SAN JOSE, Calif., Feb. 5, 2019 /PRNewswire-PRWeb/ -- Today, the innovative fund administrator NES Financial announced that it has contracted with Opportunity Fund management firm Propel, Inc., to provide its purpose-built fund administration suite to their new Opportunity Fund.
The tax incentives associated with the Opportunity Zones program were created to encourage long-term investment into targeted economically distressed areas across the country. Opportunity Zone investments offer investors temporary tax deferral, partial reduction of taxes on an investor's realized capital gains, and total elimination of taxes on all capital gains due to the appreciation of the OZ investment. As a result, the OZ program has opened up enormous potential for developers and real estate investors looking to raise capital at attractive rates and deploy it to underserved communities across the country.
Propel, Inc., was founded by Frank Austin, an award-winning community developer and real estate investor with more than 25 years' experience in entrepreneurship — and consistent and proven success in urban areas. His lifelong passion has been to apply strategic thinking and investment to care for socioeconomically underserved groups around the nation. With Propel, Austin and his team plan to raise and deploy $450 million into real estate projects throughout the US, with a mission to erase blight and instill a sense of pride in struggling communities.
"Many of our team grew up in communities like the ones we hope to rebuild," said Austin, "so we have a very personal interest in achieving the social impact intended by the Opportunity Zones program. In addition to their track record of expert fund administration — which is important to our investors' peace of mind — NES Financial is the only administrator with a purpose-built solution with the ability to track the fund performance, tax compliance and the social and economic impact metrics that are so important to the success of this program."
The purpose of the NES Financial Opportunity Zone Fund Administration Suite is to efficiently and securely handle administration of growing funds, at scale, so that Opportunity Zone Fund managers can focus on raising capital and deploying it to underserved communities across the country. This includes handling the specialized reporting requirements of the program with the highest possible degrees of fund security, investor transparency, and regulatory compliance.
"Since we introduced our purpose-built Opportunity Zone Fund Administration Suite last year," said Reid Thomas, Executive Vice President at NES Financial, "our solutions have quickly become the benchmark for institutional-level fund administration in the OZ space. As Propel prepares to deploy $450 million into community projects throughout the country, we're here to offer them — and their investors — the absolute maximum in security, transparency and compliance."
For more information about the Propel Opportunity Fund, visit their website at PropelOpFund.com.
For additional information about the Opportunity Zone Fund Administration Suite, please visit the NES Financial website or contact an NES Financial representative at 1-800-339-1031.
About NES Financial
NES Financial is a Silicon Valley financial technology (FinTech) company providing technology-enabled solutions and services for the efficient back- and middle-office administration of complex financial transactions. Serving private equity, commercial real estate, and Fortune 1000 clientele, NES Financial offers industry-leading private equity fund administration, loan servicing, specialized EB-5 and Opportunity Zone Fund Administration, and 1031 tax-deferred exchange services. Their unwavering commitment to data security, operational redundancy, and compliance reporting is evidenced by 12 consecutive years of successful independent audits of their technology, processes, and financial controls. Today, NES Financial services over 190 funds, administers over $20B annually, and has worked with more than 675 EB-5 projects. For more information, visit nesfinancial.com.
About Propel
For more information, visit PropelOpFund.com.
SOURCE NES Financial
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