ImpactAlpha, April 9 –What’s difference do Opportunity Zone tax breaks make for a commercial real estate fund? San Francisco-based real estate company M31 Capital has launched a $25 million Opportunity Fund to buy up vacant and underutilized apartment and mixed-use properties in the San Francisco Bay Area and restore them as entry-level workforce housing. M31
- The Kresge Foundation is anchoring two Opportunity Zone funds on the condition that the fund managers agree to measure and track their impact.
- Even before Opportunity Zone legislation arrived last year, providing tax incentives for investments into low-income neighborhoods, Launch Pad had begun the expansion of its New Orleans co-working space and business incubator to Newark, Nashville and Memphis.
- Now the firm has raised a $1.33 million seed round to jumpstart its expansion inside Opportunity Zones around the country.
- "Many Opportunity Zone investors may not be so responsive to their communities, and will instead seek to change the character of a neighborhood by building luxury apartments or destination retail," writes Turner Impact Capital's Bobby Turner. "Fulfilling the spirit of the Opportunity Zone ideal means pulling people up, not pushing people out.
- A new reporting framework from the U.S. Impact Investing Alliance and the Beeck Center at Georgetown University stresses key principles, including engagement with low-income and underinvested communities, equitable community benefits, and transparency and measurement around impact objectives and outcomes.
- Place-based, blended finance through a racial lens. A $100 million commitment from Prudential Financial is a trifecta of impact investing trends.
- The idea is simple but execution has been hard: helping local investors invest in local entrepreneurs to revive local communities, all across the U.S. Ross Baird, the founder of Village Capital, has formed Blueprint Local to assemble the pieces for such local entrepreneurial revivals.