White House Opportunity and Revitalization Council Releases Opportunity Zone Report

The White House Opportunity and Revitalization Council recently released its one-year report on Opportunity Zones, which details actions taken over the past 12 months as well as recommendations to further strengthen the Opportunity Zone program. Comprised of representatives from federal agencies and federal-state partnerships, the Council was established in December 2018 to make efficient use[…]

Brownfield Revitalization Gets a Big Boost from Opportunity Zone Fund Regulation

Final regulations governing Qualified Opportunity Funds were published in the Federal Register on January 13, 2020. They will become effective on March 13, 2020 and they address two rounds of public notice and comment. Among the new provisions is the inclusion of a brownfield as “original use” that commences with the qualified opportunity fund to[…]

Redevelopment Institute Board Member Receives Lifetime Achievement Award for Brownfields Work

Brownfields Conference

Redevelopment Institute Advisory Board member and Vita Nuova president Michael Taylor was awarded a lifetime achievement award for excellence in thought leadership at the December National Brownfields Training Conference. The Center for Creative Land Recycling (CCLR), which honored Taylor and two other brownfield redevelopment practitioners, noted that awardees are “problem solvers and innovators…whose work is[…]

Opportunity Zone Regulations to Facilitate Brownfield Redevelopment

The Treasury Department recently finalized its regulations governing Qualified Opportunity Funds. Slated to take effect on March 13th, they serve as the rules of the road for investors and developers alike. The final regulation details how investments and their resulting gains will be treated for federal tax purposes, allowing Opportunity Fund investors to understand how[…]

RE-Development Academy Real Estate Webinar Recordings Available

In Fall 2019, EPA’s Office of Brownfields and Land Revitalization hosted a three-part RE-Development Academy Real Estate Webinar Series. The webinars covered the redevelopment process from a property developer’s perspective and the process for redeveloping a contaminated site. Key topics included: Factors that motivate or discourage development of contaminated properties How and when developers make[…]

EPA Urban Farm Business Plan and Worksheets Available

The Urban Farm Business Plan Handbook provides guidance for developing a business plan for the startup and operation of an urban farm. It focuses on food and non-food related cultivated agriculture. The information provided is applicable regardless of whether the farm is to be operated as a non-profit or for-profit business. Details: https://www.epa.gov/brownfields/urban-farm-business-plan-handbook

Superfund Task Force Releases Final Report

Yesterday, USEPA announced the availability of final recommendations for Superfund. Actions related to four goals were presented. As promised, it is a comprehensive look at the range of actions from expediting cleanup to redevelopment. I think it is well worth reading and following up on. https://www.epa.gov/superfund/superfund-task-force-recommendations-and-accomplishments

Vita Nuova Webinar: Aligning the Stars in Opportunity Zones

On May 10, 2019, Vita Nuova hosted a webinar discussing the new and exciting possibilities for Opportunity Zones, a new tool for encouraging private investment in low-income communities. If you were unable to join the webinar live, you can watch a recording for free anytime by clicking here. Since the webinar, there have been a[…]

EPA Requests Clarification to IRS Opportunity Zone Guidance to Spur Brownfield Remediation

Last month, the EPA’s Office of Brownfields and Land Revitalization (OBLR) requested clarification from the IRS on the extent to which brownfield site remediation could be facilitated through investments in Opportunity Zones. As noted in a previous article, investors can enjoy deferred taxes and other incentives when investing in designated Opportunity Zones. The IRS released[…]