The Potential Role For CDFIs in the Opportunity Zones of the Investing in Opportunities Act (IIOA)

The Opportunity Zones legislation was designed to mobilize new levels of capital into low- and moderate-income (LMI) communities – areas that have historically been overlooked and underserved by mainstream capital markets. As longstanding financial partners to LMI communities, Community Development Financial Institutions (CDFIs), it would seem, are positioned to play a pivotal role in the Opportunity Zones ecosystem. Yet the legislation presents a challenge on that front. As the law dictates, the mechanism through which Qualified Opportunity Zone Fund investments must be made are equity instruments, while CDFIs tend to operate more on the lending side. For this reason, the CDFI industry has struggled to determine exactly how it can harness the potential power of the Opportunity Zones tax incentive to advance their efforts to support LMI communities. This report, then, is timely. As our partners at the University of New Hampshire’s Center for Impact Finance show in the pages that follow, there is indeed a role for CDFIs in the emerging Opportunity Zones space – or, more accurately, several potential roles, both financial and non-financial alike. Enterprise is proud to support this report and is grateful for its contribution to the field. It is now up to us, as CDFIs and mission-aligned partners, to convert the ideas held within this report into action. In so doing, we can help realize the original intent of the Opportunity Zones legislation: to responsibly direct significant capital into communities that have been financially marginalized for too long

Capital markets, CDFIs, and organizational credit risk

Can Community Development Financial Institutions (CDFIs) get unlimited amounts of low cost, unsecured, short- and long-term funding from the capital markets based on their organizational credit risk? Can they get pricing, flexibility, and procedural parity with for-profit corporations of equivalent credit risk? One of the key objectives of this book is to explain the reasons why the answer to the two questions above remains “no.” The other two key objectives are to show the inner workings of what has been done to date to overcome the obstacles so that we don’t have to retrace the same steps and recommend additional disciplines that position CDFIs to take advantage of the mechanisms of the capital markets once the markets stabilize

A Path to Conventional Equity for CDFIs: CDFI Equity Project Report

In this report designed to serve the Community Development Financial Institution (CDFI) sector, authors Charles Tansey and Michael Swack describe a step-by-step blueprint for accessing private equity in Stage One and conventional equity in the public market in Stage Two through participating CDFIs. In addition to providing a blueprint, the report documents the affirmation that a portion of CDFI equity can be—and should be—self-sustaining. It also demonstrates how this equity can be widely accessible by the broader CDFI industry over time

Mapping forest cover and forest cover change with airborne S-band radar

Assessments of forest cover, forest carbon stocks and carbon emissions from deforestation and degradation are increasingly important components of sustainable resource management, for combating biodiversity loss and in climate mitigation policies. Satellite remote sensing provides the only means for mapping global forest cover regularly. However, forest classification with optical data is limited by its insensitivity to three-dimensional canopy structure and cloud cover obscuring many forest regions. Synthetic Aperture Radar (SAR) sensors are increasingly being used to mitigate these problems, mainly in the L-, C- and X-band domains of the electromagnetic spectrum. S-band has not been systematically studied for this purpose. In anticipation of the British built NovaSAR-S satellite mission, this study evaluates the benefits of polarimetric S-band SAR for forest characterisation. The Michigan Microwave Canopy Scattering (MIMICS-I) radiative transfer model is utilised to understand the scattering mechanisms in forest canopies at S-band. The MIMICS-I model reveals strong S-band backscatter sensitivity to the forest canopy in comparison to soil characteristics across all polarisations and incidence angles. Airborne S-band SAR imagery over the temperate mixed forest of Savernake Forest in southern England is analysed for its information content. Based on the modelling results, S-band HH- and VV-polarisation radar backscatter and the Radar Forest Degradation Index (RFDI) are used in a forest/non-forest Maximum Likelihood classification at a spatial resolution of 6 m (70% overall accuracy, κ = 0.41) and 20 m (63% overall accuracy, κ = 0.27). The conclusion is that S-band SAR such as from NovaSAR-S is likely to be suitable for monitoring forest cover and its change

Airborne S-Band SAR for forest biophysical retrieval in temperate mixed forests of the UK

Radar backscatter from forest canopies is related to forest cover, canopy structure and aboveground biomass (AGB). The S-band frequency (3.1–3.3 GHz) lies between the longer L-band (1–2 GHz) and the shorter C-band (5–6 GHz) and has been insufficiently studied for forest applications due to limited data availability. In anticipation of the British built NovaSAR-S satellite mission, this study evaluates the benefits of polarimetric S-band SAR for forest biophysical properties. To understand the scattering mechanisms in forest canopies at S-band the Michigan Microwave Canopy Scattering (MIMICS-I) radiative transfer model was used. S-band backscatter was found to have high sensitivity to the forest canopy characteristics across all polarisations and incidence angles. This sensitivity originates from ground/trunk interaction as the dominant scattering mechanism related to broadleaved species for co-polarised mode and specific incidence angles. The study was carried out in the temperate mixed forest at Savernake Forest and Wytham Woods in southern England, where airborne S-band SAR imagery and field data are available from the recent AirSAR campaign. Field data from the test sites revealed wide ranges of forest parameters, including average canopy height (6–23 m), diameter at breast-height (7–42 cm), basal area (0.2–56 m2/ha), stem density (20–350 trees/ha) and woody biomass density (31–520 t/ha). S-band backscatter-biomass relationships suggest increasing backscatter sensitivity to forest AGB with least error between 90.63 and 99.39 t/ha and coefficient of determination (r2) between 0.42 and 0.47 for the co-polarised channel at 0.25 ha resolution. The conclusion is that S-band SAR data such as from NovaSAR-S is suitable for monitoring forest aboveground biomass less than 100 t/ha at 25 m resolution in low to medium incidence angle rang

Therapeutic Targeting of STAT3 (Signal Transducers and Activators of Transcription 3) Pathway Inhibits Experimental Autoimmune Uveitis

Mice with targeted deletion of STAT3 in CD4+ T-cells do not develop experimental autoimmune uveitis (EAU) or experimental autoimmune encephalomyelitis (EAE), in part, because they cannot generate pathogenic Th17 cells. In this study, we have used ORLL-NIH001, a small synthetic compound that inhibits transcriptional activity of STAT3, to ameliorate EAU, an animal model of human posterior uveitis. We show that by attenuating inflammatory properties of uveitogenic lymphocytes, ORLL-NIH001 inhibited the recruitment of inflammatory cells into the retina during EAU and prevented the massive destruction of the neuroretina caused by pro-inflammatory cytokines produced by the autoreactive lymphocytes. Decrease in disease severity observed in ORLL-NIH001-treated mice, correlated with the down-regulation of α4β1 and α4β7 integrin activation and marked reduction of CCR6 and CXCR3 expression, providing a mechanism by which ORLL-NIH001 mitigated EAU. Furthermore, we show that ORLL-NIH001 inhibited the expansion of human Th17 cells, underscoring its potential as a drug for the treatment of human uveitis. Two synthetic molecules that target the Th17 lineage transcription factors, RORγt and RORα, have recently been suggested as potential drugs for inhibiting Th17 development and treating CNS inflammatory diseases. However, inhibiting STAT3 pathways completely blocks Th17 development, as well as, prevents trafficking of inflammatory cells into CNS tissues, making STAT3 a more attractive therapeutic target. Thus, use of ORLL-NIH001 to target the STAT3 transcription factor, thereby antagonizing Th17 expansion and expression of proteins that mediate T cell chemotaxis, provides an attractive new therapeutic approach for treatment of posterior uveitis and other CNS autoimmune diseases mediated by Th17 cells

Rare and low-frequency coding variants alter human adult height

Height is a highly heritable, classic polygenic trait with ~700 common associated variants identified so far through genome - wide association studies . Here , we report 83 height - associated coding variants with lower minor allele frequenc ies ( range of 0.1 - 4.8% ) and effects of up to 2 16 cm /allele ( e.g. in IHH , STC2 , AR and CRISPLD2 ) , >10 times the average effect of common variants . In functional follow - up studies, rare height - increasing alleles of STC2 (+1 - 2 cm/allele) compromise d proteolytic inhibition of PAPP - A and increased cleavage of IGFBP - 4 in vitro , resulting in higher bioavailability of insulin - like growth factors . The se 83 height - associated variants overlap genes mutated in monogenic growth disorders and highlight new biological candidates ( e.g. ADAMTS3, IL11RA, NOX4 ) and pathways ( e.g . proteoglycan/ glycosaminoglycan synthesis ) involved in growth . Our results demonstrate that sufficiently large sample sizes can uncover rare and low - frequency variants of moderate to large effect associated with polygenic human phenotypes , and that these variants implicate relevant genes and pathways

The genetic architecture of the human cerebral cortex

The cerebral cortex underlies our complex cognitive capabilities, yet little is known about the specific genetic loci that influence human cortical structure. To identify genetic variants that affect cortical structure, we conducted a genome-wide association meta-analysis of brain magnetic resonance imaging data from 51,665 individuals. We analyzed the surface area and average thickness of the whole cortex and 34 regions with known functional specializations. We identified 199 significant loci and found significant enrichment for loci influencing total surface area within regulatory elements that are active during prenatal cortical development, supporting the radial unit hypothesis. Loci that affect regional surface area cluster near genes in Wnt signaling pathways, which influence progenitor expansion and areal identity. Variation in cortical structure is genetically correlated with cognitive function, Parkinson's disease, insomnia, depression, neuroticism, and attention deficit hyperactivity disorder

The genetic architecture of the human cerebral cortex

The cerebral cortex underlies our complex cognitive capabilities, yet little is known about the specific genetic loci that influence human cortical structure. To identify genetic variants that affect cortical structure, we conducted a genome-wide association meta-analysis of brain magnetic resonance imaging data from 51,665 individuals. We analyzed the surface area and average thickness of the whole cortex and 34 regions with known functional specializations. We identified 199 significant loci and found significant enrichment for loci influencing total surface area within regulatory elements that are active during prenatal cortical development, supporting the radial unit hypothesis. Loci that affect regional surface area cluster near genes in Wnt signaling pathways, which influence progenitor expansion and areal identity. Variation in cortical structure is genetically correlated with cognitive function, Parkinson's disease, insomnia, depression, neuroticism, and attention deficit hyperactivity disorder

Finishing the euchromatic sequence of the human genome

The sequence of the human genome encodes the genetic instructions for human physiology, as well as rich information about human evolution. In 2001, the International Human Genome Sequencing Consortium reported a draft sequence of the euchromatic portion of the human genome. Since then, the international collaboration has worked to convert this draft into a genome sequence with high accuracy and nearly complete coverage. Here, we report the result of this finishing process. The current genome sequence (Build 35) contains 2.85 billion nucleotides interrupted by only 341 gaps. It covers ∼99% of the euchromatic genome and is accurate to an error rate of ∼1 event per 100,000 bases. Many of the remaining euchromatic gaps are associated with segmental duplications and will require focused work with new methods. The near-complete sequence, the first for a vertebrate, greatly improves the precision of biological analyses of the human genome including studies of gene number, birth and death. Notably, the human enome seems to encode only 20,000-25,000 protein-coding genes. The genome sequence reported here should serve as a firm foundation for biomedical research in the decades ahead