Woodforest CEI-Boulos Opportunity Fund Recognized As A Leading Opportunity Zone Fund In The Forbes' OZ 20: Top Opportunity Zone Catalysts List

THE WOODLANDS, Texas, Dic. 12, 2019 /PRNewswire/ -- The Forbes OZ 20: Top Opportunity Zone Catalysts, a partnership between the Sorenson Impact Center and Forbes, recently announced a new list recognizing community organizations and OZ Funds that are committed to achieving equitable economic growth in underserved and overlooked communities throughout the country. We are pleased to announce that the Woodforest CEI-Boulos Opportunity Fund has been selected as one of 20 communities and opportunity zone funds.

Woodforest CEI-Boulos Opportunity Fund Recognized as a Leading Opportunity Zone Fund in the Forbes' OZ 20: Top Opportunity Zone Catalysts List.

Woodforest National Bank^® ("Woodforest") created the Woodforest CEI-Boulos Opportunity Fund ("The Fund") with CEI-Boulos Capital Management, LLC, a joint venture of Coastal Enterprises, Inc. (CEI), a leading national Community Development Financial Institution (CDFI) with a strong track record of meeting community needs in rural areas and small gateway cities, and The Boulos Company, an integrated commercial real estate firm with broad experience in capital markets and real estate development. The $20 million private real estate investment fund is targeting projects in the recently designated Opportunity Zones across Woodforest's 17-state footprint, with the goal of promoting economic opportunity benefitting people with low and moderate incomes in areas designated as Qualified Opportunity Zones. CEI-Boulos Capital Management is working closely with Woodforest to select and review potential investments.

The Fund has adopted the Opportunity Zone Impact Reporting Framework developed through a partnership between the U.S. Impact Investing Alliance, the Beeck Center at Georgetown University and the Federal Reserve Bank of New York. The framework was created to maintain focus on Opportunity Zone investments producing positive economic and social impacts, and established standards for community engagement, transparency of investments, and other social impact criteria. The Fund has also appointed a Social Impact Advisory Board made up of some of the country's leading experts on investing in low-income communities. The advisory board will provide input related to the social and environmental impacts of the Fund's proposed investments.

Jim Sorenson, Founder of the Sorenson Impact Center, said, "We received 113 applications to the Forbes OZ 20, with 62 Funds and 51 communities testing their OZ strategies through a rigorous selection process.

He continued, "The quality and standard of applications was excellent with communities and OZ funds showing a clear commitment to social impact. We are excited to share learnings from the Forbes OZ 20 to help other community organizations and OZ funds deliver real and meaningful change in the communities they support."

"We are honored to learn that the Woodforest CEI-Boulos Opportunity Fund was named on the Forbes OZ 20 list. The goal of The Fund is to revitalize communities across Woodforest's 17-state footprint and we are working closely with the Fund's Social Impact Advisory Board to ensure that these investments also benefit low- and moderate-income individuals in these communities," said Jay Dreibelbis, President and CEO, Woodforest National Bank^®.

"We're thrilled to be working with Woodforest National Bank on this innovative fund investing in high-impact real estate projects across the bank's service territory," said Sam Spencer, Chief Executive Officer and Managing Director of CEI-Boulos Capital Management. "Thank you to the Sorenson Impact Center and Forbes for this recognition and for highlighting other examples of how the new Opportunity Zone incentive is being used to produce positive outcomes for underinvested communities."

More than 8,700 opportunity zones were designated as part of the 2017 Tax Cuts and Jobs Act. These zones were selected in collaboration with State and Federal leaders to drive investment into distressed communities. The incentive offers deferments and savings on capital gains when investors deploy funds in opportunity zone projects. Investments in opportunity zones are empowering teachers to live in the communities they serve, extending grid infrastructure and solar array construction in rural America, and expanding economic opportunity.

For questions related to the Forbes OZ 20 contact:

Max Seawright, Director of Communications, Sorenson Impact Center (max.seawright@sorensonimpact.com / +1 617-460-5768)

For questions related to the Woodforest CEI-Boulos Opportunity Fund, please contact Noelle St.Clair at NStClair@woodforest.com or Doug Schaeffer at DSchaeffer@woodforest.com.

For questions related to CEI-Boulos Capital Management, please contact Elizabeth Rogers, elizabeth.rogers@ceimaine.org.