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CDFA Opportunity Zones Update Newsletter - November 17, 2020

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

Features

Home Prices Rise in Opportunity Zones, But Lag Behind Nationwide Gains
Attom Data Solution's third-quarter opportunity zones report reveals that opportunity zones, like the housing market at large, experienced a strong quarter, which yielded price growth. However, those gains still fell below the pace of broader metro areas across the U.S., about 75 percent of which saw prices increase by more than 10 percent year over year.

Top Questions to Ask Before Investing in an Opportunity Zone Fund
What are the biggest questions you should ask before investing in an Opportunity Zone fund? With many investors facing a year-end deadline for rolling over their capital gains into an Opportunity Zone investment, know which questions to ask any fund manager before writing that big check.

Some Good News about Opportunity Zone Investments: Workforce Housing Developers See Promise
Can Opportunity Zones play a lead role in workforce housing development? The answer from Cincinnati: a resounding yes. Work commenced this summer on a $50 million mixed-use project called Willkommen in the city's Over-the-Rhine community.

Government Watchdog Report Underscores Lack of Opportunity Zone Oversight
With billions in tax revenue at stake, the U.S. Government Accountability Office said Congress should consider handing opportunity zone oversight to the Treasury Department. As a potential solution, the GAO asked congressional lawmakers to think about handing to the Treasury Department the authority to track how OZs perform.

Sustainable Agriculture Opportunity Zone Fund Closes Omaha, NE Investment
The Harvest Returns Sustainable Agriculture Opportunity Zone Fund recently funded the first tranches of an investment in a vertical farm and restaurant business that will produce locally-consumed food year-round in Omaha, Nebraska. The Sustainable Agriculture Opportunity Zone Fund invests to create a positive impact in the agriculture industry across economically disadvantaged regions of the U.S.

New Opportunity Zone Prospectuses Now Available for Ten Acadiana Communities
The Acadiana Planning Commission (APC) is thrilled to announce the publication and release of seven new Opportunity Zone (OZ) Prospectuses as part of the InvestAcadiana Opportunity Zone Initiative. These new community marketing tools highlight the livability and investment assets of Acadiana's rural OZ communities.

Understanding Opportunity Zone Investments in Multifamily Projects
On this podcast, multifamily housing leaders and hosts, Don Bernards and Garrick Gibson speak on Opportunity Zones with Executive Vice President of Baker Tilly Capital, Mike Fitzpatrick. They discuss the types of projects that are attractive to investors in the current market, the general underwriting benchmarks sponsors should be aware of, and how the election is impacting OZ equity.

What's Next for Opportunity Zones?
The closing months of 2020 will certainly be eventful, and opportunities zones (OZs) stakeholders will be watching to see how the incentive may be affected. A change in administration will mean that Democrats will have an opportunity to address the issues they see in the current administration's signature piece of legislation, the Tax Cuts and Jobs Act of 2017.

Upcoming Events
CDFA-PFM Capital Markets Webinar Series: An Advanced Discussion on Ratings

Intro Food Systems Finance WebCourse
December 9-10, 2020 - 12:00 - 5:00 PM Eastern
The Intro Food Systems Finance WebCourse examines the development finance programs that sustain a local food system and how investments in that system can drive economic development on a broader scale. Topics covered include federal, state, and local sources of capital, stakeholders involved in the financing process, and case study examples that showcase the variety of financing programs.

CDFA // BNY Mellon Development Finance Webcast Series: Educational Facilities Funding Solutions
Tuesday, December 15, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore how a myriad of development finance tools are being implemented strategically to support modernization projects and the new construction of educational facilities.

Opportunity Zones Headlines

Colorado Receives Opportunity Zone Housing Investment from Arctaris Impact
Arctaris Impact Investors | Nov. 17 | Housing Finance | Member News | Opportunity Zones

North Sky Capital Invests in California Renewable Natural Gas Project Located in an Opportunity Zone
Electric Energy Online | Nov. 16 | Energy Finance | Green Finance | Opportunity Zones

Affordable Housing Project Breaks Ground in Downtown Phoenix, AZ Opportunity Zone
AZ Big Media | Nov. 16 | Housing Finance | Opportunity Zones

How Opportunity Zones Set Stage for Private Development in Seattle-Tacoma, WA
Puget Sound Business Journal | Nov. 16 | Infrastructure Finance | Opportunity Zones

An Investor's Guide to Qualified Opportunity Funds
Motley Fool | Nov. 16 | Opportunity Zones

$23M Secured for Columbia Heights Opportunity Zone Project in Minneapolis, MN
Globe Newswire | Nov. 16 | Housing Finance | Opportunity Zones

ReVive Qualified OZ Fund Launches Seeking Accredited Investors for Impact Investment into Hydroponic Green Houses
Benzinga | Nov. 13 | Energy Finance | Green Finance | Opportunity Zones

Area Jobs Training Center on Schedule in Irvine, CA
WTVQ 36 | Nov. 12 | Community Development | Opportunity Zones

EDA Invests $399K in CARES Act Recovery Assistance to Boost Capital Investment in Rural Utah Opportunity Zones
EDA | Nov. 11 | Disaster Recovery & Relief | Federal | Opportunity Zones | U.S. Economic Development Administration (EDA) | COVID-19

Parker Village in Detroit, MI Continues Growing Green Tech to Revitalize the ‘City of Trees'
Model D | Nov. 3 | Agriculture Finance | Energy Finance | Food Systems Finance | Housing Finance | Opportunity Zones | Property Assessed Clean Energy (PACE)

$314M Investment Planned for Greenhouse & Packing Operation in Rural South Carolina
The Post and Courier | Oct. 30 | Agriculture Finance | Food Systems Finance | Opportunity Zones | Rural Development

The Menkiti Group Hosts Construction Tour of Unique Residential Development in Downtown Worcester, MA
Cision PR Newswire | Oct. 26 | Historic Preservation | Opportunity Zones | Tax Credits | Opportunity Funds | Federal Historic Rehab Tax Credits | State Historic Tax Credits

How Place-based Strategies in Virginia Are Leveraging Private Capital for Public Good
Impact Alpha | Oct. 26 | Community Development | Food Systems Finance | Housing Finance | Opportunity Zones | Revolving Loan Funds (RLFs)

EDA Invests $7.8M to Establish a Bioscience and Technology Incubator Facility in Lawrence, KS, Opportunity Zone
EDA | Oct. 21 | Federal | Opportunity Zones | U.S. Economic Development Administration (EDA)



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 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
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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