What will business investing in opportunity zones look like? Coworking hub and startup incubator Launch Pad may offer the best example I’ve seen so far. The husband-wife team of CEO Chris Schultz and president Anne Driscoll are on a mission to create the world’s strongest community of entrepreneurial workers. They believe in a world where innovation happens anywhere, not just in major hubs. Launch Pad’s foray into the nation’s momentum markets could be a blueprint for how venture investing in opportunity zones will ultimately work. Click the play button below to listen to my conversation with Chris and Anne (and
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What types of opportunity zone investments are community leaders looking for? And what can local communities do to incentivize investment in their opportunity zones? Joining me on the podcast to discuss these topics and more is Erin Gillespie, principal at economic development consulting firm Madison Street Strategies and former deputy chief of staff for Florida’s Department of Economic Development Opportunity. In her former role, Erin worked closely with Governor Rick Scott in deciding which census tracts were nominated in Florida, so she has unique insight into the program. Click the play button below to listen to my conversation with Erin
Who spoke at last week’s public hearing on the Opportunity Zones program? What did they say? And which topics received the most attention? There were representatives from a wide variety of stakeholders that testified at the hearing — local economic development groups, working groups from different accounting and legal firms, policymakers, nonprofit advocacy groups, economic research firms, legal bar associations, private investment firms, consulting firms, and one representative from a Native American community. Click the play button below to listen to the complete recap. Episode Highlights An overview of the legislative and regulatory process, and a big picture overview of
This past Thursday, February 14, the IRS Auditorium in Washington DC was packed to capacity with over 200 attendees as stakeholders spoke during the public hearing on proposed regulations: “Investing in Qualified Opportunity Funds” [REG-115420-18]. Hearing participants requested additional guidance on a wide variety of proposed regulations, with many suggesting improvements to the regulations that would allow for more flexibility — particularly in regards to business investment. Podcast episode on the hearing This IRS hearing was the focus of a recent episode of the Opportunity Zones Podcast. Click the play button below to listen to the recap. Topics covered at
The IRS will hold a public hearing tomorrow, February 14 at 10:00 a.m. EST, to focus on proposed regulations regarding qualified opportunity zone funds. The hearing will take place in the auditorium of the IRS Building located at 1111 Constitution Ave NW in Washington DC. There are 177 comments from the last round of proposed regulations that were published in October, spanning such topics as carried interest, raw land treatment, business investment eligibility, and many more. There are 23 speakers scheduled, including John Lettieri of the Economic Innovation Group, Michael Novogradac of the Novogradac Opportunity Zones Working Group, Lori Chatman
What does Opportunity Zone deal flow actually look like at the deal level, fund level, and investor level? And which Opportunity Zones are seeing the greatest amount of deal flow? Craig Bernstein is principal at OPZ Bernstein, which recently launched the OPZ Bernstein Opportunity Zone Fund. Craig has over 20 years of real estate experience, and is one of the leaders in the Opportunity Zones industry. He has contributed to stories in the New York Times, Associated Press, and CNBC. And if you’ve ever been to an Opportunity Zone conference, there’s a good chance you’ve heard him speak. Click the
How is the Opportunity Zones program stimulating more impact investing across the United States? Real estate broker, developer, investor, and impact investing expert Thomas Morgan joins me today to discuss this topic and more. Note: this is Part 2 of my conversation with Thomas. If you missed it, click here for Part 1, where we discuss the key similarities and differences between 1031 exchanges and Opportunity Zones. Click the play button below to listen to Part 2 now. Episode Highlights How the Opportunity Zones program incentivizes impact investing in ways that Section 1031 does not. What the COMPOUND Opportunity Fund
What are some of the key similarities and differences between a 1031 exchange and an Opportunity Zones investment? And how do the investor profiles of the two programs differ? Real estate broker, developer, investor, and 1031 expert Thomas Morgan joins me today to discuss these topics and more. Note: this is Part 1 of my conversation with Thomas. Click here for Part 2, where we discuss impact investing in opportunity zones. Click the play button below to listen to Part 1 now. Episode Highlights What a Section 1031 exchange is, and why it’s one of the greatest wealth building tools
Introduced in December 2017 as part of President Trump’s Tax Cuts & Jobs Act, the Opportunity Zones program incentivizes real estate and business investments in certain low-income communities throughout the country by providing investors with major tax breaks, so long as certain requirements are met. There are 15 NFL stadiums (out of 30 total) that are located in such Opportunity Zone communities, plus an additional 3 stadiums that are located adjacent to opportunity zones. NFL teams and stadium owners who invest in these communities could be eligible for tax breaks.
Amazon had been criticized for locating their HQ2 in an opportunity zone in Queens, New York. As it turns out, they will not be taking advantage of the tax break after all. From Bloomberg: “We will not be using the opportunity zone on this project,” Holly Sullivan, head of economic development at Amazon, told the City Council in a Wednesday hearing on the development’s finances. Read more: Amazon Says It Won’t Use Opportunity Zone Tax Break in New York City
OpportunityDb.com provides world-class tools, education, and analysis to help interested parties discover opportunities in the federal Opportunity Zones program.