We are pleased that Congress is now engaging in the necessary work to examine the policy’s effects on the communities and residents within Opportunity Zones.
Foundations Push for Reporting Requirements on Opportunity Zone Funds
The Presidents’ Council on Impact Investing, a group of powerful private foundations, is asking legislators to add a mandatory reporting requirement and other regulations to the rulebook for opportunity zone funds.
Fran Seegull Testifies at IRS Hearing on Opportunity Zones
U.S. Impact Investing Alliance Executive Director Fran Seegull testified before the Internal Revenue Service on the importance of data collection and transparency in Opportunity Zones at a public hearing held February 14, 2019. Echoing written comments she called on the IRS and Treasury to take action to immediately begin collecting fund- and market-level information related to investments in Opportunity Zones.
Impact Investing Leaders Introduce Opportunity Zones Reporting Framework
BUILD Act Passage Signals New Era for U.S. Development Finance
Why impact data and transparency are keys to the success of opportunity zones
(This article was originally posted to ImpactAlpha) Assets in impact investing continue to surge, buoyed by increasing investor interest in aligning financial goals with social and environmental objectives. Today such assets represent as much as one in five of all U.S. assets under professional management.
Opportunity Zones: Moving Toward a Shared Impact Framework
The tax bill passed in 2017 includes a provision creating various benefits for investors that move capital gains into designated low-income census tracts, known as Opportunity Zones, through special investment vehicles known as Opportunity Funds. This tax benefit has captured the attention of a wide range of stakeholders — from investors attracted by a new tax incentive to community development practitioners drawn by the promise of increased investment in low-income areas.
U.S. Impact Investing Alliance Statement on Department of Labor ESG Guidance
On April 23, the Department of Labor published a “Field Assistance Bulletin” providing guidance to fiduciaries of private-sector employee benefit plans. The note served as a clarification related to the DOL 2015 guidance on economically targeted investments and the DOL 2016 guidance on shareholder engagement. While remaining clear that fiduciaries must prioritize financial returns, the DOL confirmed that pension managers can and should feel comfortable using ESG factors as an input in evaluating potential risk and financial return.
Congress Passes the Social Impact Partnerships to Pay for Results Act (SIPPRA)
Included in the recently passed Bipartisan Budget Act of 2018 was the Social Impact Partnerships to Pay for Results Act (SIPPRA). This legislation is the result of more than five years’ worth of efforts by bipartisan lawmakers to create a standing pool of capital to support outcomes based financing. It builds on the work and learning of the Social Innovation Fund, state level pay for success projects, and the global movement to create social impact bonds. It was also highlighted as a priority in the National Advisory Board on Impact Investing’s report, Private Capital for Public Good. At the U.S. Impact Investing Alliance, we have been following this bill closely as we know it is a topic of interest to many of our members.
The Future of Investing is Impact Investing
The United Nations estimates that achieving its 17 Sustainable Development Goals by 2030 will require trillions of dollars. The global goals aren’t the only way to measure our challenges, but they do paint a clear picture: given the scale of the problems the world faces, it’s clear that traditional sources of capital, like government aid and philanthropy, simply won’t be enough.
