You have an OZ, now what?
- Learn what an OZ is and how they work.
- Establish a community leader who can take charge of the OZ and interact with investors and engage the community.
- Create an OZ strategy.
- Build a list of potential projects.
- Find a financial expert who can identify the most investable projects and determine the projects’ return on investment. Keep the investors’ interests in mind.
- Develop a project prospectus for the most viable projects.
- Find ways to market your projects and connect with potential funders. Submit your projects to the NM OZ Project Portal.
- Don’t stop at the private level; look at ways to leverage federal, state and county level funding programs from agencies like EDA, USDA, HUD etc. Connect with FUNDIT-Community or contact the NMEDD Finance Development Team.
- Consider steps to incentivize development through your OZ which are compatible with your community’s development goals.
- Streamline permitting/zoning process ready to welcome investment.
The Governance Project has two great tool kits to help walk you through the steps of developing your OZ project:
The White House Opportunity and Revitalization Council has put together a fantastic list of over 160 Federal programs where targeting, preference, or additional support could be granted to OZs.
Promote Your Project:
Prospectus templates are a great way to showcase your opportunity zone or opportunity zone projects to investors. There are many different ways to create and present them; however, you can find good examples HERE or HERE.
Connect with Financing Opportunities:
- Look into sites like InvestReal which help to match investors and projects in opportunity zones.
- Find a list of OZ Funds HERE.
- Access the NM $ Resource Map HERE.
- Contact the NMEDD Finance Development Team HERE.
- Access NM DFA’s Complete Catalog of Local Public Assistance Programs
Numerous organizations are available to work with communities on developing their OZ projects and zones.
- NMEDD hosts two NM OZ Forums per year. The upcoming NM OZ Forum is August 27, Albuquerque at the National Hispanic Cultural Center. The event is free. Register HERE.
- NMEDD hosts quarterly webinar discussions for communities/interested parties to join in conversation, ask questions, get updates, and report on news/projects around the state.
- You can receive project summaries, discussion topics and news around OZs by signing up to the NMEDD OZ Email List HERE.
Submit OZ Projects:
- Submitting your OZ project is simple. Click the button!
- Portal projects are vetted and then sent out to a list of funding of entities and business resources + the NM OZ Interagency Task Force, FUNDIT-Community.
- Some OZ projects are selected to be “featured” on the NM OZ Online Hub.
- All are listed in NM OZ Project Pipeline. You can also search for projects by OZ track, using the NM OZ Map HERE.
Access information about OZs-
- EIG About OZ: https://eig.org/opportunityzones/about
- US Department of Treasury CDFI OZ Resources: https://www.cdfifund.gov/Pages/Opportunity-Zones.aspx
- Rules and Regs:https://www.irs.gov/newsroom/treasury-irs-issue-proposed-regulations-on-new-opportunity-zone-tax-incentive
- List of US OZs: https://www.cdfifund.gov/Documents/Designated%20QOZs.12.14.18.xlsx