Opportunity Zones News

Taylor Lembi

How Opportunity Zones Can Address the Housing Crisis, with Taylor Lembi

Can Opportunity Zones help address the nation’s housing crisis? Taylor Lembi is founder and CEO at San Francisco-based real estate developer M31 Capital. Their Morpheus 1 Qualified Opportunity Zone Fund, launched earlier this year, invests in multi-family housing redevelopments in the Bay Area. Click the play button below to listen to my conversation with Taylor. Episode Highlights Key metrics on the housing crisis in San Francisco’s Bay Area and the challenges of doing redevelopment in the area. The need for regulatory process streamlining at the state and municipal levels. The potential for the Opportunity Zones program to improve the housing

Continue reading »
Anu Varadharajan and Michelle Thompson

Academia’s Role in Opportunity Zones, with Anu Varadharajan & Michelle Thompson

Are colleges and universities an untapped resource for Opportunity Zone development? Anu Varadharajan is a tax professor at Tulane University. Dr. Michelle Thompson is a planning and urban studies professor at the University of New Orleans and data fellow at the Mastercard Center for Inclusive Growth. Click the play button below to listen to my conversation with Anu and Michelle. Episode Highlights Opportunity Zone investment trends in New Orleans. The need for academia to become more involved in Opportunity Zone development. How studying tax return data can determine OZ program efficacy. Metrics that could be used to most effectively determine

Continue reading »
Jimmy Atkinson

July 9 IRS Hearing: Podcast Episode Recap

Who spoke at the July 9 IRS public hearing on Investing in Qualified Opportunity Funds? And what are some of the biggest issues that the IRS needs to clarify in final regulations? The Opportunity Zone hearing took place at the IRS New Carrollton Federal Building just northeast of Washington DC. There were 19 groups of speakers who delivered testimony to a panel of seven moderators from Treasury and the IRS. The hearing was attended by approximately 100 people. Click the play button below to listen to the complete recap. Episode Highlights Background on the Opportunity Zones legislative and regulatory process,

Continue reading »
July 9 IRS hearing on Qualified Opportunity Funds

Complete recap of the July 9 IRS public hearing on Opportunity Zones

On Tuesday, July 9, approximately 100 people attended the auditorium at the IRS New Carrollton Federal Building just outside of Washington DC as 19 groups of Opportunity Zone stakeholders testified during the public hearing on proposed regulations: “Investing in Qualified Opportunity Funds” [REG-120186-18]. This was the second hearing on proposed IRS regulations, following the second tranche of regulatory guidance issued April 17. The first hearing held on February 14 followed the issuance of the first tranche of regulatory guidance issued October 19. While the Valentine’s Day public hearing covered a broad range of topics at a high level (e.g., eligibility

Continue reading »
IRS New Carrollton Federal Building

Full audio recording of the July 9 IRS hearing on Qualified Opportunity Funds

On Tuesday, July 9, the IRS hosted a public hearing on the second tranche of proposed regulations on Investing in Qualified Opportunity Funds [REG-120186-18]. The hearing took place at the IRS New Carrollton Federal Building just outside of Washington DC. Recap of the hearing Below is the full audio recording of the hearing. If you prefer, we also have a recap of the July 9 IRS hearing in both text and audio (podcast) formats. Full audio recording Timestamps for full audio recording 0:00:00 — Introduction 0:01:22 — Opening remarks: Julie Hanlon Bolton, IRS 0:03:52 — Opening remarks: Michael Novey, Treasury

Continue reading »
Kevin Shields

Strategies for Maximizing Opportunity Zone Returns, with Kevin Shields

What are some strategies for maximizing Opportunity Zone investment returns? What should investors be aware of and what pitfalls should they avoid? Kevin Shields is founder, chairman, and CEO of Griffin Capital, an alternative investment firm with over $17 billion in assets under management. Click the play button below to listen to my conversation with Kevin. Episode Highlights Kevin’s initial reaction to the legislation and when he realized he needed to participate. Griffin Capital’s Opportunity Zone investment strategy, and why they like ground-up multi-family developments in Opportunity Zones. How Opportunity Zone funds source their deals. And advice that Kevin has

Continue reading »
Quinn Palomino

The First Opportunity Zone Fund, One Year Later, with Quinn Palomino

It’s been one year since Virtua Partners launched the very first Qualified Opportunity Fund. Since then, they have raised $100 million, roughly half of which has already been deployed; they’ve broken ground on numerous projects, and have a pipeline of about 100 more. Quinn Palomino is principal at Virtua Partners, a global private equity firm that specializes in commercial real estate, and manager of four Opportunity Zone funds. Click the play button below to listen to my conversation with Quinn. Episode Highlights The potential for the Opportunity Zone program to create a new language for municipalities and investors to facilitate

Continue reading »
IRS Building

IRS hearing on Qualified Opportunity Funds is next week

Today, July 1, is the final day to submit a public written comment to the IRS ahead of next week’s hearing on Qualified Opportunity Funds. Click here to listen to the live stream of the IRS hearing on July 9. The IRS received 178 written comments following its issuance of the first set of proposed regulations on Qualified Opportunity Funds in October 2018. The first public hearing followed in February 2019. The IRS issued a second set of proposed regulations on April 17. The second public hearing is scheduled for July 9. Thus far, 53 written comments pertaining to this

Continue reading »
Reid Thomas

Third-Party Administration for Opportunity Zone Funds, with Reid Thomas

Should Qualified Opportunity Funds best practices include third-party administration? And what are some Opportunity Zone trends being noticed by the industry’s largest service provider? Reid Thomas is executive vice president and general manager of NES Financial — a Silicon Valley-based fintech company that provides a purpose-built administration solution for Qualified Opportunity Funds. Click the play button below to listen to my conversation with Reid. Episode Highlights How experience with Section 1031 exchanges and the EB-5 program uniquely positioned NES Financial to service the Opportunity Zones industry. The importance of third-party administration for private equity funds, and especially highly specialized Qualified

Continue reading »
Justin Wolk

The Biggest Problem with Opportunity Zones, with Justin Wolk

What is the biggest problem in the Opportunity Zone space today? And why is there pushback from potential investors with capital gains? Justin Wolk is a capital advisor for StackSource, a New York City-based real estate technology company that connects commercial real estate developers with lenders. Click the play button below to listen to my conversation with Justin. Episode Highlights The biggest problem in the Opportunity Zone space today. Why StackSource has been hosting Opportunity Zone educational seminars all over the country. The people who know where the actual capital gains are. How the Opportunity Zones program has opened up

Continue reading »