10.25.22 Webinar
Engaging Investors, Funds and Foundations
Recording & Highlights
Chicagoland Opportunity Zones Consortium kicked-off its new Opportunity Zones (OZ) webinar series on October 25, 2022 with a discussion on the state of the OZ marketplace, an update on proposed policy changes, and insights on how to identify and engage local and national capital providers to support OZ transactions.
Speakers:
● Catherine Lyons, Economic Innovation Group
● Kunal Merchant, Revitate
● William W. Towns, Kellogg School of Management at Northwestern University
● Robin Schabes, COZC
● Rachel Reilly, Aces & Archers
Webinar Highlights
The bipartisan, bicameral OZ legislation introduced in the 117th Congress, the Opportunity Zones Transparency, Extension, and Improvement Act, included proposals to refine the policy, such as:
● Enhanced requirements for reporting and measuring community impact
● Sunsetting Opportunity Zones with high median family income
● Extending the investment deadline
● Allowing for fund-of-fund investments
● OZ designation of certain industrial brownfield tracts
● Creation of a federal fund for state and local community resources
View the Economic Innovation Group’s website for more information including an overview of the bill.
Alternative investment management platform, Revitate, relies on data, reporting, and authentic collaboration with local leaders and project sponsors to achieve its Revitate Impact Opportunity Zone real estate strategy.
Opportunity Funds are actively raising capital from various sources, including: high net worth individuals, family offices, Registered Investment Advisors, and institutional investors. Investors consider multiple factors when contemplating OZ investment opportunities. These range from tax considerations, investment goals and philosophy, whether to play an active or passive role, geographic preferences, and the type of environmental or social impact to achieve.
There are examples of philanthropy supporting high-impact OZ activities, such as initiatives led by Arctaris Impact Investors to engage the Colorado Health Foundation, Richard King Mellon Foundation, and The Erie Community Foundation. In this circumstance, foundations contributed risk-capital alongside private investors for place-based investment initiatives in the communities they serve.
In Philadelphia, a community-based developer, Mosaic Development Partners, has engaged local residents and businesses in OZ deals by utilizing a tech-platform, Small Change, to crowdsource small-dollar equity investments. These investments are not eligible to receive the OZ tax benefits, but will appreciate alongside the OZ investment. This provides a means for local investors to benefit from OZ investments occurring in their community. Learn more.
EIG has repository of OZ resources on its website, including: