Last week, the New Jersey Economic Development Authority (NJEDA) Board approved a new $20 million pilot program to support “rising real estate developers”. The Emerging Developer Fund is designed to help developers gain access to capital and build additional capacity to expand their existing portfolio.
Access to capital for “small-scale developers” in the real estate development
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Bi-Partisan Opportunity Zone Extension Legislation Introduced – Again!
During the high brow discussions the last few weeks in Washington regarding the potential shut down of the Federal Government, it would have been very easy to miss one little legislative tidbit that happened last week. Yes, you have read it correctly, the Bi-Partisan Opportunity Zones Transparency, Extension, and Improvement Act (H.R. 5761) was again…
From the Land of OZ: Bi-Partisan OZ Bill Introduced in the House and the Senate – Wait, Whaaaattttt?
Yes, indeed, you have read it correctly. A bi-partisan (both Ds and Rs) and a bi cameral (dating us back to grade school – both the House and Senate) have announced an OZ bill that is intended to address multiple perceived issues in the OZ Act. Wow – both D’s and R’s and both branches…
From the Land of OZ: Equity Investments into QOFs Up Sharply in the last 6 months of 2021!
According to reporting this week from Novogradac, Qualified Opportunity Fund (“QOFs”) investments were sharply up in final 6 Months of 2021. While this is not overly shocking given the expiration of the 10% reduction benefit under the OZ Act on 12-31-21, the amount of deal flow and capital investment continues into 2022 at a fast…
OZ Filing Deadlines Approaching – Make sure to connect with your tax filer on who is doing what!
Friends and colleagues, a quick reminder which you are likely aware of, but in the “let’s be sure” category:
2021 QOFs – If you created a QOF (a Qualified Opportunity Zone fund) in 2021, your first tax return will be due in 2022, likely next month on March 15th . Reminder that it is critical…
OZ: NY moves to reduce certain state Opportunity Zone benefits for NY deals – Smart, Necessary or Something Else?
New York legislators have moved forward in their 2021 budget process to limit some of the state Opportunity Zone benefits that had previously applied in New York. Some commentators have pointed to the budget process reduction of benefits as a “left wing” reaction to former President Trump’s support of the federal OZ program (which applies…
OZ: Bi-Partisan Legislation introduced to extend OZ investment period to 2028
Who says our Congress is not interested in bi-partisan legislation? U.S. Representatives Tim Burchett (TN-02) and Henry Cuellar (TX-28) introduced a bi-partisan piece of legislation entitled the Opportunity Zone Extension Act of 2021. This bipartisan legislation would extend the Opportunity Zones program until the end of 2028.“The Opportunity Zones program was making a difference in…
IRS Extends Various Opportunity Zone Deadlines to March 31, 2021 given COVID-19
Taxpayers who recognized a capital gain in 2020 may have until March 31, 2021 to invest in a Qualified Opportunity Zone Fund (“QOF”), according to a new notice issued by the IRS last week.On January 20, 2021, the IRS issued Notice 2021-10, which provided additional relief to taxpayers by postponing certain due dates to March…
COVID-19: Philadelphia Bucks PA Loosening of Covid-19 Restrictions on 1-4-21 and, instead, extends restrictions until 1-15-21
Notwithstanding PA’s easing of COVID-19 restrictions as of 8 am on January 4, 2021, Philadelphia has opted to extend restrictions on indoor dining, theaters, casinos and other indoor events until January 15, 2021 due to expectations regarding the holiday season.As such, Philadelphia will continue to prohibits indoor dining, indoor gatherings or events, theaters, casinos, colleges with…
COVID-19: PA to Allow More Restrictive Dec. 12th Space Limit Orders to Lapse on January 4th at 8 am – previous restrictions still in place
As of this afternoon, December 30, 2020, PA announced that the time-limited mitigation orders put in place on Dec. 12 will expire at 8 a.m., Jan. 4 as planned.
With the expiration of the Dec 12th time-limited orders, mitigation efforts will revert to the original mitigation orders in place on Dec. 11.
Mitigation efforts that…