News & Events

REBA HOSTS OPPORTUNITY ZONE PROGRAM FORUM

by | Oct 24, 2018 | News, News & Events

On October 24, 2018, the Real Estate Bar Association (REBA) Affordable Housing Section hosted a brownbag lunch forum to discuss the new Opportunity Zone Program. Co-Chairs Kurt James of KJP and Josiah Madar of MassHousing moderated a panel discussion on the structuring opportunities and challenges created by this new program.

The Opportunity Zone Program, created as part of the 2017 Tax Cuts and Job Acts, allows investors to reinvest proceeds from a capital transaction in to specially designated Opportunity Zones proposed by each state, which are generally low-income census tracts, as well as delay and ultimately avoid tax recognition of these gains. In addition, the U.S. Treasury can certify Opportunity Funds which will be created to pool and deploy investment capital in Opportunity Zones for eligible purposes (e.g. stock, partnership interest, and business property). This program has the potential to increase investors’ (including tax credit investors) returns on various community development projects.

The guest speakers at this event were Miriam Sheehan, a partner at Nolan Sheen Patten LLP, and Nicholas Ratti, a Principal at CohnReznick.

GROUNDBREAKING CEREMONY FOR HAYWOOD HOUSE

Congratulations to the Newton Housing Authority on the ceremonial groundbreaking for Haywood House, a 55-unit affordable residential building for seniors at 111 JFK Circle Newton, Massachusetts. On April 27, 2021, the following lenders provided loans in the aggregate...

MARION VILLAGE ESTATES REFINANCES FHA-INSURED AFFORDABLE HOUSING

Congratulations to Marion Village Estates LLC in closing a $3,832,200.00 loan from ORIX Real Estate Capital, LLC in order to refinance the property at Front Street in Marion, Massachusetts. Marion Village Estates provides 60 units of affordable rental housing to the...

GROUNDBREAKING CEREMONY FOR DRACUT CENTRE SCHOOL

Congratulations to Coalition for a Better Acre, Inc. on the ceremonial groundbreaking for Dracut Centre School, a new 9-unit affordable residential building in the historic school building at 11 Spring Park Avenue, Dracut, Massachusetts. On April 15, 2021, Coalition...

EASTERN BANK CLOSES TAX EXEMPT MULTIFAMILY HOUSING BOND FINANCING

Congratulations to Eastern Bank in closing a $10.5MM loan for the benefit of Cabot Housing LLC, an affiliate of the Young Men’s Christian Association of the North Shore, Inc. Eastern Bank purchased tax exempt bonds from Massachusetts Development Finance Agency and...