OZ Investing For Community Impact, With Allivate Impact Capital

How can the Opportunity Zone incentive catalyze community impact-oriented investing?

Allivate Impact Capital’s co-founders, Noelle St.Clair Lentz and Doug Schaeffer, join the show to discuss how investing for impact can catalyze positive community outcomes, and lead to lucrative financial returns for investors.

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Episode Highlights

  • Background on Allivate Impact Capital, and its mission of elevating communities, alleviating poverty, and activating entrepreneurial ecosystems through innovative capital solutions.
  • What the Community Reinvestment Act is, and how it encourages banks to make catalyzing investments in low-income neighborhoods.
  • How Opportunity Zones sometimes (but not always) overlaps with CRA investing.
  • Details on the $100 million national commercial real estate Qualified Opportunity Fund that Allivate Impact Capital has recently launched, seeded with $25 million.
  • Examples of catalyzing impact investments that Woodforest has made to date.
  • How Opportunity Zone investments are creating positive impact in local communities, countering the negative narrative that is prevalent in the media.
  • Takeaways from the Opportunity Zone stakeholder meeting with EIG and Sen. Cory Booker (D-NJ).
  • Why the fund-of-funds structure and the Community Dynamism Fund proposed in the reform legislation would be great improvements to the Opportunity Zones policy.
  • Why headline risk has prevented Opportunity Zones from becoming more institutionalized.

Today’s Guests: Noelle St.Clair Lentz & Doug Schaeffer, Allivate Impact Capital

Noelle St. Clair Lentz & Doug Schaeffer on the Opportunity Zones Podcast

About The Opportunity Zones Podcast

Hosted by OpportunityDb.com founder Jimmy Atkinson, The Opportunity Zones Podcast features guest interviews from fund managers, advisors, policymakers, tax professionals, and other foremost experts in opportunity zones.

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Show Transcript

Jimmy: Welcome to the Opportunity. Zones podcast. I’m. Jimmy Atkinson joining the show today are Noelle, St.Clair Lentz and Doug Schaeffer from Allivate Impact Capital. Noelle is Co-Founder and CEO and Doug is Co-Founder and Board Chairman at Allivate.

Noelle, Doug, welcome and thanks for coming on the show today. Great to see you both.

Doug: Hey, Jimmy.

Noelle: Thanks for having us.

Jimmy: Great to have both of you here with us today to talk about, Allivate and the work that you’re doing in opportunity zones and for our listeners and viewers out there today. Today’s show is going to focus on community impact oriented Opportunity Zone investing, and hopefully offer a counter narrative to some of the negative publicity that the opportunity zones policy has received since its inception. 

A little bit about our group that we’re speaking with today. Allivate Impact Capital is a subsidiary of Woodforest Financial Group and this group has been an investor that leverage CRA tax credits within the Opportunity Zones program back in two thousand and twenty, and was recognized by Forbes and the Sorenson Impact Center as one of the Forbes OZ. 20 top Opportunity Zone Catalysts that year. 

They have also recently won a global innovation award from BAI. So now I’m going to turn to you first here to start us off. What else can you tell me and my listeners about Allivate Impact Capital! What is it? Exactly. And why was it formed?

Noelle: Thank you, Jimmy. So, we are excited to launch Allivate Impact Capital. Our new impact investing subsidiary. And the first question we often get is, What does Allivate mean? So the word Allivate is really a mash up of different words that come out of our mission and vision. One we seek to elevate communities, alleviate poverty and activate entrepreneurial ecosystems through innovative capital solutions and so opportunity zones. Has definitely been one of those tools, and the first fund Allivate will manage will be an Opportunity Zone fund. But we intend for Allivate to manage funds across asset classes, building off of the expertise we have had in CRA investments.

Jimmy: Fantastic. I want to talk more about uh CRA and your current fund that you’re raising OZ equity for a little bit later in the program today. Anything else you want to expand on with regards to the group’s mission and vision.

Noelle: And Yes. Allivate attempts to be a leader in impact, investing by working with communities to understand their vision for themselves and deploying innovative capital tools to help them realize that untapped potential.

And so we’re interested in investing in populations and communities that for too long have suffered disinvestment. And our team is a diverse team. We’re a female led firm with a diverse management team, and we truly believe that diversity of perspective leads to better outcomes. So we are investing for an impact…

But that often leads to quite lucrative financial returns because we are helping these communities access resources that just for too long has go on as a market gap, one

Jimmy: Right? And the Opportunity Zone Tax incentive often aligns very well with impact investing Doug. We’re going to get to you in a minute. But another question here for no. Well just speaking about your experience so far with opportunity zones. What has that experience been? And how do you plan to scale that work going forward?

Noelle: Yeah. So, we were involved in the Opportunity Zone program. Early on we had a large capital gain event in two thousand and nineteen, and our CRA investment group, Doug and myself and others got together with our tax director to think about. How could we use the Opportunity zone program to really scale our CRA investments?

So we were the seed investor in a few multi-investor multi-asset opportunity zone funds having deep impacts in communities across our seventeen State footprint. But we also created a proprietary fund where we were the sole investor. It was a twenty two million dollars fund that fund has invested in ten commercial real estate projects across our seventeen state footprint, but we looked at over two hundred and fifty projects.

And so we were really looking for one. Does it pencil in a way that will give us the financial return we’re looking for, but to a big gating price. Gating criteria for us was, Does it meet the Opportunity zone impact reporting framework. And this is something put together by the Federal Reserve Bank of New York, and the U.S. Impact investing Alliance and the Beeck Center at Georgetown. And so we use this framework to talk to developers at the very start about things like community engagement, social equity, transparency. How are their projects going to meet needs in a community and help a community realize It’s a vision for itself two hundred and fifty.

And so in adopting that framework and looking at over two hundred and fifty projects, we realized that there’s a lot more demand than we were able to meet with our first funds.

And so we’re excited. That Allivate now gives us the flexibility to not just manage our own balance capital, but to bring in capital from other CRA-motivated banks, high networks, individuals, institutional investors to deploy this type of innovative capital in communities across the nation. 

Jimmy: Terrific. You mentioned the impact reporting framework that was developed in part by the  Beeck Center at Georgetown University. I had a representative from the Beeck Center on this podcast a couple of years back. I’ll make sure I link to that old podcast episode in the show notes for today’s episode. If anybody wants to uh, follow that and learn a little bit more about that impact reporting framework. But you know no well. In your last response you mentioned the Community Reinvestment Act CRA credits several times. 

Doug. I want to bring you in now, as our CRA expert, so to speak, for today’s episode. What can you tell I mean, I know, in the banking world, and with certain fund managers they’re very well versed in CRA credits, and how they can be layered into a capital stack to complete projects in Opportunity Zones, and also non- Opportunity Zone developments. But can you tell our viewers and listeners who may be unfamiliar with CRA. What is the Community Reinvestment Act? Exactly.

Doug: I’m happy to be a resource on CRA. It’s not something I expected I would ever be a part of. But my career led me somewhat late in my career into CRA, and it’s a really remarkable tool for communities, and it’s been around since the seventies, and I think we just celebrated forty years not too long ago. It feels like it was shorter, but it really is for banks that offer FDIC insurance. Every bank is affirmatively obligated to meet the needs of the communities they serve, including those of low and moderate income, and that’s really the regulation that was signed in the law in the seventies updated in ninety-six, and the regulators are still trying to poke at modernizing it to today. 

The OCC came out with some rules that have been rescinded and the Fed just recently closed out a notice of proposed rule making comment period. So we’re anxious to see what happens. But banks meet the needs of the community through the retail products, loans offered through branches, and as well as community development lending and investments. And so what is great as a tool is those loans and investments that go into communities often are catalytic what they do, and there’s a variety of tools out there to invest in from more the plain vanilla mortgage back securities that have mortgages that are predominantly or majority low and moderate income individuals that low and moderate income areas, or you can do more innovative and complex things that you get qualitative credit for such as lie tech low-income housing tax credits, new market tax credits.  

In our institution’s case we are privately held, and that tax credit investing didn’t really help us out with our ownership base. But opportunity zones did as Noelle talked about before. Uh. It’s just a tremendous tool that we’ve seen, and you mentioned the capital stack, and that’s what makes these things innovative and complex. So we love the fact that we were the first mover in this proprietary fund to adopt the OZ metrics. But we see it as being something that actually the Regulators upheld Occ. Published an e-zine article in  two thousand and twenty-one, holding our fund out as an example of how these things can be done in a measurable, impactful way.

So, without going into the gory details of how CRA is kind of an art form as well as an obligation. A lot of banks don’t use the tool as well as they could, meaning there’s tools like opportunity zones that can be used in the way we’re using them, but we don’t see many people doing it. I think you ask me a question prior to this about why Aren’t Banks doing it. For the life of us. We don’t know, but we’re happy to have them be investors in our funds, and we have some that are interested. I won’t mention another bank, but when

I was with them yesterday. They just don’t have the capacity. It seems to consider these except as kind of more of an esoteric thing. So there are a few banks that will set up a fund. When a client has a capital gain, but they’re not viewing it yet as a good investment,that  long term patient returns are there for the right investor set, so we can talk more about that. But I’m sorry to ramble a little bit on the CRA. Side. I don’t know if I made it easier to understand for the uninitiated but it really is a strong tool. It’s the only rating that’s made public by the regulators for a bank. So there is a There’s a lot of pressure to do it right. You have to at least be satisfactory in order to continue to grow your bank, do mergers and acquisitions, open branches, et cetera. 

So a lot of banks are under pressure to ensure they get satisfactory results. There’s a few that really strive to be outstanding. And we’re one of those institutions that’s rated outstanding, and we look to keep doing innovative things like this to ensure we always are outstanding, so I don’t want to turn this into a ca discussion, but Noelle knows I could talk at length about it.

Jimmy: So I will stop there unless I didn’t give you that. That’s great, Doug. I appreciate that answer, and your insights there. I do want to revisit. Excuse me, excuse me, I do want to revisit one point you made about more banks, more large institutional Wall Street banks in particular, not doing more with opportunity zones. I want to reuse that a little bit later in the episode today. One follow up question about CRA credits, though I, if I understand correctly, I think. There were some new rules that came out within the last year or two that allow for banks to receive CRA credits if they? If they make an investment into a QOZ. Or if they start up a QOZ can you? Can you walk us through what that means? Exactly. Do. I have that right?

Doug: Yeah. And I’m gonna pass the baton over to Noelle at some point because she’s really been the one since she joined us to get us invested in these through what’s called the public welfare investment in in our case being regulated by the OCC. It falls under part twenty-four. So you  have limited capital that you can apply to this, and you can either go depending on your status at what you rate it. You can either come in for pre-approval or after the fact. Notice we always try to go in before to make sure that the structure. It also qualifies under public welfare, investing as well as CRA. But there are some nuanced differences there, so I know you’ve most recently had the QOZ. process through getting us approved any additional color you want to add to this

Noelle: And yeah, I do think there’s a lot more clarity from the CRA regulators when it comes to the opportunity zone. The OCC put out a fact sheet in I believe, late two thousand and twenty-two or early two thousand and twenty-one. That talks about how they think about opportunity zone and CRA.

I will say that when the tax cuts, and Jobs act was passed and the opportunity zone program was introduced. Governors were able to designate opportunity zones in their own state. So, even though the intention was for capital to flow to low and moderate income areas. There are a few outlier opportunity zones that sit in more affluent areas.

Noelle: So for a CRA motivated investor or for Allivate investing on behalf of CRA motivated investors, we would not consider one of those opportunity zone. So I mentioned our impact reporting framework earlier. That’s really in terms of our impact. But theCRA looks at the what and where. So CRA. Very geographically focused. And so an opportunity zone won’t make an investment CRA eligible. It also needs to be serving a low and moderate income area and or low and moderate CRA income people which is most of the opportunity zones, but not all of them as they stand right now.

Jimmy: No very good thanks for clarifying there. Uh, I want to turn back to you and get some more information on the National Opportunity Zone Commercial Real Estate Fund. That Allivate has set up. What can you tell us about that fund? How many projects will be in it? Where will it be located, and how much equity are you raising for it?

Doug:I feel like I’m stealing Noelle’s question. She’s through the success of what we did with our proprietary fund. We use that as a launchpad to create Allivate under our holding company, and the intention was, as she talked about where we looked at two hundred and fifty projects there were, and we were able to invest in ten. There’s just so many more out there, and those were two hundred and fifty projects in our seventeen state footprint.

So, being able to take it national, is There’s just a load of other projects that are out there. We are actively hearing about them. We look forward to hearing more any of your listeners that want to bring us in. We’re happy to talk to potential investors as well. But we plan to seed the first fund with twenty-five million of our own gain, and we are looking to raise an additional seventy-five.

We are happy to talk to Banks. We are happy to talk to pension funds. Any investor. We think it’s a great investment on its own terms without the OZ impact, but as the well just highlighted we, we are intentionally going to ensure that that impact just measured and delivered. And so no well, I feel like I’m so used to you answering that question. I don’t want to go too long without tossing it back to you. What please add.

Noelle: No, I think that was great.

Jimmy: Nothing else to add there. Noelle? Well, anything else about the capital that you’re raising, or about how many investments in this A real estate focused fund. What types of properties are you developing? And how many projects are in the pipeline. Maybe you can answer a couple of those questions.

Noelle: Yes. So, as Doug mentioned, this fund is really building up with the model we created with the first fund, where we were a sole investor. We invested twenty-two million dollars, and the average project size in that fund was somewhere between one and three million dollars, since this will be one hundred million dollar funds, and looking at projects nationally, our investment size will be somewhere between five to fifteen million dollars. On average, I would say one hundred and fifty.

And the project types are pretty diverse. Again, we’re trying to meet needs that are unique to each community so in our first fund we were proud to invest in the St. James Hotel, at the foot of the Edmund Pettus Bridge in Selma, Alabama. It had been vacant for decades and civil rights. Tourism is growing, but the community of Selma Didn’t benefit from any of the ripple effects of that tourism, because there was nowhere for people to stay. So they would cross the bridge and remember all the brave people who marched in the Civil Rights movement, but then drive an hour back to Montgomery, and benefits the Montgomery economy. 

The same James Hotel was one of the investments in our first fund, and now we know of three other developments happening in downtown Selma that’s played with a lot of vacancy and blade and poverty.

In Philadelphia, which is in my own hometown, we invested in a project that brought mixed income housing, a grocery store, a federally qualified health care center and a bank branch to a community that was lacking all of those things. It was a medically underserved food, desert banking desert in need of mixed income, housing and some communities the need is purely affordable housing, but in some communities they made that mix to diversify the tax base. So it’s a lot of getting to understand which project will be that catalyst to foster neighborhood revitalization and these are complicated capital stacks, so most of them have some sort of local city, State or Federal subsidy, or new market tax credits or historic tax credits,and that’s great because it’s a public-private partnership it’s proving a need in a community. But it also helps to de-risk Our investors’ capital investment into the project. So each project is  a little unique. But we’re open to exploring them. This fund is commercial real estate, but more to come on future funds which will include other asset classes. 

Doug: Well, I have to toss out one little detail to add to the Sharswood Philly project. She mentioned capital stack that in all my years in finance it’s probably my favorite capital stack. Not only did the OZ equity we put in through a great partnership with Shift Capital mosaics developer just an all around. Incredible project but in that capital stack they did, crowdfunding seven hundred and fifty thousand of crowdfunding from the local community. So as that project returns to the investors, it’s returning to investors right in the community. So phenomenal. 

And now I don’t know if you’re at liberty to kind of talk about some of the projects in the pipeline. That kind of continues that narrative. But I, you know, feel free to share some of the transformational work that’s just lurking around the corner.

Noelle: Yeah, we do have some pretty incredible projects that we’re looking at just in terms of what they, what they will do in these neighborhoods. So in the Fifth Ward, in Houston, there’s a Mega church that membership had gone down during Covid.

So they’re moving to a smaller campus. But this ward is an area in need of investment. Um! And the church was mindful about not just selling it to any and a developer. So they sold it to a local developer, Black owned development firm, who, through a joint venture with a group that has done large-scale projects. Nationally we will be converting this old church, keeping the historic facade but turning it into mixed income, housing a charter school in an early childhood Education Center. It’s transit or oriented.

There’s a bus stop right there so residents can go to jobs downtown. Houston, another project the city of Baltimore gave one hundred vacant row homes to a developer who we invested with in our first fund for one dollar, and he’s looking at a model for how to convert them right now they’re vacant. So he’s looking to rehab all of them and create affordable home ownership opportunities in one neighborhood in West Baltimore.

And so these are the types of projects that we’re looking at. Again, they’re under diligence, but I think it’s helpful to be able to show our investors. You know you’re not investing into a blind pool. From our first sons we have a great group of developers who we either were able to invest with, or we’re not. And we already have projects that are far underway in terms of the diligence process.

Jimmy: Excellent! Excellent. Well, I’m. Looking forward to seeing how that unfolds over the coming months and years ahead. I wanted to shift gears and talk about the counter narrative that I teased in the intro. So one of the biggest criticisms of the Opportunity Zones tax policy is that it’s merely a tax break for the already wealthy investors in this country. It’s not actually delivering any positive impact in the communities that it was promised to deliver.

Well, yeah, I know you and Doug just visited Capitol Hill a few weeks ago with the Economic Innovation Group, EIG, and some other opportunity zone stakeholders. What’s the positive impact story that you are telling to policymakers on Capitol Hill or other elected officials, or anyone else who asks how are opportunity zones having a positive impact in local communities? And maybe you can tell us also about those meetings on Capitol Hill, and some takeaways.

Noelle: So yeah, we’d be happy to. So we appreciate EIG and their leadership, bringing together oz stakeholders to talk to senators and their staffers. one, you can tell. We’re sued about opportunity zones. But I would not deny that there is opportunity for improvements.

So I do think that the Reform Bill that’s being visited now would help strengthen the program considerably. Um, it would get rid of those opportunity zones outside of low and moderate income areas that I spoke about earlier. So essentially you’re narrowing it down to what would be more in line with what we see in the Community Reinvestment Act?

But it would also require some type of impact. Reporting, like our fund has adopted willingly, it would require that of all investors. So our activity has been held up as a model, for here’s a counter narrative here, so you can do it well and do it in a way that impacts communities. And I’m really passionate about impact investing. I think, when I talk to people about impact investing.

There’s a lot of people with really big hearts, but they’re still thinking in the two pocket mindset, right? I’m going to make as much money as I can, on the one side, and then donate the excess on the other side. And so a really important point for us. Is that just because you’re doing impact investing that doesn’t necessitate concessionary returns. Our fund is targeting a twelve percent IRR  before the tax incentive, and then we know it is a great tax incentive. So I really think it’s just understanding that can be a both. And but we can’t throw out the impact of integrity. We’re very passionate about the fact that we found a way to operationalize the impact goals of our fund, and we’d encourage other opportunity zone investors to do that because these communities that are located in opportunity zones deserve that they deserve um the capital to be meeting needs because they have suffered from disinvestment far too long. 

But Doug also joined me in DC. And I know it was an exciting couple of days of meeting, so I’m sure there’s some he’d like to share that I didn’t mention.

Doug: It was nice to be asked to join because of the proof points that our work has given. And so well, it’s great to have the Forbes and the Sorensen and the BAI recognition, really walk in the halls to thank Senators Booker and Scott for sponsoring the legislation it was, it was rewarding, and one particular moment There was thirty of us in Senator Booker’s office, and I had the chance to share the Sharswood and share the  Hotel Saint James and  a few others, and seeing the look on his face of how proud he was, I think, around the legislation. But there was a moment in particular. He’s like, how come I don’t know you?, I said. I don’t know I live in exit five so it was kind of fun to talk to my own Senator and thank him for doing this. 

But, he is completely supportive around the changes, and we just hope both sides of the aisle. See it as benefiting every community that’s out there that these things are really transformational, and we can give you eight other eight other examples from our portfolio of ten that are just remarkable, and we’re looking at that. We know there’s a lot of other great demand out there. Alex Flachsbart, Alabama was there with us that day, and when he shared that those additional projects that are coming out in the and Selma because of that hotel, St. James, that’s just very, very rewarding to hear it, to see it actually be the catalyst that it was intended to be. It’s just remarkable.

Noelle: And if I could add, I think there was one other piece that Doug and I failed to mention. But I know it’s something we both feel very supportive of in the Reform Bill. There’s also something around creating a fund to fund structure two hundred and fifty.

We’re not going to be able to tap into that volume of capital and get it to small projects like that without the fund to fund structure so I think it’s just bringing more sophistication to the OZ industry. And there’s also funding for a community dynamism fund which would allow local municipalities to either play as a convener like Alex in Alabama, that Doug mentioned to connect investors to projects in Alabama, or technical assistance, because, again, these can be quite complicated capital stacks. So, being able to come alongside a developer or project sponsor with some technical assistance to get them capital ready. We think that the Community Dynamism Fund could be a great improvement to the program as well. One hundred and fifty.

Jimmy: Yeah, absolutely. I’ve been advocating for support and passage of that Reform Bill since it first hit the floor back in April earlier this year, and we have some great resources on our website. Um to learn more about that Opportunity Zone Reform Bill and all of the new things that it would kind of add to the opportunity Zones program. Um, it will. I’ll make sure I link to those on the show notes for today’s episode at OpportunityDb.com/podcast.

Doug, I wanted to turn back to you and kind of revisit one topic that you brought up a few moments ago. My question is, why haven’t opportunity zones become more institutionalized? I think the expectation early on was that some of the biggest investment banks in the world, Wall Street banks. We won’t name any names, but you can probably pop. A few of them are popping into your head right now. Why, Aren’t, these banks paying more attention to opportunity zones? Why aren’t they funding more opportunity zone investment?

Doug: Simply put, I think headline risk. And that’s why we’re out there trying to change the narrative. Because the impact that’s not being done, because capital sitting on the sidelines, and there is an abundant amount of capital sitting on the sidelines. It’s interesting. I was walking the floor yesterday of the AFP Conference, the Association for Finance Professionals, where a lot of treasurers go, and it’s a difficult conversation it to pierced through the resistance of they just haven’t educated themselves on what opportunity zones could be, and how it could fit a portfolio need that they have uh, on a business level or at a personal level it’s once you get through it. Then the start, But it it’s  a little tricky to get through it. The banks we’ve seen that have done it typically are just doing it as a courtesy for a client that may have a capital gain. I noel can tell you. We’ve invested in Oz funds without capital gains. They’re that strong of an investment for us, and we see more need than capital right now, and which is why we’ve  set up Allivate to just help banks get through their process of You know what it whatever uh preconceived notion they have on the merits of the economics alone. These deals paper, and it. You just have the added benefit of those tax incentives at the end. 

So we’re on a mission to change that narrative. We love the changes that you, and thank you for your support on the amendments that we hope to see passed by your end. But, um! We’re happy to talk to any bank that has any questions about this. We’re happy to talk to an individual’s, too. But for me, I think every treasure out there of any company should be looking at these investments as a really great opportunity uh to extend the tenors of their balance sheet investments so

Jimmy: Good insight there. Noelle, maybe you can kind of round out the interview here. We’re coming down to the wire almost at a time. Uh, but I guess we’re what are we? We’re nearly five years in to when the tax cuts and Jobs act was passed at the end of two thousand and seventeen, and about four and a half years removed from, when the zones were first designated

in July, of two thousand and eighteen, but there does still seem to be headline risk, as Doug termed it. And I would say, in addition to that, there is a knowledge gap with um investors, retail investors, high net worth accredited investors, advisors, family offices, but also these large um very sophisticated banks have a knowledge gap as well. I feel well what? No? Well, just to kind of ran out the interview here. What? What?

How can we address that knowledge gab? What should investors ultimately know about the Oz program and any other parting thoughts you may have.

Noelle: Well, thank you, Jimmy. I feel like you’re doing a great job filling that knowledge gap. So appreciate what you’re doing here on the podcast. Um. But you know for us, I think, just stressing to investors that the tax incentive is wonderful, and it’s the icing on the cake right. The tax incentive won’t make a bad investment a good investment. It’ll make a good investment great. So for us, the types of projects we’re looking at have strong predicted financial returns. We’ve talked about the impact that can be achieved in communities.

And then the added tax incentive. So for um investors with capital gains, we’d love to hear from you, I think, early on it was a lot of concentration risk because it was easier to do a single asset investment. A single investor single asset, and the Opportunity zone industry has matured. Since then we’ve been there since the start, so to be able to offer to investors a multi-asset multi-investor fund, you know there’s not as much concentration risk we have ah relationships across the country where we’re capping into quality projects one.

So we’d love to hear from investors who are interested. We’d also love to hear from developers. If you think you have a strong project that’s going to be catalytic in your community, we’d love to connect with you because we’re actively raising capital. But we’re also actively building our pipeline to deploy that capital.

Jimmy: Very good. So if any of our listeners or viewers today are a developer with a project that you might find interesting. Or maybe they’re in a credit investor with a capital gain who might be interested in learning more about the investment opportunity with Allivate impact Capital! Where can they go to learn more about you and getting in touch with you?

So we’re available at Allivate.com. If you’d like to learn more. We’d also encourage you to follow us on LinkedIn at Allivate Impact Capital, or you could email me now. Well, at all times we would love to connect with you and talk about how we could collaborate in the Opportunity Zone.

That’s great. You got it very good. Well, also for my listeners and viewers out there today. I will, of course, have show notes available for today’s episode at opportunitydb.com/podcast, and there will have links to all of the resources that Noelle Doug and I discussed on today’s episode. And please also be sure to subscribe to us on YouTube or your favorite podcast listening platform to always get the latest from OpportunityDb:

Well, Doug, it’s been a pleasure speaking to you today. Thank you so much for your time.

Doug: Thanks for having us, Jimmy. Great work.

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