OZ MAGAZINE 2022 Top 25 Influencers issue 2.2 - Page 28

28 OPPORTUNITY ZONE MAGAZINE | ISSUE 2 • VOLUME 2

DANIEL Z . ALTMAN

SIDLEY AUSTIN LLP

Dr . Daniel Z . Altman is a partner in the tax group of Sidley Austin LLP . He has significant experience with Opportunity Zones , providing structural and transactional advice to his many clients , which include investment banks , fund managers , family offices and property owners . Altman has helped establish multiple single-asset and multi-assets funds for his various clients . He received his doctoral degree from Harvard Law School and has published two books . Altman is a member of the advisory board for the Opportunity Zones section of the Novogradac Journal of Tax Credits . He is also a member of the Executive Committee of the Tax Section of the New York State Bar Association and the U . S . International Advisory Board of Bloomberg BNA .

WHAT NEW TRENDS ARE YOU SEEING IN THE OPPORTUNITY ZONE INDUSTRY ?
Ever since the new regulations came out , I ’ ve been seeing more multiple-assets blind-pool funds . Investors have also started feeling more comfortable with the program and the merits of the program to certain low-income tracts are becoming apparent . I ’ ve also seen more deals twinning Opportunity Zone benefits with other federal tax benefits , such as new markets tax credits and low-income housing tax credits .

DAVID ANGERBAUER

DENTONS DURHAM JONES PINEGAR P . C .

David G . Angerbauer is a corporate and securities partner at Dentons Durham Jones Pinegar P . C . in Salt Lake City , Utah . He previously served as the general counsel and chief administrative officer of a multinational NYSE-listed company . Angerbauer specializes in Opportunity Zones , mergers and acquisitions , private funds and securities offerings . He has formed and advised numerous Qualified Opportunity Funds and has published and presented at various conferences regarding OZs . Angerbauer has been recognized in U . S . News & World Report Best Lawyers ® and Chambers USA for Corporate Law and Mergers & Acquisitions .

WHAT NEW TRENDS ARE YOU SEEING IN THE OPPORTUNITY ZONE INDUSTRY ?
Given the recent trend of significantly increasing real property values , many multifamily housing and industrial real estate developers with OZ projects , particularly in the Western United States , are receiving unsolicited offers from third-party buyers to purchase some or all of their OZ properties and partially completed projects at extremely favorable valuations . These offers compel OZ sponsors to consider the implications of selling all or a portion of their properties for a guaranteed economic “ homerun ” now versus staying focused on the long-term strategy and interests of investors who desire the anticipated OZ tax benefits associated with holding their investments for at least 10 years .
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