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CDFA Opportunity Zones Update Newsletter - October 20, 2020

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CDFA Opportunity Zones Update
October 20, 2020
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Opportunity Zones Update Newsletter

Features

The First CDFA Charter Schools Financing Initiative Paper Is Here! Development Finance Strategies for Charter Schools
CDFA has released the first publication of the CDFA Charter Schools Financing Initiative series, funded with support from the National Alliance For Public Charter Schools. This paper demonstrates how charter schools can access development finance tools and provides real-world examples of how these tools resources have been successfully implemented across the nation.

EIG Releases Report on Advancing Education and Child Development in Opportunity Zones
The Economic Innovation Group (EIG), with support from the Chan Zuckerberg Initiative, has released a report that explores the environmental conditions faced by children growing up in some of the nation's most distressed communities. The report examines the needs of children in Opportunity Zones and how the bipartisan community investment tool can be leveraged to support schools, childcare centers, and businesses focused on improving life outcomes for children.

Opportunity Zone Rule Change Seeks to Entice Foreign Investors
The Internal Revenue Service is considering new rules pertaining to foreign investors' ability to defer capital gains in the Opportunity Zones program. The new regulations could be released in December, according to the White House Office of Management and Budget. The extent of the changes is unclear, but experts predict they will be geared toward giving foreign investors more clarity on their tax liabilities.

NJEDA Launches Consulting Program for Businesses Hurt By COVID
The New Jersey Economic Development Authority has launched a free consulting program to help small businesses that have been impacted by the COVID-19 crisis. The Business Consulting for COVID-19 Recovery Program, which is still in a pilot phase, is open to all businesses with five or fewer employees that maintain a physical storefront or office in one of New Jersey's 169 Opportunity Zones.

Tennessee Gov. Lee Announces $50M in New Business Relief Funding
Tennessee Governor Bill Lee and the Financial Stimulus Accountability Group (FSAG) today announced an initial $50 million in federal Coronavirus Relief Funds for the new Supplemental Employer Recovery Grant (SERG) program to provide additional relief to small businesses suffering during the COVID-19 pandemic. This new wave of funding includes specific support for minority-owned, women-owned and veteran-owned businesses, as well as businesses owned by disabled persons.

DOT Awards $220M for Port Infrastructure
The U.S. Department of Transportation awarded $220 million in grants to improve port infrastructure, including facilities used by freight vehicles. Transportation Secretary Elaine Chao announced the funding, through the Maritime Administration's Port Infrastructure Development Program, on Oct. 15.

Opportunity Zones Haven't Yet Seized Their Chance to Transform Cleveland and Other Cities
An excellent analysis in Politico Magazine asserts that Cleveland "is a good place to get past the hype and drill down on the limitations" of the federal Opportunity Zones program, which was envisioned as an anti-poverty program but has wound up helping middle-income neighborhoods more than poor ones.

Inclusive Recovery Requires Reimagining Local Economic Development
The way Americans work and live is facing a once-in-a-lifetime challenge in the form of simultaneous crises of public health, the economy, climate change, and racial justice. If we stand any chance of responding to these challenges in a fair, inclusive, and effective way, we need a renewal of creative federalism. 

Upcoming Events
CDFA Virtual National Summit: Financing Our COVID Recovery

Reframe, Build, Plan: Restoring America's Local Food Systems
Thursday, October 29, 2020 - 1:00 PM Eastern
CDFA recently released the final publication of the CDFA Food Finance White Paper Series, Advancing Local Food Systems Through Development Finance. Join us for an overview of this publication as we review CDFA's framework for expanding traditional financing and attracting capital to local food systems through the Reframe, Build, Plan approach.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Resilient Infrastructure
Tuesday, November 17, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will analyze how to finance the built environment to mitigate disaster and protect human life.

Opportunity Zones Headlines

U.S. Department of Commerce Invests $1.9M to Make Port Harbor in Pemiscot County, MO
Standard Democrat | Oct. 19 | Infrastructure Finance | Opportunity Zones | U.S. Dept. of Commerce (DOC) | U.S. Economic Development Administration (EDA) | Transportation

Economic Innovation Group Opportunity Zone Webinar Series: Supporting Children in Opportunity Zones
Economic Innovation Group | Oct. 19 | Community Development | Education | Opportunity Zones

Michigan's Greatwater Opportunity Capital to Launch $30M Fund Devoted to Opportunity Zones
Crain's Detroit Business | Oct. 19 | Housing Finance | Opportunity Zones | Opportunity Funds

Renewables on Tribal Land: Addressing Equity on the Path to a Clean Energy Economy
National Law Review | Oct. 19 | Disaster Recovery & Relief | Energy Finance | Green Finance | Opportunity Zones | Social Finance | Tribal Finance | COVID-19

Minnesota-Based Entrepreneur Fund Receives Grant to Help Entrepreneurs Gain Access to Capital
Hometown Focus | Oct. 19 | Access to Capital | Local Finance Program | Opportunity Zones | Social Finance | U.S. Small Business Administration (SBA) | Microenterprise & Microloans | Entrepreneurial Financing

$26M Federal Grant to Pay for New Franklin, NH Nursing Home
The Laconia Daily Sun | Oct. 19 | Healthcare | Housing Finance | Opportunity Zones | U.S. Dept. of Agriculture (USDA)

EDA Awards $1.25M Grant for Water Infrastructure Upgrades at Airpark
The Daily Ardmoreite | Oct. 19 | Infrastructure Finance | Opportunity Zones | U.S. Economic Development Administration (EDA) | Water Finance | Transportation | Water Finance | Sewage & Waste | Stormwater

Developer to Inject $1.5M Into Downtown Kankakee, IL Buildings
The Daily Journal | Oct. 19 | Opportunity Zones

Baltimore, MD Receives $10M Grant for Sparrows Point Port Improvement Projects
Fox 45 News | Oct. 19 | Infrastructure Finance | Opportunity Zones | U.S. Dept. of Transportation (DOT) | Transportation

University Research Parks and Opportunity Zones, with Brian Darmody
The Opportunity Zones Database | Oct. 19 | Education | Opportunity Zones

Self Storage and Investing in Opportunity Zones During COVID-19
Commercial Property Executive | Oct. 15 | Disaster Recovery & Relief | Opportunity Zones | COVID-19

U.S. Department of Commerce Invests $4M to Improve Water Infrastructure in Stevenson, WA Opportunity Zone
U.S. EDA | Oct. 5 | Opportunity Zones | U.S. Economic Development Administration (EDA) | Water Finance | Stormwater

NEF, Fifth Third Close Out $25M Opportunity Zones Fund to Expand Workforce and Low-Income Rental Housing
National Equity Fund | Oct. 5 | Housing Finance | Opportunity Zones | Opportunity Funds

California-Based Manufacturer to Open Plant in North Lafayette, LA to Create 67 Jobs
The Acadiana Advocate | Sep. 15 | Opportunity Zones

LA Senator Kennedy Announces $10M DOT Grant for Lafayette's University Avenue Corridor Project
WGNO | Sep. 15 | Opportunity Zones | U.S. Dept. of Transportation (DOT)



The Council of Development Finance Agencies (CDFA) is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private and non-profit entities alike. For more information, visit www.CDFA.net or email info@cdfa.net.


Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net

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CDFA National Sponsors

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  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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