Shay Hawkins is the President and CEO of the Opportunity Funds Association. He served as Senator Tim Scott's (R-SC) Tax and Economic Policy Counsel during the Tax Cuts and Jobs Act and Treasury's subsequent Opportunity Zone Regulation implementation. In this op-ed submission Shay discusses the need for a firm set of reporting standards to measure the impact of Opportunity Zone investments, with quotes from Quinn Palomino, CEO of Virtua Partners. Understanding the full scope and impact of Opportunity Zone funds will help ensure the provision fulfills the promise of revitalizing economically distressed communities across the country. Read the full story here
Left: Michele Kyoko Wiens, Right: Michele Drummond Virtua Capital Management, the capital formation arm of Virtua Partners, has hired Michele Drummond and Michele Kyoko Wiens to each serve as vice presidents of strategic relationships to assist Virtua in raising capital nationwide. Find out more about how these two industry veterans will help propel the Virtua team!
Oliver Schwab, EVP of Virtua Partners Shafron "Shay" Hawkins, a former staffer for Senator Tim Scott, the main author behind the Opportunity Zone legislation, has confirmed his departure to found the Opportunity Funds Association, a Section 501(c)(6) trade association, with Surya Gunasekara, a lobbyist and former chief of tax and tax counsel for form Rep. Jim Renacci. The association will lobby on policy surrounding opportunity zones at the federal, state, and local levels. Virtua's EVP, Oliver Schwab, has joined the board in support of the association. For the full story read here.
Using opportunity zone funding, Virtua Partners plans to build a 128-room SpringHill Suites by Marriott in Avondale. Virtua Partners affiliate, Virtua Credit, has secured $17.6 million in opportunity zone funding for Virtua Partners' development of 1,300 residential units and 250,000 square feet of commercial space. The projects aim to allow investors to defer income taxes on capital gains and potentially reduce or eliminate federal income taxes for their investment in these properties, said Ethan Schelin, president of Virtua Credit. To continue reading, click here.
Principal of Virtua Partners, Quinn Palomino, suggests that fund reporting be impactful, but simple. "It should include a breakdown of the number of jobs created with salaries and training for opportunities for upward mobility and, in the case of housing developments, the number of units created at market rate, workforce rate (priced for those earning 80%-120% of area median income) and affordable rate (for those earning below 80% of area median income), says Palomino. 'We aim for 10-25% of workforce and affordable housing as a rule,' said Palomino." Read More