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Note: This article was updated on August 18, 2021 to make some clarifications and correct some factual errors. A research study completed last month estimates that $24.9 billion of total investments have been made by Qualified Opportunity Funds through the…

Last week, Wilmington, Delaware-based Second Chances Farm announced their second Opportunity Zone location. Their expansion into the Philadelphia market enables the indoor vertical farm startup to continue its social mission of enabling returning citizens to become entrepreneurs. On the deal front, GTIS Partners…

The IRS recently confirmed the boundaries of the Opportunity Zones were established at the time they were designated and not subject to change due to the 2020 Census. The OZ marketplace had eagerly awaited guidance on this critical issue. The IRS Announcement 2021-10 stated, “Accordingly, boundaries of a Designated QOZ do not shrink or…

Last week, Los Angeles-based development firm Banyan Residential, in partnership with Indianapolis-based firm, Milhaus, broke ground on Banyan Beckley, a $59 million multifamily development within a Dallas, Texas Opportunity Zone. Located just outside of downtown, this 279 unit project is…

Last week, Hoosier Solar Holdings, LLC, an Indiana-based energy company, announced plans to develop solar power facilities within Indiana Opportunity Zones. Hoosier Solar plans to involve local school groups and universities by providing job training and research opportunities for Indiana…

In contrast to New York where legislators are making their state less attractive for Opportunity Zone investment and investors, Alabama’s legislators are doing just the opposite. This week, the Alabama House of Representatives passed the Alabama Rural, Agribusiness, and Opportunity Zone…

This week, the New York state $212 billion budget passed by lawmakers included a provision decoupling the state and New York City tax codes from the federal Opportunity Zone tax incentive. Given New York’s budget issues, many think New York’s decision to decouple…

Baltimore-based developer and MCB Real Estate President, David Bramble, opened Yard 56 earlier this week, a mixed-use project seven years in the making. The project utilized environmental tax credits, New Market tax credits, and Opportunity Zone equity from Prudential Financial.…

Will the Opportunity Zone tax incentive be extended? Congressmen Tim Burchett (R-TN) and Henry Cuellar (D-TX) hope so, and early this year co-sponsored and introduced the Opportunity Zone Extension Act of 2021. To promote the bill and announce the rest of his economic…

This week, two new hotels opened their doors in Opportunity Zones. Hyatt House extended-stay hotel opened for business in downtown Rochester, Minnesota just steps from the Mayo Clinic. The hotel appears to be Rochester’s first Opportunity Zone project and is a part of a multibillion…