Tags: scaramucci | opp | zone | fund

Scaramucci Reportedly Has Only Raised $30M for His Opp Zone Fund

Scaramucci Reportedly Has Only Raised $30M for His Opp Zone Fund
(Mark Wilson/Getty Images)

By    |   Monday, 28 October 2019 08:21 AM

Anthony Scaramucci’s SkyBridge Capital reportedly he has only raised about $30 million in Opportunity Zone funds for a new investment fund that will benefit low-income neighborhoods.

The former White House communications director also has reduced his target to $300 million from his initial $3 billion goal, which will be used to invest nationwide through a REIT.

“A lot of people misplaced and outsized the demand for what we thought we could achieve,” said Scaramucci, the keynote speaker at a recent NAIOP South Florida event at the Ritz-Carlton in Fort Lauderdale Beach. “I still think it’s a success for us, but it’s nowhere near as successful as we thought it would be,” he was quoted by the Real Deal.com as saying.

The federal Opportunity Zones program gives investors and developers a tax break for investing in one of the more than 8,700 areas across the country.  About 8,700 “opportunity zones” have been set up in all 50 states to lure investors and developers with tax breaks, the Associated Press reported.

The program has struggled, the report quoted Scaramucci as saying, because the value of the tax breaks is not attractive enough to incentivize investors in these distressed areas.

Scaramucci also blamed delays by the U.S. Treasury and the IRS on releasing regulations and clarifications for the program. Another issue, he said, is that the 10-year holding period, which gives investors the greatest tax benefit, is too long for most people to wait.

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InvestingAnalysis
Anthony Scaramucci’s SkyBridge Capital reportedly he has only raised about $30 million in Opportunity Zone funds for a new investment fund that will benefit low-income neighborhoods.
scaramucci, opp, zone, fund
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2019-21-28
Monday, 28 October 2019 08:21 AM
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