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AIC CEI-Boulos Opportunity Fund. 2023 Social Impact Report

AIC CEI-Boulos Opportinuty Fund

THE WOODLANDS, TEXAS, APRIL 12, 2024 -- Allivate Impact Capital® recently held its annual investor meeting for the AIC CEI-Boulos Opportunity Fund alongside its Fund partners CEI-Boulos Capital Management. This global award-winning team also collaborated to launch the Woodforest CEI-Boulos Opportunity Fund which inspired this targeted Fund. The Fund invests in high impact commercial real estate projects in qualified Opportunity Zones (OZs). Targeted projects include those that create good jobs, affordable and workforce housing, environmentally sustainable focused real estate developments, and Main Street revitalization or historic preservation developments. During the investor meeting the team reviewed the Fund’s 2023 Social Impact Report.

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Allivate Impact Capital

April 12, 2024

IA 50 2024 Emerging Impact Manager

Allivate Impact Capital® named Emerging Impact Manager (EIM) for the ImpactAssets 50™ 2024 (IA 50) - Press Release

The 13th annual list highlights impact investing industry maturation, as growing number of funds link manager compensation to impact THE WOODLANDS, TEXAS, March 12, 2024 -- Allivate Impact Capital® has been selected as an Emerging Impact Manager (EIM) for the ImpactAssets 50™ 2024 (IA 50). ImpactAssets, the impact investing trailblazer with a decade-plus track record of mobilizing capital for good, recently released the ImpactAssets 50™️ (IA 50) 2024, a free publicly available, searchable database of impact investment fund managers globally. The IA 50, now in its 13th year, is designed to offer a simple way to identify experienced and emerging impact investment firms and explore the landscape of potential investment opportunities across diverse impact areas, maturity levels and geographies. “Thank you ImpactAssets for your support of our teams’ efforts. We are extremely proud to be recognized among other global diverse firms focused on providing financial returns alongside social impact returns. I applaud our team, community partners, and investors for their work to help launch Allivate Impact Capital in late 2022. We remain focused on elevating communities, alleviating poverty, and activating entrepreneurial ecosystems,” said Noelle St.Clair Lentz, CEO, Managing Director, Allivate Impact Capital. This year’s list is composed of 155 impact fund managers selected from an unprecedented 343 applications, a submission volume that is 15% higher than last year. This growth signals increased interest in the IA 50, alongside expansion and maturation of the impact investing industry at large. The increasing traction also points to a broader shift that embraces impact investing’s critical role in shaping a sustainable future. The IA 50 includes three distinct categories based on manager experience: the IA 50, IA 50 Emerging Impact Managers, and IA 50 Emeritus Impact Managers. That diversity of experience makes the list a testament to more recently established, ascending managers as well as the deeply experienced pioneers who have consistently maintained a focus on impactful investments and a commitment to driving social and environmental progress. Among the firms recognized this year, nine have been included on every year’s database since its inception in 2011. “As we celebrate the 13th anniversary of the IA 50, we are witnessing a pivotal shift in finance more broadly: Impact investing is catalyzing a fundamental reorientation of capital that is attuned to the urgent social and environmental challenges we face globally,” said Jed Emerson, ImpactAssets Senior Fellow, IA 50 Review Committee Chair, and Chief Impact Officer at AlTi Global. “The IA 50 2024 is a testament to the industry's commitment to harnessing the power of capital for good and a preview of the more systemic integration of impact considerations we can expect in the future.” Key highlights of the IA 50 2024 include: No Trade-Off on Financial Returns: This year’s IA 50 fund manager data dispels the myth of a trade-off between financial returns and social good. The majority of IA 50 managers target market rate (43%) and above market rate (31%) returns, proving that impact outcomes do not have to compromise financial outcomes. The performance data is equally telling, with 79% of IA 50 managers meeting their finance return target and 21% surpassing them. This compelling data illustrates that the cadre of IA 50 managers are meeting and exceeding financial benchmarks, while driving forward their impactful missions. Diverse Fund Leadership: This year’s IA 50 features the most diverse applicant pool ever, with a substantial 60% of applicants boasting investment teams composed of over 50% women and/or people of color. This growth in diversity within leadership positions outpaces previous years, with Emerging Impact Manager applicants leading at 72%, ahead of the core list at 53%, and Emeritus Impact Manager applicants at 46%. About Allivate Impact Capital®Allivate Impact Capital® (AIC) deploys innovative capital solutions that elevate communities, alleviate poverty, and activate entrepreneurial ecosystems. AIC is an impact investing firm managing capital across asset classes in responsive ways to meet the needs of communities historically lacking access to the investment needed to bring underutilized assets to their full potential. AIC operationalizes the impact goals of its funds to drive positive social returns alongside attractive financial returns. As a subsidiary of Woodforest Financial Group, Allivate Impact Capital® leverages its global award-winning, and industry-leading Community Development Team to achieve its goals. Learn more at Allivate.com and follow us on LinkedIn @AllivateImpactCapital About the ImpactAssets 50The IA 50 is the first publicly available database that provides a gateway into the world of impact investing for investors and their financial advisors, offering an easy way to identify experienced impact investment firms and explore the landscape of potential investment options. The IA 50 is intended to illustrate the breadth of impact investment fund managers operating today, though it is not a comprehensive list. Firms have been selected to demonstrate a wide range of impact investing activities across geographies, sectors and asset classes. The IA 50 is not an index or investable platform and does not constitute an offering or solicitation to buy or sell securities or a private placement or recommend specific products. Nor is this an endorsement of any of the listed fund managers. It is not a replacement for due diligence. To be considered for the IA 50 2024, fund managers needed to have at least $25 million in assets under management, more than three years of experience as a firm with impact investing, documented social and/or environmental impact, and be available for U.S. investment. Additional details on the selection process are available here. The IA 50 Emerging Impact Managers list is intended to spotlight newer fund managers to watch that demonstrate potential to create meaningful impact. Criteria such as minimum track record or minimum assets under management may not be applicable. The IA 50 Emeritus Impact Managers list illuminates impact fund managers who have achieved consistent recognition on the IA 50. About ImpactAssetsImpactAssets is an impact investing trailblazer dedicated to changing the trajectory of the planet’s future and improving the lives of all people. As a leading impact investing firm, ImpactAssets offers deep strategic expertise to help its clients define and execute on their impact goals. Founded in 2010, ImpactAssets increases flows of money to impact investing in partnership with its clients through its impact investment platform, philanthropic solutions, and field-building initiatives, including the IA 50 database of private debt and equity impact fund managers. ImpactAssets has more than $3 billion in assets, working with purpose-driven individuals and their wealth managers, family offices, foundations, and corporations. ImpactAssets is an independent 501(c)(3) organization. About ImpactAssets Capital PartnersImpactAssets Capital Partners PB LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. ImpactAssets Capital Partners is a public-benefit LLC fully owned by ImpactAssets. ImpactAssets Capital Partners was created to bring the ImpactAssets platform and customized investment services to institutional investors. Review the IA 50 2024 Impact Fund Managers: http://bit.ly/IA502024 Check out Allivate Impact Capital’s database profile: https://tinyurl.com/2s3m32em

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Allivate Impact Capital

March 12, 2024

Impactphl Perspectives

Volume 74: The First Mover Advantage — An Investment Approach for Maximizing Impact

Written by Noelle St.Clair Lentz, CEO, Allivate Impact Capital. About ImpactPHL Perspectives: ImpactPHL Perspectives is a multi-part content series that explores the many facets of the impact economy in Greater Philadelphia from the perspectives of its doers, movers, shakers, and agents of change. Each volume is written directly by a leader in this space to discuss best practices and share lessons learned while challenging our assumptions about financial and impact returns. For more thought leadership like this, check out the full catalog of ImpactPHL Perspectives. “Water, water everywhere, and not a drop to drink.” This popular phrase often embodies the sentiment of diverse emerging impact fund managers who hear countless times, “We like your strategy and your team, but we don’t invest in first-time funds” or “Come back to us when you are on your fourth fund.” Amidst a vast sea of capital, these fund managers are often shut out of accessing the funds needed to achieve their impact goals. This is usually due to a lack of risk appetite for the perceived risk of investing with emerging managers. How do I know? I represent an institutional Limited Partner (LP) in impact funds and serve as CEO of a diverse emerging impact investment firm, which gives me firsthand experience and a unique vantage point as both LP and GP (General Partner). There is abundant research demonstrating that there is no statistically significant difference in performance between diverse and non-diverse owned funds across asset classes and that investing in emerging managers can be quite lucrative as they often outperform their peer groups. Despite this research and many institutions’ commitment to reducing systemic inequities, there will still be resistance due to the extra work it will take. Does it take more work to get regulatory approval if you are the first bank investor in a fund? Yes. Does it take more time to do diligence if you cannot rely on the “sniff test” effect of other like-minded, reputable investors already having LP positions in a fund? Yes. Do diverse and emerging managers need impact investors who are bold enough to be first movers and achieve outsized impact by investing this catalytic capital? Absolutely! “there is no statistically significant difference in performance between diverse and non-diverse owned funds across asset classes and that investing in emerging managers can be quite lucrative as they often outperform their peer groups.” One aspect of Due Diligence 2.0, an industry commitment meant to catalyze movement of capital to more diverse management teams, is “Be willing to go first – we will consider being an anchor/seed investor or part of a first close (or in the case of a mutual fund or exchange-traded fund, at/near fund inception) rather than insisting on being in later closes. This contributes to fundraising momentum, and we agree to not require special terms such as lower fees in order to take this position.” An example is Woodforest National Bank’s® investment in the De-Carceration Fund. Due to the tremendous convening power of ImpactPHL, our team met Chris Bentley and Lawrence Williams at the 2022 Total Impact Summit. Intrigued by the strong impact strategy of their fund focused on reducing recidivism by investing in companies that ethically disrupt the criminal justice system, we explored if this could be a fit for our Community Reinvestment Act (CRA) investment portfolio. We learned that no bank had invested in the fund to date, which did not come as a surprise since CRA tends to be very prescriptive, and unless something overtly qualifies, such as Community Development Financial Institutions (CDFIs) or Small Business Investment Companies (SBICs), it requires more work to prove new and innovative strategies can effectively benefit low- and moderate-income people and communities, as per the mandate of the CRA. Upon receiving regulatory approval, we are proud to become the first bank investor in this fund and hope Woodforest’s investment will catalyze much more CRA-motivated bank capital to flow into this and future funds managed by the De-Carceration Fund group. This is our team’s seventeenth investment as the first bank investor in a new fund. “90% of women surveyed by Citi Investment Management have indicated they want to invest at least a portion of their wealth in a manner that aligns with their values.” I often tell fund managers that Woodforest National Bank® will likely not be your largest investor, but I believe our niche is having an outsized impact by being a first mover and creating a path for other larger investors to follow. This first-mover focus for our CRA investment strategy ultimately led to the creation of Allivate Impact Capital® (AIC), the impact investing subsidiary of Woodforest Financial Group, in 2022. The genesis of AIC came from the desire to mobilize more capital toward impactful projects and companies, thus maximizing our impact beyond our own balance sheet investments. The creation of this new firm proves we do not see CRA investing as a “check-the-box” compliance obligation but a strategic business line, given the growing demand for impact investing products that can benefit both investors and communities. “desire for social good, paired with the projected $30 Trillion intergenerational wealth transfer predicted to go to millennials over the next 30 years, could be a recipe for major growth in the impact investing arena.” The market research on demand for impact investing products is compelling. According to research by McKinsey, by 2030, women will control about $68 trillion in financial assets as baby boomers age (and women outlive men), the greatest intergenerational wealth transfer occurs (two-thirds of which will go to women), and female wealth creation continues to grow. 90% of women surveyed by Citi Investment Management have indicated they want to invest at least a portion of their wealth in a manner that aligns with their values. 52% of millennial investors see the social responsibility of their investments as important selection criteria, compared with less than 30% of baby boomer investors and 42% of Gen X investors. This desire for social good, paired with the projected $30 Trillion intergenerational wealth transfer predicted to go to millennials over the next 30 years, could be a recipe for major growth in the impact investing arena. As both an LP and GP in impact funds across asset classes, our Woodforest National Bank/Allivate Impact Capital team challenges other impact investors to not be afraid to take first-mover risk. Otherwise, as an industry, we will find ourselves doing the same thing and hoping for different outcomes, which is the definition of insanity. We must be bold enough to try new approaches and blaze a path less traveled for others to follow. If the market research tells us anything, it is that there will continue to be many more investors looking to follow in the years to come. Plus, by committing to investing in diverse-led and emerging funds, we can help bridge the equity divide and create new pathways to economic resilience for all!

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ImpactPHL

March 11, 2024

Featured Story

Seattle's Atrium Court Project Creates Affordable Workforce Housing, Jobs, & Neighborhood Revitalization

Highlights include 271 affordable workforce housing units, 80 area jobs, close access to public transportation & quality food, & environmentally sustainable development SEATTLE, Feb. 6, 2024 /PRNewswire/ -- A groundbreaking celebration was held today for Atrium Court at 7324 Martin Luther King Jr. Way S. in Seattle's Othello neighborhood. Atrium Court will create 271 units of affordable workforce housing, 80 jobs, and ground-level retail space adjacent to a light rail station in the historic and diverse South Seattle neighborhood. A groundbreaking event was held today for Atrium Court in Seattle’s Othello neighborhood. The project will create affordable workforce housing, jobs, and ground-level retail space adjacent to a light rail station in the historic and diverse South Seattle neighborhood. The largest and majority equity investor in the project is an investment vehicle jointly sponsored and managed by Allivate Impact Capital® and CEI-Boulos Capital Management, which invested $15 million in equity alongside a $41 million primary loan from Trez Capital, and a $16 million low-interest loan from the Amazon Housing Equity Fund. "We're committed to investing private capital to help revitalize historically underinvested communities like Seattle's Othello neighborhood," said Sam Spencer, CEO and Managing Director of CEI-Boulos Capital Management. "We're thrilled to be partnering with Allivate Impact Capital and the Amazon Housing Equity Fund to support this socially and environmentally impactful project that will provide transit-oriented affordable housing to residents of this multicultural community." Noelle St. Clair Lentz, CEO and Managing Director of Allivate Impact Capital added, "Allivate Impact Capital proudly stands alongside CEI-Boulos Capital Management, Housing Diversity Corporation, Amazon, Nitze-Stagen, Trez Capital, and others to support the creation of affordable workforce housing through the Atrium Court project. This type of intentional collaboration is necessary to deliver the innovative capital solutions allowing communities such as the Othello neighborhood to fully realize their truAle potential." "Atrium Court will provide much needed, high-quality affordable housing with easy access to transit and other services that will contribute to residents' quality of life," said Alice Shobe, Global Director, Amazon Community Impact. "This project models how the private sector can contribute long-term affordable housing to vibrant communities like the Othello neighborhood." To address the increasing scarcity of affordable housing for residents earning low and moderate incomes, 59% of the development's 271 units will be income-restricted to those earning no more than 80% Area Median Income (AMI), while 10% of units will be income-restricted at 60% AMI, and 5% of units will be income-restricted at 50% AMI. All affordability requirements will have a term of 99 years. "Atrium Court is the type of project Trez Capital is proud to be a part of – we look for financing opportunities that yield purposeful and impactful communities focused on building a brighter future for residents," said Brody Toigo, Managing Director, Head of Origination, Western U.S., Trez Capital. "Breaking ground marks our first milestone toward helping address the affordable, build-for-rent, multi-family housing shortage in the Othello community." Housing Diversity Corporation, the lead developer for Atrium Court, started construction in January 2024. "We are proud to have assembled a group of partners dedicated to creating opportunities through thoughtfully designed affordable housing for the community. Atrium Court, with its 271 residential units and retail space, will transform a previously vacant lot into a vibrant space for the Othello community to grow and thrive," said Brad Padden, CEO and Founder of Housing Diversity Corporation. "Nitze-Stagen has been focused on bringing private social impact investors together to meet the housing affordability gap in our city and Atrium Court is a model that does just that," said Lisa Nitze, Principal at Nitze-Stagen. "It is coupled with our commitment to support the small businesses that are historically distinctive in Othello, with a Performa that enables us to lease to authentic neighborhood retail, services, or non-profits that the community has identified as a need. We are excited to be at the groundbreaking of this community-centric development." The project has a strong focus on environmental sustainability, including reducing energy consumption and conserving water. The project will employ modern green building design features, construction methods, and operating systems including stormwater management, a 33-kilowatt roof mounted solar array, passive solar design, compost collection, and no fossil fuel-dependent systems for building heat. In addition, the transportation-oriented project is less than 200 feet from the Othello Light Rail Station – reducing future tenants' need for cars, resulting in a smaller financial burden and carbon footprint. The project supports Seattle's "Urban Village" concept within the city's "Seattle 2035 Comprehensive Plan," which aims to increase housing density and affordability in neighborhoods near light rail stations, prioritizing walkability and public transit over driving. The project's location near light rail, along with easy access to necessities like groceries, aligns with the city's goal of reducing car dependence, reducing the need to utilize valuable real estate for parking, and reducing transportation emissions. The project is expected to create 60 construction jobs, and 20 permanent jobs between property management and the retail spaces. The project also aligns with the City of Seattle's community development goals. Additionally, Sponsor OZ Navigator, a partnership between Housing Diversity Corp. and Nitze-Stagen conducted extensive multilingual outreach to determine community needs which informed the project's planning and design. One feature created in response to community feedback will be a lighted rotating sculpture at the building's entrance created by local artist Fumi Amano that displays various phrases in languages spoken within the Othello community. The project team also includes STS Construction as the General Contractor; Neiman Taber Architects; Quantum Engineering as the Structural Engineer; Sitewise as the Civil Engineer; and KKLA (Karen Kiest Landscape Architects) as the Landscape Architect.

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Allivate Impact Capital

February 06, 2024

Atrium Court Exterior Streetscape

Housing Diversity Corporation Announces 2024 Construction Start of 7324 MLK Jr. Way

Seattle, WA. – December 21, 2023 – Housing Diversity Corporation, the lead construction developer for Atrium Court, announced today that they have attained financing to start construction on the eight-story, mixed-use housing development located in Seattle's Othello neighborhood. Construction is anticipated to start next month, January 2024 with completion estimated in mid-2026. The transit-oriented project is located one block from the Othello Link Light Rail Station and will feature 271 apartments, all priced to be affordable for individuals and families earning between 50% and 80% of area median income (AMI). Rendering created by Neiman Taber The project received $16 million from the Amazon Housing Equity Fund, as a low-interest loan, to ensure that all 271 apartment homes will be income restricted for 99-years. “Atrium Court is a great example of leveraging private capital and collaboration to build affordable apartment housing,” said Senthil Sankaran, Managing Principal, the Amazon Housing Equity Fund. “It models how the private sector can help build long-term, attainably priced housing and is the type of project that our Housing Equity Fund was created to support. To date, Amazon has invested nearly than $550 million to create or preserve more than 5,500 units in the Puget Sound region.” The project team is also partnering with an investment vehicle jointly sponsored and managed by Allivate Impact Capital and CEI-Boulos Capital Management, which closed on a $15 million investment, as the single largest and majority equity investor in the project. Rendering created by Neiman Taber “Our fund is committed to harnessing the Opportunity Zone incentive to serve its intended purpose – to help revitalize historically underinvested communities like Seattle’s Othello neighborhood,”said Sam Spencer, CEO and Managing Director of CEI-Boulos Capital Management. “We’re thrilled to be partnering with Allivate Impact Capital and Amazon Housing Equity Fund to support this socially and environmentally impactful project that will provide transit- oriented affordable housing to residents of this rich multi-cultural community.” “In 2019, we set out to perform on the goals of the Opportunity Fund Zone legislation by investing in under-developed communities,” stated Brad Padden, Founder & CEO of Housing Diversity Corporation. “Collaborations such as Amazon’s Housing Equity Fund are critical in getting these important projects across the financing finish-line.” “In 2023, the City of Seattle had a reduction of 60% of new apartment application permits in comparison to the peak of 2021. A lack of new supply will only further increase the high cost of in-city living,” concluded Padden. Atrium Court also includes 2,344 SF of ground-floor retail. The project team includes: Nitze-Stagen as a development partner, STS Construction as the General Contractor, Neiman Taber Architects; Quantum Engineering as the Structural Engineer; Sitewise as the Civil Engineer; KKLA (Karen Kiest Landscape Architects) as the Landscape Architect.

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Allivate Impact Capital

December 21, 2023

Web collage with Noelle speaking and more people

Private Capital Investment in Multifamily Affordable Housing

On March 27, 2023, our CEO, Noelle St.Clair Lentz was selected to speak on a panel hosted by Federal Reserve Bank of New York focused on private capital investment in affordable multifamily rentals. Speakers covered policy issues related to tenants and affordability restrictions; strategies used by investment managers in deploying capital; and investor motivations in exploring this asset class. Noelle’s focus for the panel, moderated by Carl Jenkins, Managing Director and Group Head of Community Capital Solutions at BMO was providing her expertise and insights concerning investor perspectives related to the issue. Watch the Event EVENT AGENDA 2:00pm-2:20pm Welcome Remarks David Erickson, Head of Outreach & Education, Federal Reserve Bank of New York 2:20pm-2:40pm Research Presentation Andrew Aurand, Senior Vice President for Research, National Low Income Housing Coalition 2:40pm-3:25pm Investment Manager Perspectives Moderator: Jonathan Kivell, Director of Community Investments, Federal Reserve Bank of New York Summer Haltli, Principal, FCP Brian Allen (AJ) Jackson, Executive Vice President, Social Impact Investing, JBG SMITH Antonio Marquez, Principal and Managing Partner, Comunidad Partners 3:25pm-3:40pm Break 3:40pm-4:25pm Investor Perspectives Moderator: Carl Jenkins, Managing Director and Group Head of Community Capital Solutions, BMO Christine Looney, Deputy Director, Mission Investments, Ford Foundation Noelle St.Clair Lentz, CEO and Managing Director, Allivate Impact Capital Adam Galowitz, Managing Director, Tax Advantaged Investments, State Street Bank & Trust Co. 4:25pm-5:10pm Policy Perspectives Moderator: Rasheedah Phillips, Director of Housing, PolicyLink Barika Williams, Executive Director, Association for Neighborhood Housing & Development Mark Calabria, Senior Advisor, Cato Institute Bob Simpson, President, Multifamily Impact Council 5:10pm-5:15pm Closing Remarks Maria Carmelita Recto, Community Development Associate, Federal Reserve Bank of New York

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Federal Reserve Bank of New York

March 27, 2023

OZP Allivate Impact Capital 227

OZ Investing for Community Impact, With Allivate Impact Capital

Allivate Impact Capital’s co-founders, Noelle St.Clair Lentz and Doug Schaeffer, join the show to discuss how investing for impact can catalyze positive community outcomes, and lead to lucrative financial returns for investors. Watch On YouTube Watch Preview Episode Highlights Background on Allivate Impact Capital, and its mission of elevating communities, alleviating poverty, and activating entrepreneurial ecosystems through innovative capital solutions. What the Community Reinvestment Act is, and how it encourages banks to make catalyzing investments in low-income neighborhoods. How Opportunity Zones sometimes (but not always) overlaps with CRA investing. Details on the $100 million national commercial real estate Qualified Opportunity Fund that Allivate Impact Capital has recently launched, seeded with $25 million. Examples of catalyzing impact investments that Woodforest has made to date. How Opportunity Zone investments are creating positive impact in local communities, countering the negative narrative that is prevalent in the media. Takeaways from the Opportunity Zone stakeholder meeting with EIG and Sen. Cory Booker (D-NJ). Why the fund-of-funds structure and the Community Dynamism Fund proposed in the reform legislation would be great improvements to the Opportunity Zones policy. Why headline risk has prevented Opportunity Zones from becoming more institutionalized. Featured On This Episode Woodforest OZ Fund Recognized As A Leading OZ Fund In The Forbes’ OZ 20 (PR Newswire) Woodforest National Bank Wins Global Innovation Award (PR Newswire) Community Reinvestment Act (CRA) (Treasury OCC) Ep #18: Measuring Impact in Opportunity Zones, with USIIA’s OZ Framework (OpportunityDb) Historic Hotel Reopens In Selma, AL, Creating 45 New Jobs, With Investment From Woodforest (PR Newswire) Woodforest Closes Over $1.3 Million OZ Equity Investment In Sharswood Ridge Project (PR Newswire) New Legislation Would Extend and Improve Opportunity Zones (OpportunityDb) Alex Flachsbart (Opportunity Alabama) Today’s Guests: Noelle St.Clair Lentz & Doug Schaeffer, Allivate Impact Capital Noelle St.Clair Lentz on LinkedIn Doug Schaeffer on LinkedIn Allivate Impact Capital About The Opportunity Zones Podcast Hosted by OpportunityDb.com founder Jimmy Atkinson, The Opportunity Zones Podcast features guest interviews from fund managers, advisors, policymakers, tax professionals, and other foremost experts in opportunity zones.

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Jimmy Atkinson

November 08, 2022

Introducing: Allivate Impact Capital SM

Woodforest Financial Group Launches New Impact Investing Firm

Woodforest Financial Group, Inc. (Woodforest) announced today the launch of Allivate Impact Capital®, its new subsidiary designed to manage impact investing funds across asset classes. The female-led firm will create diversification for Woodforest's shareholders while being responsive to the needs of communities throughout the nation. Allivate Impact Capital® will invest in projects supporting the burgeoning environmental, social, and corporate governance (ESG) and impact investing industries. Woodforest will leverage the strong track record and expertise of its award-winning Community Development Leadership Team to manage the new subsidiary. "Based on the success and insights of our impact investing work, we want to share what we have learned with existing and new community partners while providing value for our shareholders and communities we serve," said Jay Dreibelbis, President, and Chief Executive Officer, Woodforest National Bank, and Advisor for Allivate Impact Capital®. Doug Schaeffer, Board Chairman, Managing Director, and Co-Founder of Allivate Impact Capital® added: "Our firm will boldly stand as a counter-narrative that there does not need to be a tradeoff between monetary returns and impact and ESG investing. Our strategic investments will seek to provide solid financial returns on a pre-tax incentive basis while also yielding positive social returns. With our team's innovative approach and strong track record, our goal is to make a lasting and measurable impact to elevate underinvested communities across the country." "Allivate Impact Capital® will make catalytic investments that aim to generate attractive returns for investors while alleviating some of the most urgent needs within communities across the country such as affordable housing, community and economic development, workforce development, and access to resources like food and healthcare. We are intentional about engaging community members and local leaders to understand their long-term vision and investing in ways to support this vision," said Noelle St.Clair Lentz, CEO, Managing Director, and Co-Founder of Allivate Impact Capital®. Allivate Impact Capital® uses the Opportunity Zone Impact Reporting Framework developed by the U.S. Impact Investing Alliance, the Beeck Center for Social Impact + Innovation at Georgetown University, and the Federal Reserve Bank of New York to operationalize the impact goals of its investments. About Allivate Impact Capital® Allivate Impact Capital® (AIC) deploys innovative capital solutions that elevate communities, alleviate poverty, and activate entrepreneurial ecosystems. AIC is an impact investing firm managing capital across asset classes in responsive ways to meet the needs of communities historically lacking access to the investment needed to bring underutilized assets to their full potential. AIC operationalizes the impact goals of its funds to drive positive social returns alongside attractive financial returns. As a subsidiary of Woodforest Financial Group, Allivate Impact Capital® leverages its global award-winning, and industry-leading Community Development Team to achieve its goals. Learn more at Allivate.com and follow us on LinkedIn @AllivateImpactCapital This press release does not constitute an offer to sell or a solicitation of an offer to buy interests in any investment fund or other investment vehicle sponsored by Allivate or its affiliates or partners.

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Woodforest Financial Group, Inc.

October 11, 2022

Montgomery County Md Usa An African American And A Caucasian Boy Are Playing Together

To boost affordable housing, a New York bank launched an investment fund

NBT Bancorp in Norwich, New York, is leveraging a core competency — commercial real estate lending — as part of a project that aims to increase the stock of affordable housing in its footprint, burnish its Community Reinvestment Act profile and generate a solid return on investment. The $12.1 billion-asset NBT has teamed with CEI-Boulos, a real estate fund manager in Brunswick, Maine, to create a $10 million commercial real estate equity investment fund. While the bank will consider investing in multifamily, hospitality, office and mixed-use projects, the fund, which launched last month, will emphasize affordable housing, according to NBT President and CEO John Watt. “We have an obligation as a community bank to ensure that those communities we’re doing business in are vibrant,” Watt said. “One of the ways we do that is to focus on affordable housing.”

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Allivate Impact Capital

July 20, 2022

Enscape 2021 02 18 Street Renderings 1200Px

Baltimore's First Zero Energy Multifamily Development Supports Penn North Community Vision for Affordable Housing, Small Business and Nonprofit Space

The Woodforest CEI-Boulos Opportunity Fund, a high-impact commercial real estate Opportunity Zone fund established by Woodforest National Bank® and CEI-Boulos Capital Management, announced its $1.1 million equity investment in the Zero Energy North Avenue Affordable Housing project located in the recently designated "Black Arts District" in West Baltimore's Penn North neighborhood. The Woodforest CEI-Boulos Opportunity Fund is the only outside equity investor in the $4.9 million, environmentally innovative project spearheaded by Baltimore's Schreiber Brothers Development. The project, which will rehabilitate abandoned, historic townhouses, is the first multifamily, zero energy development in Baltimore and the first mixed-use, zero energy development in Maryland. Some construction jobs will be filled by a workforce development nonprofit providing training and experience in sustainable development and solar panel installation to individuals with low incomes. The project will create 20 units of affordable housing and four commercial storefronts. The plan is to lease the storefronts to local, Black-owned businesses and neighborhood nonprofits, including a childcare service provider. The project's goal is to accommodate future residents' employment and living needs under one roof by providing first right of refusal to owners and staff of the ground-level commercial spaces. The elimination of transportation and energy bills for the businesses will generate a substantial reduction in operating costs for the small businesses, nonprofits and residential tenants. The development, which is accessible to public transportation, will bring new job opportunities to a community that has long suffered from divestment. The project is on the forefront of environmentally sustainable building practices. Solar panels and super-insulated walls will allow the property to produce as much energy as it consumes, reducing energy costs and allowing the housing units to be even more affordable. The project is expected to achieve Passive House certification for its energy efficiency, providing a unique example to the City of Baltimore of building affordable housing in a highly environmentally sustainable manner. The project's focus on sustainability implicitly addresses the overarching issue of environmental justice in underinvested communities. "CEI-Boulos Capital Management is committed to harnessing the Opportunity Zone incentive to serve its intended purpose – to invest in catalytic projects that can help revitalize underinvested communities, like Penn North," said Sam Spencer, CEO and Managing Director, CEI-Boulos Capital Management. "We're thrilled to be working with our partners at Schreiber Brothers Development on a project delivering social and environmental impact. The investment is a great example of the fund's efforts to leverage private capital to help address the nation's renewed focus on racial and economic disparity." "This project is a perfect example of using the OZ incentive and CRA investment to help make the vision community members had for the neighborhood a reality," said Doug Schaeffer, Executive Vice President, CRA Executive Director, Woodforest National Bank. "Our fund prioritizes investments that intentionally engage local communities and provide capital to elevate underinvested assets to their full potential. The Zero Energy North Avenue Affordable Housing project will have tremendous social and environmental benefits, making it an exemplary community impact investment." The Zero Energy North Avenue Affordable Housing project will restore seven abandoned, historic townhouses and convert them into two new, consolidated buildings. 15 of the 20 new apartments will be restricted for 30 years to rental rates affordable to households earning 50% of area medium income (AMI). The remaining apartments will be leased at rates affordable to households earning 80% AMI and will be formally restricted not to exceed rates affordable to households earning 120% AMI for at least ten years. With the elimination of energy bills, these units will be even more affordable than the AMI restrictions indicate. The project is expected to create approximately 20 permanent jobs through the four retail storefronts that will be located on the ground floor of the building. The project will also create 100-120 construction jobs. A local workforce development nonprofit will fill 31 of the jobs by training individuals with low incomes in sustainable building practices and solar panel installation. The project is less than a block from the Penn North Metro Station, connecting the project's residents to the employment opportunities and other resources of downtown Baltimore in under ten minutes. The city and state recently designated the Pennsylvania Avenue corridor, including much of the Penn North neighborhood, as Baltimore's "Black Arts District," formally named the Pennsylvania Avenue Black Arts and Entertainment District. Once a thriving center of Black culture and entertainment from the 1940s through the 1960s with theaters and music venues, the district is being revitalized largely by Black-led community organizations and businesses. A local arts organization, Black Arts District, is collaborating with Schreiber Brothers Development to create a mural for the building facade, and many of the tenants are expected to be artists. Schreiber Brothers Development has also taken additional steps to further engage the community with the project. "Our approach is intentionally driven by community input and partnership to advance development without displacement," said Brendan Schreiber, President, Schreiber Brothers Development, a sustainable construction, and real estate firm promoting balanced growth. "The project responds to what leaders and activists have told us they want for the Penn North community. We are here to support the vision that residents, business owners and other partners have for their neighborhood and lead the way in ensuring community members are at the table for every step." "From early on, the City of Baltimore recognized the potential of Opportunity Zones to drive inclusive growth in disinvested neighborhoods, which is why we were the first city in the country to bring on a dedicated OZ Coordinator," said Colin Tarbert, President and CEO of Baltimore Development Corporation. "We have been deliberate in our approach to welcome impact investors into Baltimore, like the Woodforest CEI-Boulos Opportunity Fund, who are committed to working with and creating value for local communities. This project, in the heart of West Baltimore, at the intersection of Pennsylvania and North Avenues, checks all the boxes for creating mixed-income housing, commercial space for local businesses and green buildings. We look forward to an ongoing partnership with CEI-Boulos Capital Management across our 42 Opportunity Zones in Baltimore." The Zero Energy North Avenue Affordable Housing project is one of ten high-impact investments made to date by the Woodforest CEI-Boulos Opportunity Fund. Additional financing for the project includes loans from Enterprise Community Loan Fund, Inc., and the Neighborhood Impact Investment Fund, Inc., two local community development finance institutions, and grant funding from the City of Baltimore, the State of Maryland and the Maryland General Assembly. The Opportunity Zones program is a community investment tool established by Congress in 2017 to encourage long-term investments in low-income communities nationwide. Opportunity Zones are low-income census tracts nominated by governors and certified by the U.S. Department of the Treasury.

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Woodforest National Bank

November 15, 2021

Woodforest National Bank New Student Housing

New Student Housing Supports University Of North Carolina Pembroke Goal To Increase College Access

The Woodforest CEI-Boulos Opportunity Fund, a high-impact commercial real estate Opportunity Zone fund established by Woodforest National Bank® and CEI-Boulos Capital Management, announced its $3 million equity investment in 698 Prospect, a student housing project, partly powered by on-site solar, which will serve the population of University of North Carolina Pembroke (UNCP). UNCP is one of three “NC Promise” campuses in the UNC system that limits in-state tuition costs to $500 per semester to keep college affordable to low-income students. Future enrollment at the school is limited by a lack of affordable student housing, an issue that the project will address. UNCP is designated as a Native-American Serving Nontribal Institution (NASNTI). UNCP was founded by seven American Indian members with regional tribal affiliations to provide access to education for groups otherwise denied that right. Most of the town of Pembroke’s 3,000 people are members of the Lumbee Tribe of North Carolina, the largest American Indian tribe east of the Mississippi. Today, the University and the Lumbee Tribe enjoy a strong partnership. The first phase of the project will create 48 four-bedroom units with 192 beds of student housing adjacent to the university in this small, rural town. A second phase of the project will create 90 additional units with 306 beds. The second phase also includes 20,000 square feet of retail space. The development team for the project includes EquityPlus and a Lumbee-owned firm, Lumbee-University One at Pembroke; the property is managed by PeakMade Real Estate. Rooftop solar arrays offset about 25% of the project’s energy needs. In addition, exterior lighting will be solar powered. The developer expects to install a similar system in upcoming phases to increase the percentage of energy offset by solar. Solar carports and a solar-covered walkway for students walking to class are also planned. “CEI-Boulos Capital Management is committed to harnessing the Opportunity Zone incentive to serve its intended purpose – to invest in catalytic projects that can help revitalize underinvested communities, like Pembroke,” said Sam Spencer, CEO and Managing Director, CEI-Boulos Capital Management. “We’re thrilled to be working with our partners at Equity Plus and Lumbee-University One at Pembroke on a project delivering social and environmental impact. The investment is a great example of the fund’s efforts to leverage private capital to help address the nation’s renewed focus on racial and economic disparity.” “Our Fund is designed to be responsive to community needs,” said Doug Schaeffer, Executive Vice President, CRA Executive Director, Woodforest National Bank. “By creating much needed affordable student housing, this investment will expand access to higher education. We are thrilled to be supporting pathways that will allow many first-generation students to obtain the education needed to pursue their dreams.” Pembroke is located in Robeson County, one of 431 “persistent poverty counties” in the country, a classification which means that 20 percent or more of its population has lived in poverty for at least 30 years. The project is consistent with and supports the town’s plan for downtown revitalization. The retail component of the project second’s phase will help create 30-40 jobs at small businesses that will occupy the commercial space. “We look at ourselves as an anchor economic institution for southeastern North Carolina and we proudly take on the responsibility that comes along with that,” said Jodi Phelps, Chief Communications and Marketing Officer, UNCP. “We can’t grow unless the town and local economy grows with us. When we all thrive together, we collectively increase access to a high-quality, affordable college education for students of all backgrounds.” “Without the Woodforest CEI-Boulos Opportunity Fund’s Opportunity Zone equity investment, the project would not be possible,” said Avram Fetcher, Managing Director, EquityPlus, a privately held investment and advisory firm serving as the developer of the project. “This is an example of an Opportunity Zone investment happening for the right reason and making the difference between a project going forward or not.” The is one of ten high-impact investments made to date by the Woodforest CEI-Boulos Opportunity Fund. Additional financing for the project includes a loan from Self-Help Credit Union a Durham, NC-based community development finance institution. The Opportunity Zones program is a community investment tool established by Congress in 2017 to encourage long-term investments in low-income communities nationwide. Opportunity Zones are low-income census tracts nominated by governors and certified by the U.S. Department of the Treasury. ABOUT WOODFOREST CEI-BOULOS OPPORTUNITY FUND The Woodforest CEI-Boulos Opportunity Fund invests in high-impact commercial real estate projects in federally designated Opportunity Zones with the goal of ensuring its investments benefit economically distressed communities where projects are located. The fund is an innovative collaboration between Woodforest National Bank, the fund’s investor, and CEI-Boulos Capital Management, LLC, the fund’s manager. The fund’s Social Impact Advisory Board provides input related to the social and environmental impacts of proposed investments by using metrics that align with goals of CRA and the “Opportunity Zones Reporting Framework” developed by a partnership of the U.S. Impact Investing Alliance, the Beeck Center on Social Impact and Innovation at Georgetown University, and the Federal Reserve Bank of New York. The fund is intentional in ensuring that all investments foster community engagement and promote social equity. The fund won the 2020 BAI (Bank Administration Institute) Global Innovation Award in the “Societal and Community Impact Innovation” category. ABOUT CEI-BOULOS CAPITAL MANAGEMENT CEI-Boulos Capital Management is focused on delivering competitive financial returns and social impact through investments in community supported commercial real estate projects. The company serves banks, family offices, and other institutional investors. It is a joint venture between:• Coastal Enterprises, Inc. (CEI)–Founded in 1977, CEI has provided loans, equity investments and tax credit financing to nearly 3,000 businesses and projects. CEI and its for-profit subsidiaries have extensive experience in regulatory compliance and fund management. More at www.ceimaine.org.• The Boulos Company–Founded in 1975, The Boulos Company and its family of companies has extensive experience in all aspects of commercial real estate, including development, construction, brokerage, property management, and capital markets. More at www.boulos.com. ABOUT WOODFOREST NATIONAL BANK Celebrating 40 years of community banking service, Woodforest National Bank has successfully stood among the strongest community banks in the nation, proudly offering outstanding customer service since 1980. Woodforest currently operates over 760 branches in 17 states across the United States and is an Outstanding CRA rated institution. For more information about Woodforest National Bank, please visit www.woodforest.com

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Woodforest National Bank

August 25, 2021

St James Hotel Selma Alabama

Small bank's asset sale is opportunity zone's gain

When the historic St. James Hotel in Selma, Ala., reopened Jan. 26, it was a banner day for Woodforest National Bank. The $8.3 billion-asset Woodforest, headquartered about 650 miles west of Selma in The Woodlands, Texas, invested $2 million in the redevelopment of the 184-year-old St. James, which is expected to create 45 good-paying jobs. The equity stake came as part of a larger, $22 million investment fund that Woodforest believes can serve as a prototype for banks interested in leveraging opportunity zones for Community Reinvestment Act credit.

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John Reosti

February 04, 2021

St James Hotel Selma Alabama

Historic Hotel Reopens in Selma, AL, Creating 45 New Jobs, With Investment from Woodforest CEI-Boulos Opportunity Fund, A Partnership Between Woodforest National Bank And CEI-Boulos Capital Management

The Woodforest CEI-Boulos Opportunity Fund, a high-impact commercial real estate Opportunity Zone fund established by Woodforest National Bank® and CEI-Boulos Capital Management, announced its $2 million equity investment in the redevelopment of the historic, long-shuttered St. James Hotel in Selma, Alabama. The St. James Hotel, the only hotel in downtown Selma, will support the city's growing civil rights tourism industry and help revitalize the local economy, creating 45 permanent jobs with training, health insurance and other benefits (42 of these jobs will be accessible to people with low incomes). The Woodforest CEI-Boulos Opportunity Fund is the only outside investor in the redevelopment project, spearheaded by Birmingham-based Rhaglan Hospitality, which renovated and expanded the iconic St. James Hotel into a boutique 55-key, Hilton™ Tapestry, full-service hotel. "There is nothing more important to me than increasing investment and opportunity across Alabama's 7th District," said Rep. Terri Sewell. "That is why I have worked so hard in tandem with Alabama leaders to maximize the benefits of the Opportunity Zone program throughout Alabama's 7th District, from Birmingham to the Black Belt. I am especially grateful to Woodforest National Bank and CEI-Boulos Capital Management, LLC for their partnership in restoring the St. James Hotel in my hometown of Selma. This critically important investment will not only revitalize a historic asset of downtown Selma, but also support the city's growing civil rights tourism industry." The hotel is a block from the Edmund Pettus Bridge, a National Historic Landmark that attracts tourists from around the world as the scene of "Bloody Sunday" when, in 1965, civil rights activists were attacked by law enforcement at the start of a planned march from Selma to Montgomery, an effort that ultimately led to passage of the Voting Rights Act. "CEI-Boulos Capital Management is committed to harnessing the Opportunity Zone incentive to serve its intended purpose – to truly benefit and revitalize underinvested communities like Selma," said Sam Spencer, CEO and Managing Director, CEI-Boulos Capital Management. "Despite its world-wide fame, Selma is representative of thousands of other similar small rural communities that are struggling – and which the Opportunity Zone incentive was meant to benefit. The investment in the St. James Hotel will help revitalize Selma's downtown and attract people from around the world to learn about an important part of our nation's history. This investment is an example of the fund's efforts to leverage private capital to help address the nation's renewed focus on racial and economic equity." "Woodforest is proud to see our fund invest in high impact and meaningful projects like the St. James Hotel," said Doug Schaeffer, Executive Vice President, CRA Executive Director, Woodforest National Bank. "Investments like this may not be possible but-for banks leveraging the combination of the OZ incentive and the Community Reinvestment Act. We hope to see other banks use this powerful investment tool to invest in underutilized assets in ways that allow communities to realize their full potential." Built in 1837, the St. James Hotel is the last pre-Civil War riverfront hotel in the Southeast and is central to this rural community's rich history. Following the Civil War, the hotel was operated by Benjamin Sterling Turner who became the first African American elected to U.S. Congress in 1870. After closing as a hotel in the 1890s, the building was used for commercial and industrial purposes for over 100 years. It reopened as a hotel in 1997, and after years of management challenges, was closed in 2017. "The redevelopment of the St. James Hotel is the beginning of a new chapter for Selma," said Joanne Bland, lifelong Selma resident and civil rights activist, owner of Journeys for the Soul (a civil rights touring agency), and co-founder and former director of the National Voting Rights Museum in Selma. "Like many other rural towns, the population is getting smaller and the kids don't come back home. People come to Selma, take pictures of the bridge, and move on to Montgomery. The hotel will make a big difference for our community." Rhaglan Hospitality, which specializes in the restoration and adaptive re-use of historic assets, will manage the hotel. The project is well-aligned with the City of Selma's 25-year comprehensive plan to rejuvenate the historic downtown and nearby Riverfront Park. Jim Lewis, CEO of Rhaglan Hospitality, stated, "The re-opening of the St. James Hotel culminates a five-year journey for Rhaglan Hospitality, made possible by the equity investment by the Woodforest CEI-Boulos Opportunity Fund and a redevelopment loan provided by American South Real Estate Fund. Without their assistance, we would not be re-opening as a 55-room hotel. The job creation and economic stimulus for an economy like Selma's cannot be underestimated. Our team is honored to have the opportunity to continue the vibrant history of the St. James Hotel and become an active part of the critically important city of Selma." The St. James Hotel is one of nine investments made so far by the Woodforest CEI-Boulos Opportunity Fund. The fund recently also closed on an investment in the redevelopment of the American Red Cross Building in Birmingham. "We are thrilled to play a role in this transformational project," said Morris Fisher, President of Boulos Asset Management and Managing Director of CEI-Boulos Capital Management. "Our fund searched for opportunities around the country. The St. James Hotel is a prime example of how Opportunity Zones can build economic opportunity in underinvested communities." "Of the $150 million in deals we have helped to facilitate, bringing the St. James back to life ranks among the best - but it wouldn't be possible without partners. We have encountered few other funds that are as dedicated to authentic community engagement, in particular, with rural populations. We are proud to have made the connections between Rhaglan and the fund's management team," said Alex Flachsbart, founder, and CEO of Opportunity Alabama, a statewide 501(c)(3) organization dedicated to equitable economic development in Alabama's Opportunity Zones. The Opportunity Zones program is a community investment tool established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide. Opportunity Zones are low-income census tracts nominated by governors and certified by the U.S. Department of the Treasury. There are over 8,700 certified Qualified Opportunity Zones across the 50 states and five U.S. territories. Investors in commercial real estate and operating businesses located in Opportunity Zones can receive certain federal capital gains tax advantages. About Woodforest CEI-Boulos Opportunity Fund The Woodforest CEI-Boulos Opportunity Fund invests in high-impact commercial real estate projects in federally designated Opportunity Zones with the goal of ensuring that its investments benefit economically distressed communities in which the projects are located. The fund is an innovative collaboration between Woodforest National Bank, the fund's investor, a privately held, employee-owned bank with over 750 branches, and CEI-Boulos Capital Management, LLC, the fund's manager, a joint-venture of Coastal Enterprises, Inc. (CEI), one of the nation's most successful Community Development Financial Institutions (CDFIs), with over 40 years of experience investing in communities with low-incomes, and The Boulos Company, an integrated commercial real estate firm with broad experience in capital markets and real estate development. The fund's Social Impact Advisory Board provides input related to the social and environmental impacts of proposed investments by using metrics that align with goals of both CRA and the "Opportunity Zones Reporting Framework" developed by a partnership of the U.S. Impact Investing Alliance, the Beeck Center on Social Impact and Innovation at Georgetown University, and the Federal Reserve Bank of New York. The fund is intentional in ensuring that all investments foster community engagement and promote social equity. The fund was recognized by Forbes and the Sorenson Impact Center as one of "The Forbes OZ 20: Top Opportunity Zone Catalysts" and one of the ten most innovative and impact focused Opportunity Zone funds in the country. About Woodforest National Bank Celebrating 40 years of community banking service, Woodforest National Bank has successfully stood among the strongest community banks in the nation, proudly offering outstanding customer service since 1980. Woodforest currently operates over 750 branches in 17 states across the United States and is an Outstanding CRA rated institution. For more information about Woodforest National Bank, please visit www.woodforest.com. About CEI-Boulos Capital Management CEI-Boulos Capital Management was formed to manage Opportunity Zone funds focused on making investments in high-impact, community supported commercial real estate projects. The company is a joint venture between two long-standing and respected organizations, Coastal Enterprises, Inc. (CEI) and The Boulos Company. The CEI-Boulos Capital Management team represents a diverse set of relevant and synergistic skills and perspectives related to its multiple objectives. The two entities are: Coastal Enterprises, Inc. (CEI) Founded in 1977, CEI has provided loans, equity investments and tax credit financing to nearly 3,000 businesses and projects. CEI and its for-profit subsidiaries have extensive experience in regulatory compliance and fund management. More at www.ceimaine.org. The Boulos Company. Founded in 1975, The Boulos Company and its family of companies has extensive experience in all aspects of commercial real estate, including development, construction, brokerage, property management, and capital markets. More at www.boulos.com.

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Woodforest National Bank

January 26, 2021

Woodforest Sharswood Collage

Woodforest CEI-Boulos Opportunity Fund Closes Over $1.3 Million Opportunity Zone Equity Investment In Sharswood Ridge Project To Help Revitalize Philadelphia's Sharswood Neighborhood

The Woodforest CEI-Boulos Opportunity Fund, a high-impact commercial real estate Opportunity Zone fund established in August 2019 by Woodforest National Bank® and CEI-Boulos Capital Management, recently closed on $1.33 million in equity capital, the first private equity committed to and invested in the Sharswood Ridge project to help revitalize the Sharswood neighborhood in Philadelphia. The project will build affordable and workforce housing and retail development, including a grocery store (Grocery Outlet), a bank branch, and an urgent care medical clinic, all of which the neighborhood desperately needs. The 234,000 square foot project is a key component of a comprehensive plan spearheaded by the Philadelphia Housing Authority (PHA) to rebuild the long-underinvested Sharswood community, a federally designated "food desert" and "severely distressed" area.

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Woodforest National Bank

October 14, 2020

Woodforest Forbes OZ

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

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 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 About the Forbes OZ 20 The Forbes OZ 20 officially launched in the spring of 2019, with applications closing at the end of August 2019. The purpose of this new list is to showcase how large and small investors, as well as rural and urban communities, are pioneering dynamic, equity-minded approaches to the revitalization of distressed communities. By elevating the best examples of OZ work from around the country we hope to showcase the promise and possibilities of the entire OZ landscape. About Woodforest National Bank Celebrating 39 years of community banking service, Woodforest National Bank has successfully stood among the strongest community banks in the nation, proudly offering outstanding customer service since 1980. Woodforest currently operates over 700 branches in 17 states across the United States. For more information about Woodforest National Bank, please visit www.woodforest.com About Coastal Enterprises, Inc. (CEI) Since 1977, CEI has focused on growing good jobs, supporting environmentally sustainable enterprises and achieving shared prosperity. The firm is a nationally respected Community Development Financial Institution (CDFI) and Community Development Corporation (CDC), integrating financing, business and industry expertise, and policy advocacy. CEI's for-profit subsidiary, CEI Capital Management (CCML) is one of country's largest and most experienced investors in low-income areas across the country using New Markets Tax Credits. CCML currently manages a $500 million portfolio and has invested over $1 billion in markets from Maine to Hawaii since its inception. About The Boulos Company Founded in 1975, The Boulos Company is Northern New England's largest commercial real estate firm, serving owners, investors and tenants through brokerage, property management and investment advisory services. Boulos also has an extensive national Opportunity Zone deal-flow network through the Society of Industrial and Office Realtors (SIOR) and Certified Commercial Investment Member Institute (CCIM Institute).

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Woodforest National Bank

December 12, 2019

Woodforest National Bank CEI

Woodforest National Bank Creates $20 Million Opportunity Zone Fund to Support Economic Revitalization Across its 17-State Footprint

Recently, Woodforest National Bank® ("Woodforest") created the Woodforest CEI-Boulos Opportunity Fund ("Fund"), a $20 million private real estate investment fund targeting projects in the recently designated Opportunity Zones across Woodforest's 17-state footprint. The Fund will invest in real estate projects with the goal of promoting public welfare by benefitting low- and moderate-income individuals in areas designated as Qualified Opportunity Zones. The Opportunity Zones program is a new community investment tool established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide. Opportunity Zones are low-income census tracts nominated by governors and certified by the U.S. Department of the Treasury. There are over 8,700 certified Qualified Opportunity Zones across the 50 states and five U.S. territories. Investors in new projects and enterprises located in Opportunity Zones can receive certain federal capital gains tax advantages. The Fund will be managed by 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. CEI-Boulos Capital Management will work closely with Woodforest to select and review potential investments. The Fund has adopted the Opportunity Zone Impact Reporting Framework developed by a partnership of 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. In addition, the Fund has 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. Advisory board members include: Aisha Benson, Executive Vice President, Tru Fund Financial Services, Inc.; Betsy Biemann, Chief Executive Officer, CEI; Lisa Hall, Fair Finance Lead, Fellow-in-Residence; Beeck Center, Georgetown University; Marten Jenkins, President and CEO, Natural Capital Investment Fund; Buzz Roberts, President and CEO, National Association of Affordable Housing Lenders; and Noelle St.Clair, Community Development Relationship Manager (advisory board chair), Woodforest National Bank. The Woodforest CEI-Boulos Opportunity Fund will invest in commercial real estate developments that help to create good jobs, environmentally sustainable enterprises, and more broadly, shared prosperity through an extensive evaluation process of both developers and developments in Woodforest's core markets across its 17-state footprint. Potential projects include office, retail, hospitality, industrial, multi-family and mixed-use properties, particularly those that expand workforce and/or affordable housing, incorporate LEED (Leadership in Energy and Environmental Design) standards and/or alternative energy, support "main street" revitalization, and provide shared space and services to non-profits serving communities with low incomes. Jay Dreibelbis, Woodforest's President and CEO, added: "Creating this fund gives us more opportunities to support inclusive economic development and revitalization across our entire 17-state footprint," He continued, "We are committed to working with CEI-Boulos Capital Management and others to make an impact locally for the communities where we live and work. We hope this innovative fund can be a model for other banks to ensure investments in Opportunity Zones are focused on community needs that economically empower underserved communities." "We're thrilled to be working with Woodforest National Bank on this innovative fund to invest 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. For more information about this release, please contact Noelle St.Clair at NStClair@woodforest.com or Doug Schaeffer at DSchaeffer@woodforest.com. Woodforest National Bank Celebrating 39 years of community banking service, Woodforest National Bank has successfully stood among the strongest community banks in the nation, proudly offering outstanding customer service since 1980. Woodforest currently operates over 700 branches in 17 states across the United States. For more information about Woodforest National Bank, please visit www.woodforest.com Coastal Enterprises, Inc. (CEI) Since 1977, CEI has focused on growing good jobs, supporting environmentally sustainable enterprises and achieving shared prosperity. The firm is a nationally respected Community Development Financial Institution (CDFI) and Community Development Corporation (CDC), integrating financing, business and industry expertise, and policy advocacy. CEI's for-profit subsidiary, CEI Capital Management (CCML) is one of country's largest and most experienced investors in low-income areas across the country using New Markets Tax Credits. CCML currently manages a $500 million portfolio and has invested over $1 billion in markets from Maine to Hawaii since its inception. The Boulos Company Founded in 1975, The Boulos Company is Northern New England's largest commercial real estate firm, serving owners, investors and tenants through brokerage, property management and investment advisory services. Boulos also has an extensive national Opportunity Zone deal-flow network through the Society of Industrial and Office Realtors (SIOR) and Certified Commercial Investment Member Institute (CCIM Institute).

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Woodforest National Bank

November 25, 2019