Opportunity Zones News

Daniel Kowalski

Upcoming IRS Regulations on QOFs, with Dan Kowalski

The long awaited second tranche of IRS regulatory guidance on Qualified Opportunity Funds will produce a set of principles and safe harbors that will give investors the ability to move forward. The best part? One senior Treasury official has said that they want qualified opportunity zone businesses “to sell to the world.” Daniel Kowalski is Counselor to the Secretary of the Treasury. He speaks regularly at Opportunity Zones conferences on behalf of the Treasury Department and is one of the key figures in the Opportunity Zones regulatory process. Click the play button below to listen to my conversation with Dan

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Jill Homan

Community Development in Opportunity Zones, with Jill Homan

How has the Opportunity Zones program opened up community development to a different class of investors? And how will revitalization projects impact OZ communities? Jill Homan is founder and president of Javelin 19 Investments, a Washington DC-based commercial real estate investor, developer, and Opportunity Zones advisor. She testified at the IRS hearing on Qualified Opportunity Funds in Washington earlier this year. Click the play button below to listen to my conversation with Jill. Episode Highlights The mood in Washington DC regarding the Opportunity Zones policy, and how politicians on both sides of the aisle are touting the program. Why some

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Coasis Coalition Opportunity Zone SuperConference keynote address by Daniel Kowalski, counselor to the Treasury Secretary

Treasury official answers questions on Opportunity Zones regulations

On March 12, the second tranche of IRS regulatory guidance on Qualified Opportunity Funds was submitted to the Office of Information and Regulatory Affairs. OIRA is a branch of the White House’s Office of Management and Budget. While the first tranche of regulatory guidance released in October of last year dealt primarily with real estate, this second tranche will clarify how the statute might work in the context of an operating business. But what specifically might be in this second tranche? And when will it be released to the public? Daniel Kowalski, counselor to the Treasury Secretary, answered many questions

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Stefan Schimenes

Using AI to Improve OZ Investing, with Stefan Schimenes

How can AI be used to improve Opportunity Zone investing? Former AirBNB executive Stefan Schimenes founded InvestReal last month with a mission to create the first data-driven real estate marketplace for Opportunity Zones, using AI to support investment decisions with data from numerous sources. Click the play button below to listen to my conversation with Stefan. Episode Highlights The two components of InvestReal — 1) a network connecting investors and developers; and 2) a data platform for analyzing Opportunity Zones. Some of the biggest mistakes that Stefan sees early OZ investors making. Why there is a need for better real

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John Cochrane

Measuring Impact in Opportunity Zones, with USIIA’s OZ Framework

Should the Treasury Department impose a community impact reporting requirement on Opportunity Zone investing? And what would a reporting framework even look like? Earlier this year, the U.S. Impact Investing Alliance, in partnership with Georgetown University’s Beeck Center for Social Impact + Innovation, created the Opportunity Zones Reporting Framework — a guideline that defines best practices for Opportunity Zones investors and fund sponsors. John Cochrane is senior associate at the U.S. Impact Investing Alliance, and he joins me on the podcast today to discuss the framework and how to measure the impact of the Opportunity Zones tax policy. Click the

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Josh Burrell & Lane Campbell

Blockchain Technology for Opportunity Zone Investing, with Activated Capital

Can blockchain technology revolutionize Opportunity Zones real estate investing? Security token offerings utilizing distributed ledger technology enables tokenization of assets, increased liquidity, reduction of costs, and improved transaction speed. And it has the potential to change how properties are sold and how deals are recorded. Josh Burrell and Lane Campbell at Activated Capital have an opportunity zone fund that may become one of the first to make use of this technology. Click the play button below to listen to my conversation with Josh and Lane. UPDATE 2020: Lane Campbell is no longer associated with Activated Capital. He is now managing

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Kresge Foundation

Kresge Foundation awards grants to 2 OZ funds

The Kresge Foundation today announced that it is committing $22 million to Opportunity Zone funds offered by Arctaris and Community Capital Management. In June of last year, Kresge — in partnership with the Rockefeller Foundation — announced an open call for letters of inquiry from fund managers who were planning qualified opportunity fund offerings. In the weeks that followed, 141 applications were submitted. Data from the group were released in October. Boston-based Arctaris has managed four impact funds for more than a decade. They are receiving $15 million in commitments from Kresge that will help provide principal protection for their

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Downtown Boulder, Colorado

Boulder, CO taps breaks on Opportunity Zones development

The city of Boulder, Colorado has seemingly been wary of the federal Opportunity Zones tax incentive since the very beginning. Only one of 12 eligible census tracts within the city was recommended to state leaders. And now, that one opportunity zone (census tract #08013012203) is subject to an emergency permitting moratorium while the city sorts out its zoning and usage regulations. Many cities have been quick to embrace opportunity zones and the promise of additional investment and economic renewal. Cities like Erie, PA, Nashville, TN, and Stockton, CA have even drafted Opportunity Zone investment prospectuses in attempts to lure dollars

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IRS Building

IRS submits OZ guidance to OIRA for review

Following last month’s hearing on Qualified Opportunity Funds, the IRS has completed its second tranche of regulatory guidance. Yesterday, the proposed rules were submitted to the Office of Information and Regulatory Affairs for review. OIRA is a branch of the White House’s Office of Management and Budget. OIRA will now review the proposed guidance for at least 10 days before releasing them for publication in the Federal Register. Issues that the publication may clarify include: Opportunity Zone business qualification requirements, 70% and 90% asset test requirements, interim gains reinvestment, treatment of land, treatment of refinance proceeds, the substantial improvement test,

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Loren Schirber

Triple Bottom Line Returns in Opportunity Zones, with Loren Schirber

How can real estate investing in opportunity zones create triple bottom line returns? And what are some ways we can measure the social impact of these investments? Loren Schirber is project pipeline manager for Minnesota Opportunity Zone Advisors, which recently started raising capital for their DREAM Fund. DREAM stands for “Developing Real Estate in Emerging Areas of Minnesota.” The fund is a Qualified Opportunity Fund that targets community-driven economic, social, and environmental impact. Click the play button below to listen to my conversation with Loren. Episode Highlights How the DREAM Fund plans to deliver impact to local communities throughout the

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