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CDFA Opportunity Zones Update Newsletter - January 21, 2020

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CDFA Opportunity Zones Update
January 21, 2020
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Opportunity Zones Update Newsletter

Features

IRS Publishes Final Opportunity Zone Regulations: Putting It All Together
The IRS released final regulations under Section 1400Z-2 that tie together many of the loose ends remaining after the publishing of two sets of proposed regulations, one in October 2018 and another in May 2019. This article will attempt to put it ALL together: the statute, the two proposed regulations, and last week's final regulations.

Treasury Inspector General Probes Possible Opportunity Zones Abuses
The Treasury Department's inspector general is looking into the opportunity zone program following stories by ProPublica and The New York Times about how the tax break meant to help the poor had been manipulated by billionaires. The inspector general said that once the inquiry is complete it plans to publicly post its response.

Final Opportunity Zone Treasury Regulations Released
The U.S. Department of Treasury released the long-awaited final Opportunity Zone Treasury Regulations (the "Final Regulations"). The Final Regulations and explanatory materials that span 544 pages, are quite extensive and give some needed clarity into how the Opportunity Zone tax rules work. This client alert is intended to highlight just some of the changes and clarifications in the rules.

U.S. Department of Transportation Releases New Interactive Opportunity Zones Map
The U.S. Department of Transportation's new interactive map provides information about the location and characteristics of significant transportation-related facilities that are located in or near Opportunity Zones.

Insight: Highlights of the Final Opportunity Zone Regulations
Forrest Milder walks us through highlights of the recently finalized Opportunity Zone regulations under tax code Section 1400Z-2. He praises the IRS for including a great deal of flexibility in these regulations, but he also cautions that many technical and transition rules will require very careful reading and application.

Brownfield Redevelopment Becomes Big Opportunity Zone Winner in Final Treasury Regulations
The Treasury Department was convinced by EPA's case that Opportunity Zones need to cater to brownfield redevelopment to be successful. The final regulatory release develops clear and detailed pathways and preferences for real estate redevelopment.

The Obscure Reason Banks will Finally Embrace Opportunity Zones
The federal government plans to give commercial banks credit for issuing loans in low-income communities as part of a larger reform to a 1970s-era Community Reinvestment Act. This is the first direct regulatory incentive for banks to lend in Opportunity Zones and could be a game-changer for the program, according to some experts.

TN ECD Launches Opportunity Zones Directory Site
Tennessee's Opportunity Zones directory is now live. The new tool makes it easy for communities to connect with developers and opportunity funds.

Upcoming Events
CDFA Federal Policy Conference

Fundamentals of Economic Development Finance WebCourse
January 29-30, 2020 - Daily: 12:00 - 5:00 PM Eastern
The Fundamentals WebCourse is the foundation for all of CDFA's educational offerings. This course helps attendees understand the variety of development finance tools available, from bonds, tax credits and TIF, to federal financing programs, RLFs, and access to capital lending resources.

Opportunity Zones Headlines

Developer Wants 71-Unit Complex to Rise in Van Nuys, CA Opportunity Zone
The Real Deal | Jan. 17 | Opportunity Zones

MD Bills Would Change State Regulations for Opportunity Zones
Novogradac | Jan. 17 | Opportunity Zones

Qualified Opportunity Zones: Your 180-Day Clock Isn't What You Think It Is
Forbes | Jan. 16 | Opportunity Zones

Opportunity Appalachia Opens Application Process for Technical Assistance Funding
West Virginia's News | Jan. 13 | Opportunity Zones

Chicago, IL Developers are Giving Opportunity Zones A Try
WBEZ | Jan. 11 | Opportunity Zones

CA Governor Still Pushing Opportunity Zone Tax Breaks
Bloomberg Tax | Jan. 10 | Opportunity Zones | State Finance Program

How CDFIs Can Help Raise Opportunity Zone Capital
OpportunityDb | Jan. 8 | Community Development | Opportunity Zones

Is Your Real Estate Wholesaling Business Embracing Opportunity Zones?
Born2Invest | Jan. 8 | Housing Finance | Opportunity Zones

Energy Developers Consider Brownfields as Federal Incentives Are Set to Expire
The National Law Review | Jan. 7 | Brownfield Financing | Energy Finance | Federal | Incentives | Opportunity Zones | U.S. Environmental Protection Agency (EPA)

Opportunity Zones Explained: A Helpful Solar Incentive
Solar Power World | Jan. 6 | Energy Finance | Green Finance | Opportunity Zones | Tax Credits

Milken Institute Issues Call for Vignettes Aimed at Resilient Infrastructure and OZ Financing
The Milken Institute | Jan. 3 | Economic Development | Foundations | Opportunity Zones

Urban Farm Proposed in Milwaukee, WI
Milwaukee Business Journal | Dec. 30 | Agriculture Finance | Food Systems Finance | Opportunity Zones

The OZ Fund that Lined Up $105M in 17 Hours
OpportunityDb | Dec. 18 | Opportunity Zones

New Grocery Store Opens in West Dallas, TX Opportunity Zone
Fox 4 | Dec. 18 | Food Systems Finance | Opportunity Zones

Kraft Heinz Food Investing $25M in Enterprise Zone, Opportunity Zone in Garland, TX
Business Facilities | Dec. 18 | Food Systems Finance | Opportunity Zones | State Finance Program


Resources

Final Opportunity Zones Regulations
Opportunity Zones
This document contains final regulations governing the extent to which taxpayers may elect the Federal income tax benefits provided by section 1400Z-2 of the Internal Revenue Code (Code) with respect to certain equity interests in a qualified opportunity fund (QOF).


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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