While the IRS works on opportunity zone guidance, Bob Ibanez, senior public policy manager at Novogradac & Company, has suggested in a recent article that the Treasury department use the lessons they have learned from the New Markets Tax Credit (NMTC) program. There are several similarities between the opportunity zone benefit and the NMTC, including
The Treasury department has sent its proposed regulations regarding opportunity zones to the Office of Management and Budget for review. As part of the Tax Cuts & Jobs Act, the proposed opportunity zones rules are subject to an expedited 10-day review period (usually 45 days) by the OMB. Once approved, Treasury will release its guidelines
Steve Glickman, one of the lead architects of the opportunity zones legislation, has left EIG to start an opportunity zones investment consulting firm. According to their press release, Washington DC-based Develop Advisors “will advise fund managers, investors, project developers, and communities on fund strategy, structure and compliance, investor relations and outreach, pipeline development, and guidance
Opportunity zones and opportunity funds were established by Congress as part of Tax Cuts & Jobs Act that was passed in December 2017. Governors of every state and U.S. territory (and the mayor of Washington DC) nominated their opportunity zones in spring 2018. IRS published the finalized list of designated opportunity zones [PDF] in July. Opportunity
With the enormous tax breaks that opportunity funds offer for investors, it seems like they area a slam dunk investment opportunity. Not so fast, cautions DJ Van Keuren at Forbes. Just because it’s an opportunity fund doesn’t necessarily make it a good investment. Never lose sight of the fundamentals when looking at projects within an
The redevelopment of Odd Fellows Hall at 333 Water Street in downtown Augusta, ME is believed to be the first opportunity zone project in the United States. According to Mainebiz’s correspondence with Jason Richardson, director of research and evaluation for the National Community Reinvestment Coalition: “We have heard about people getting the funds set up,
Property developer and asset management firm Sound West Group has announced the launch of Sound West Realty Capital, an investment firm focused on qualified opportunity zone funds. Their first program — Sound West OZ Fund I — will be available for investment in September 2018. That fund will be a multi-class project in the greater
RXR Realty is raising $500 million for an the RXR Realty Opportunity Zone Fund, which will invest in residential, retail, commercial, and mixed-use properties in and around New York City. Included in the plans are a $170 million development in downtown New Rochelle with 354 residential units and 13,000 square feet of retail space; an
Public sector publication Route Fifty recently spent time in Birmingham and Huntsville, in an attempt to figure out if the new opportunity zones program can revitalize these struggling communities. Local leaders in these two cities see both promise of investment and risks of resident displacement. In Birmingham’s Woodlawn neighborhood, nonprofit Woodlawn Foundation worked behind the
Virtua Partners is one of the first to offer a qualified opportunity fund. The Phoenix-based private equity firm known for commercial real estate investing is raising $200 million for the Virtua Opportunity Zone Fund I, which will invest in three Phoenix-area projects in low-income communities. The fund will have a $50,000 investment minimum, and may
OpportunityDb.com provides world-class tools, education, and analysis to help interested parties discover opportunities in the federal Opportunity Zones program.
