1.24.23 Webinar
Opportunity Zones Tips for Community-Based Developers
Recording & Highlights
On January 24, 2023, the Chicagoland Opportunity Zones Consortium (COZC) hosted its fourth Opportunity Zones (OZ) webinar to discuss how community-based developers are raising OZ equity to finance high-impact real estate projects in Chicagoland.
Speakers:
● Nancy Hughes, Volunteers of America Illinois
● Glenn A. Graff, Applegate & Thorne-Thomsen
● Alex Sparhawk, DL3 Realty
● Robin Schabes, COZC
● Rachel Reilly, Aces & Archers
Webinar Highlights
The webinar began with an overview of example instances in which OZ financing has been utilized to finance high-impact real estate projects in Chicagoland, including the Chatham Education and Workforce Center and The Terminal. Speakers then shared their insights on pursuing OZ investments for projects in Chicago’s South Side neighborhoods.
Nancy Hughes of Volunteers of America (VOA) Illinois shared details about Hope Manor Village, a development of 36 affordable homes and the latest addition to the Hope Manor campus of affordable homes and support services. Located in the Englewood community, the new homes are dedicated to low-income residents earning between 15 - 60 percent of Area Median Income, with a focus on supporting Veterans and their families. A $3.3 million OZ investment was provided mid-way through construction by the NEF Fifth Third Opportunity Zone Fund 1. VOA Illinois utilized the investment to cover a portion of construction costs, allowing them to reduce their construction loan and realize interest savings for the project. Glenn A. Graff from Applegate & Thorne-Thomsen provided insights on how the deal was structured alongside the Low Income Housing Tax Credit and other community and economic development programs.
Alex Sparhawk from DL3 Realty shared details on the Washington Park National Bank Building, and efforts to raise OZ equity to support the rehabilitation and reuse of the historic property located in Chicago’s Woodlawn community. The development will be home to community nonprofits and social enterprises that are an integral part of the fabric of the surrounding neighborhoods. The building will include co-working space and a restaurant/food hall which could lower the upfront capital costs for aspiring entrepreneurs and create an environment conducive to networking, collaboration, and sharing.