SAN JOSE, Calif., March 5, 2019 /PRNewswire-PRWeb/ -- NES Financial today announced that it has contracted to provide its purpose-built Opportunity Zone Fund Administration Suite to Veterans Investing — an Opportunity Fund supported by a back-end educational platform that offers real estate training to disabled military veterans.
The tax incentives associated with the Opportunity Zones (OZ) program were created to encourage long-term investment into targeted economically distressed areas across the country, with tax benefits accruing to investors at 5-, 7- and 10-year milestones.
Veterans Investing's focus is on developing residential properties within these Zones — including low-income housing — supported by a network of military veterans trained by the organization to identify promising investments. Currently, Veterans Investing is working with a pilot group of just over 100 veterans.
The Fund's first major investment agreement, on the order of a projected $50 million, was made in December with Cottage Home Communities, a Florida-based firm working to develop 500 live/work/play communities in 500 Opportunity Zones nationwide.
"When deciding who to trust with the Fund's administrative requirements, NES Financial was the clear choice," said Chris Fontaine, CEO of Veterans Investing. "In this new space, they've set the bar for OZ Fund best practices. Their comprehensive, transaction-level tracking and reporting capabilities are unmatched, and the security they provide is hugely important to our investors. Furthermore, they truly care about maximizing community impact."
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.
"Pending further regulations, the OZ program is currently operating with a minimum in initial oversight," said Reid Thomas, Executive Vice President at NES Financial. "However, that doesn't mean that a minimum-standard security and compliance program should be the norm. The rapid adoption of our OZ Fund Administration Suite that we are experiencing in the market is a positive indication of the industry's commitment to best practices."
For more information about Veterans Investing, visit their website at veteransinvesting.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 Veterans Investing
Veterans Investing Inc. is an Opportunity Fund as well as a community of veteran real estate investors. Their mission is to realize the highest returns possible for their investor clients, as well as to enhance our nation's revitalization efforts and mentor U.S. military veterans in the world of real estate investing.
For more information, visit veteransinvesting.com.
SOURCE NES Financial
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