Regulatory standards, depending on your reading of the latest IRS Tranches and guidance, have either changed or come into clearer focus when it comes to what the CDFI Fund identifies as a "successful" Opportunity Zone (OZ) project. Regardless of your reading of IRS's latest missives, there are a few tactics worth highlighting that will ensure that the economic impact analyses describing the significance of your projects and the potential economic significance of your program (or portfolios) will stand ready for review when the time comes to evaluate their contribution to the economic well-being of your service area.
Many fail and few succeed when it comes to breaking ground on development projects as complicated as those in the mixed-use category. Some languish, some fail, and others suffer hostile take-downs. Still, there are a handful of foreseeable pitfalls which you can easily dodge while in the planning phase of a project. Here are a few of these traps that we’ve observed and how best to avoid them.
The Value of Storytelling in Business
If you have kids or if you ever were a child (so everyone), you inherently understand the value of storytelling. Storytelling has been used as a very effective learning device for years. From teaching children social and language skills to formal education for adults, storytelling is used as a means to communicate all ranges of ideas.
Two weeks ago, I published a post about the New Markets Tax Credits (NMTC) Program in the spirit of this year’s tax season coming to a close. Continuing on the topic, I sat down with our Marketing Design Director, and author of our newest Case Study “Of Curds & Whey”, Tim French, to pick his brain a little on the company he chose to interview and highlight as an exemplar of NMTC allocations done right.
In the spirit of Tax Season ending this week, and the new tax year ahead, let’s revisit the topic of the New Markets Tax Credit (NMTC) Program. Across the country, low income communities lack much needed investment, funding, and care as is apparent by the state of disrepair many of them have fallen into. Enter the New Markets Tax Credit Program. As stated by the Community Development Financial Institution (CDFI Fund’s) website, “the New Markets Tax Credit Program (NMTC Program) aims to break [the] cycle of disinvestment” in low income communities “by attracting the private investment necessary to reinvigorate struggling local economies”. The NMTC Program is jointly administered by the CDFI Fund and the Internal Revenue Service (IRS). While many communities and initiatives attempt to secure this elusive funding, only few are granted it due to the rigorous process that must be undergone to qualify.
With funding becoming more and more difficult to secure each year, nonprofits are finding that communicating their value to stakeholders is more important than ever.