald Trump on Aug. 24 directs federal agencies to move their offices to Opportunity Zones to spur investment in some of the nation's poorest neighborhoods, a report said. The move will apply to all federal agencies and asks that they stop prioritizing city centers and central business districts and instead base themselves in any of the 8,769 low-income communities designated as Opportunity Zones.

First-Of-Its-Kind Agricultural Center a Boon to Hampton County, SC Consumers
Billed as the nation's largest investment in a federal Opportunity Zone, a high-tech agricultural project announced Wednesday aims to ensure a safer and more reliable food source for South Carolina consumers while bringing hundreds of jobs to the area. The $314 million Agriculture Technology Campus will grow produce in environmentally controlled greenhouses on a 1,000-acre site in Hampton County.

After a Pause, Opportunity Zones Projects Are Back on Track
Opportunity zone projects are now in full swing. The opportunity zone model has been available for nearly two years, but investors were awaiting the final regulations and guidance from the IRS. Then, the pandemic hit. Now that there is more understanding around both, opportunity zone projects are taking off.

White House Releases Initial Assessment of Opportunity Zones Report
This report from the White House' Council of Economic Advisers compares the advantages of OZs with those of other Federal antipoverty programs and documents the characteristics of the nearly 8,800 low-income communities designated as OZs. It also quantifies the effect of OZs investment and finds that a large increase is already benefiting OZ residents while potentially having only a small effect on the Federal budget.

Upcoming Events
Intro Infrastructure Finance WebCourse

CDFA-Bricker PACE Webinar Series: PACE Program Capitalization
Tuesday, September 22, 2020 - 11:00 AM - 1:00 PM Eastern
PACE program financing can be provided through private third parties, public bonds, or a combination of both, and within those options, there are many creative approaches being implemented across the nation. In 2017, The Kresge Foundation made a $3 million program-related investment into the St. Paul Port Authority's "Trillion BTU" and "MinnPACE" loan programs. This was a first of its kind PRI to help the community on-board PACE. This webinar will explore this and other creative methods that communities can utilize to capitalize their PACE program.

CDFA Food Systems Finance Webinar Series: Financing Food Systems Entrepreneurs
Tuesday, September 29, 2020 - 2:00 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, development finance professionals from around the country will describe their strategies for supporting local entrepreneurs in moving their business from idea to execution.

Opportunity Zones Headlines

Illinois Rep, Bost Announces $2.5M Grant For America's Central Port District
River Bender | Sep. 14 | Opportunity Zones

Tip of the Iceberg — Opportunity Zone Investing and Produce
The Packer | Sep. 14 | Agriculture Finance | Food Systems Finance | Opportunity Zones

Los Angeles, CA Approves 151 Micro-Apartments for Downtown
Commercial Observer | Sep. 14 | Housing Finance | Opportunity Zones

Where to Find Some of the Best Opportunity Zone Opportunities
Connect Commercial Real Estate | Sep. 14 | Housing Finance | Opportunity Zones

Little Rock Mayor Unveils Plan for Asher Avenue Area
Arkansas Democrat Gazette | Sep. 14 | Opportunity Zones

Long-Vacant American Red Cross Building in Birmingham, AL Getting $30M Rehab Into Apartments
Yellow Hammer | Sep. 4 | Housing Finance | Opportunity Zones | U.S. Dept. of Housing & Urban Development (HUD)

Alliant Strategic Invests in North Hollywood, CA Opportunity Zone Workforce Housing
Alliant Strategic Investments | Sep. 4 | Housing Finance | Opportunity Zones

PEEK Properties Nears Completion of East Orange, NJ Apartments
Essex News Daily | Sep. 4 | Housing Finance | Opportunity Zones

Novogradac Conference Speakers Expect Opportunity Zones Will Continue to be a Game-Changer for Low-Income Communities
Novogradac | Sep. 4 | Legislative | Opportunity Zones

11 U.S. Neighborhoods Emerge As Best Candidates For Opportunity Zone Investments
ATTOM Data Solutions | Sep. 4 | Opportunity Zones

RevOZ Capital Closes New Opportunity Zone Investment in Downtown Sacramento, CA
RevOZ Capital | Sep. 2 | Opportunity Zones

Related Group Breaks Ground on Nation's Largest Opportunity Zone Residential Project
Connect Florida | Aug. 26 | Housing Finance | Opportunity Zones

Potential Legislative Improvements to Opportunity Zones, with Emily Lavery
OpportunityDb | Aug. 26 | Opportunity Zones

Using OZs to Invest in Cold Storage Facilities
Ag Web | Aug. 26 | Food Systems Finance | Opportunity Zones | Rural Development

Gov. Pritzker Announces $40M for Rebuild Illinois Projects
Transportation Today | Aug. 21 | Economic Development | Infrastructure Finance | Opportunity Zones | State Finance Program


Resources

The Impact of Opportunity Zones: An Initial Assessment
Access to Capital | Community Development | Economic Development | Federal | Opportunity Zones
This report from the White House' Council of Economic Advisers compares the advantages of OZs with those of other Federal antipoverty programs and documents the characteristics of the nearly 8,800 low-income communities designated as OZs. It also quantifies the effect of OZs investment and finds that a large increase is already benefiting OZ residents while potentially having only a small effect on the Federal budget.


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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