Opportunity Zones News

U.S. Treasury Building

Mnuchin expects over $100 billion in opportunity zone investments

Secretary of Treasury Steven Mnuchin was interviewed by The Hill’s editor-in-chief Bob Cusack during a live event last week. The interview was wide-ranging, but briefly covered the new opportunity zones tax incentive, where Mnuchin expressed his optimism in the program. Mnuchin said: I think there’s going to be over $100 billion of private capital that

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U.S. Treasury Building

How Treasury can learn from the NMTC program

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

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Steve Glickman

EIG co-founder Steve Glickman starts opportunity zones investment consulting firm

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

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Rodeo Drive

OZ funds present opportunity for family offices

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

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Odd Fellows Hall in Augusta, Maine

Redevelopment in Augusta, ME may be the first opportunity zone project

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,

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Downtown Bremerton, WA

Sound West Realty Capital launches in Seattle

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

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Brooklyn Bridge

RXR Realty launches $500 million opportunity fund

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

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Woodlawn, Birmingham, Alabama

Alabama opportunity zones case studies: Birmingham and Huntsville

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

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