Episode 37 - The Land of OZ with Jeff Shafer and Jerome Garciano
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Welcome to Opportunity Zones 101. Today, we’re talking with Jeff Shafer, Co-Founder and CEO of CommonGood Capital and Jerome Garciano on Opportunity Zones—what they are, why they matter, and how Faith Driven Investors can approach these unique ventures as a way to integrate their faith and investing.
If you’re familiar with Opportunity Zones, or if this is literally the first time you’ve ever heard that phrase, today’s episode is a chance to get acquainted with something that can provide value to you, the investor, and to local cities across the U.S.
Episode Transcript
Some listeners have found it helpful to have a transcription of the podcast. Transcription is done by an AI software. While technology is an incredible tool to automate this process, there will be misspellings and typos that might accompany it. Please keep that in mind as you work through it. The FDI movement is a volunteer-led movement, and if you’d like to contribute by editing future transcripts, please email us.
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Henry Kaestner: Welcome back to the faith driven investor podcast. This is a special edition. I guess I said that for other guests, and yet that's true every time and that we're taking some new ground and looking at an area of investing and putting a faith driven investment lens on it. And so today we're going to learn and together we're gonna learn because I don't know a lot about opportunity zones and investing, but we're going to learn from some experts and some guys with some really interesting backgrounds have gotten to know a bit over time that have brought them into the opportunity zone space. And so we've got two guests. Jerome Garciano and then we also have Jeff Shafer on the line with us. Guys, thank you very much for being on the program.
Jeff Shafer: It's great to be here.
Jerome Garciano: Yeah. Thanks for having us.
Want to start with each your backgrounds. And Jeff, we'll start with you. Tell us a bit about how you've come to this space maybe weave in just a bit of your faith journey, but then most specifically, common good capital and in opportunity zones. And of course, Jerome, we're going to do the same with you.
Jeff Shafer: Yeah, great. Well, let me take you back just a little bit and I'll try to get through this quickly, because this is a story that could go on for a long time. But as you mentioned, I was an executive at a company called CNL, which we were leading alternative investment manager. Today, that company's been around give or take, you know, 45, 46 years. I'm not sure. I left roughly five, six years ago. But the quick story was I was an executive there. I was a workaholic. And when I was 40s, this is almost seven years ago now. God literally and figuratively brought me to my knees through a number of circumstances. But really, it was a combination of back surgery. And so it's a great analogy of probably where I was at. I was trying to carry too much of the weight on my own and was brought to my knees. Out of that time period, though, my wife and I started to ask the question of what does it mean to be a steward of our time, town and treasuries? And I'm sure we've all asked questions at different times. This one just felt like a much deeper questioning across every aspect of our life. And in that time period, a friend of mine actually came to me and from an investment opportunities here in the Orlando area, they were doing some investing in affordable housing. And I remember I was recovering from back surgery on my couch and was watching the little DVD of the video. And yes, there the investment thesis, which was very compelling. In fact, the returns were extremely compelling. But really what hit me was what that did to the residents and the communities, what that capital did without intentionality did to those communities. It lifted them up. And the residents talked about and I can still hear it in my head today. They brought me dignity. I'm excited to have people come over to my house. And so that's what a light bulb went on for me. I'd been in traditional finance at the time for about 20 years. And we really then started to look at this whole idea of how do you align your values? How do you on your faith with your capital? Now, typically in the faith based world, at least my growing up. That's a question I'd ask. But it always been on the giving side. And I never had really thought about it. I'm an investor capital side. So that's really what spawned me. And then also my brother to start Amen good capital is. How do you essentially take the traditional financial world? How do you marry together with our values and our faith? And how do you make an impact? And not only in the lives of the individuals who this capital is going towards or investing in. And that's typically what most people talk about. The part that intrigues me, even maybe not more, but equally so, is when you invest this way. What it does to the heart and psyche of the investor. So we start a common good capital with that very vision that there is these massive trends and movements that are happening. And so we essentially source due diligence. Different asset managers who do impact investing. And then we create a platform and we bring that to financial advisors so that their investors are able to access different deals. In that vein is how we came into opportunity zones well before they were out. And well before they were popular. It wasn't that we were ahead of the curve because we had some great insight. It was the opportunity zone legislation, which I'm sure will touch on, was created for this very thing to go into now and make competitive returns, but equally important, to lift up, increase human flourishing among the community of individuals in these opportunity zones.
Henry Kaestner: OK. Thank you. Great overview. Jerome, I want to do the same with you, especially because you not only are interested in opportunity zones, but you're just more generally interested in Christ centered community development as well. So bring us through your background, how you got here as well. And then what we'll do is I'll ask you each to define what are opportunity zones and help us to understand what in the world we're talking about.
Jerome Garciano: Sure. Thank you, Henry and Justin. So, you know, I was born in Southern California. My parents are immigrants from the Philippines. It wasn't really, you know, until college when thinking about. Career and kind of purpose, and you know how the gospel really impacts my life is where I think I you know, my faith really kind of grew. And I think a critical component of it is by calling and vocation. And I think, you know, a lot of people interested in FDI talk about all the time reflect upon that all the time.
But I feel like where God calls us to is a place where we are flourishing in the skills and the gifts that he's given to each of us individually and as organizations and a calling to serve others and a reflection of thankfulness for the gospel and for what God has done for us and to pour that thankfulness into concrete action. So I think for me it's a lot about creativity and bringing together skills and experiences that might not necessarily be considered critical ministries. So, for example, I am an attorney in Boston. My firm is called Robinson and Cole. I started off my legal career in doing a lot of tax work. And currently I'm doing a lot of more finance and real estate and have done almost 20 years worth of transactional work in affordable housing. And so I've done a lot of work in tax credits and you markets, tax credits, community development efforts generally for for profit profit making companies and developers and investors. So my whole journey has been, you know, how can those opportunities and skills and experiences be leverage for the kingdom, be leveraged for the care of the most needy? And I've been very blessed in terms of I mean, I do affordable housing every day. You know, that's that's what I do every day and have worked for a really developer that focus on that. We're for investors that are very sophisticated and creative in terms of, you know, trying to use capital for that type of purpose. As you mentioned, I'm also involved in a group called Christian Community Development Association. So it's a faith based network of churches and nonprofit ministries that are really trying to, you know, seek God and his kingdom in the city among the least of these among those who Jesus calls us to and very inspiring group. And I'm very privileged to be on the board of that. And so it's talking with groups like them about programs like tax credits and opportunity zones and different types of impact investing and social enterprise to really be creative and to engage people of faith churches, you know, in all these aspects that might not necessarily come to mind as ministry, but really, in fact, I think could be more creative tools in that space.
Henry Kaestner: OK, good. Thank you. So we'll stay with you. What is the definition of an opportunity zone, as you understand it, and help us help a lay person to get that?
Jerome Garciano: All right. So first of all, it's a program it's a federal program that was enacted in 2017. It's part of the tax reform legislation. So a zone is obviously a geographic region and it's broken by census tracts. So if you're talking about opportunity zone, so that's a place and it's designated as a U.S. Census tract and that there are certain definitions around poverty and other types of demographic information about that census tract. There was also a period when the program began where certain governors and other leaders can designate which low income census tracts could be opportunity zones. And then after a few months, the Treasury actually officially selected those zones. So the zone is a place. And in order to benefit from this program, an investor has to make an investment through a qualified opportunity zone fund into that opportunity zone. So those are the basics.
Henry Kaestner: Jeff, build on that a bit for us. And also maybe give us some illustrations of some of the opportunity zones that you've worked in.
Jeff Shafer: Yeah. Let me just take one quick step back. I think it's important, in addition to information, you've just heard the rationale for why opportunity zones were created. I think it's helpful here that a white paper that was written in 2015 by a group called EIG, the Economic Innovation Group, and they point out three things. One is they analyzed the recovery of communities after the global financial crisis. And what they found is there's huge dispersion in the recovery, economic coercion. Secondly, they recognize was with the markets going up. At the time and there's been a huge stockpile of capital gains. And then the third thing they looked at is they said, hey, there, that other programs and fact, some of the programs are just what we just heard. They're tried to help these communities out. And some had been successful, some had not been successful, but they essentially kind of put that into a blender, so to speak, and out popped this legislation. So I think it's important to note that the whole idea was to create human flourishing and then to attract capital to those areas. They created some tax incentives for investors really accessing private capital. To me, the starting point for as you look at opportunity sounds. I think it's important that if you want to be congruent with the rationale for why these were created, you could simply attack it just as a tax benefit, which I wouldn't personally. I don't give a wrong with that. But that's not how I view it. I look at it go. How do you create human flourishing inside of these zones? And how do you also get a tax benefit from it? And by doing that, you're creating a win win. And actually, I think there are reasons besides, you know, moral reasons or even ethical reasons why you'd want to do this. I think as soon as you start investing in upcoming zones that maybe don't have a meaningful impact to the communities, you set yourself up for scrutiny. And you saw that early on in the program. But practically, just give some examples. And I didn't realize we both were going to have expertize in affordable housing. That is a natural asset class that fits with inside these opportunity zones. So we personally are involved with a group that does affordable housing all across the United States. I think one thing important to note is affordable housing is just a huge need anyways. And then a lot of these developers have been developing in these opportunity zones already. They just haven't had this extra benefit. And so I think one of the things that we looked at early on is we want to find a model that could capitalize on this capital gain structure or relief. And I can explain that here in a second. But it wasn't just a new business model that a company goes into. And so the natural spot for us is affordable housing. It's just there's a fundamental need that we get in some of the stats and reasons why. I will tell you, the group that we work with has done one here in Orlando in my backyard, and I've actually done that with the major bank. One other thing I should note is as an investor, you need to view this as an investment and then you need to look at the tax benefit kind of as gravy. And then obviously you need to think about the impact that you want to have. There's really two things to look at from a tax consideration standpoint. This program allows for an investor who has a capital gains for simplicity. I'm going to say it's pretty liberal in what type of capital gain it can be. There are some nuances, but whether it's a stock, whether it's the sale of a house, whether it's a business. So there are taxes. If you'd sold that asset that you don't pay taxes, that the government is basically said if you take that capital, that whole capital gains, then have all that. But you take that capital gains and you roll it into a fund that is investing into these geographic areas, then you don't have to pay capital gains tax on that that you normally would have until the end of 2026 and you get a step up in basis in this case. Today, it's about a 10 percent step up in basis. So you get to defer it. And presumably of tax rates stay the same. You actually will pay less as well in 2026. That's one component. And the second component is the money that you invest inside of the qualified opportunity zone to fund those assets. If they're held for 10 years, which you'd want all the Putin years when those assets are sold. Then you do not pay capital gains on those assets as well. And so to extent, we want to we can go into examples of that and you'll hear, you know, how much kind of return that should add to the investments. It is real dollars in your pocket when you do the math, assuming you buy a good investment, assuming you buy good investment.
Henry Kaestner: So talk to us about what's the most good investments are. Jerome, illustrate an example and maybe will stay in affordable housing. Something you know of. Talk to us about specific zone specific investment and maybe one that was done in a fund, maybe one that was just done outside of one. But what were the mechanics of it?
Jerome Garciano: Yeah, so our fund that I'm a part of has been involved in a couple of transactions. They were last year. One was affordable housing in New York. So in that instance, there was an investor who had a capital gain. It was a financial institution, and they worked with what they call net farm housing interest, syndicator of essentially of a broker or intermediary that matches up investors with projects, you know. And so in that case, you know, there was the typical tax benefits for an investor that would be driven by the credits. Obviously, they would still need to underwrite the project in terms of the rental income would qualify both for the housing program as well as an operating expense needs and debt service for the project. So, you know, it's typical underwriting the tax benefit, again, was calculated really at the fund level. So it was a part of the benefit, but it was separate over and above kind of what the real estate economics were about. So certainly that was one example. The other example that we had wasn't actually an operating business to keep in mind. Opportunities on is not just about real estate, it's actually about operating businesses as well. And so so that was an M&A transaction. I wasn't. Directly involved with, but my colleagues were. And so they were working with, you know, a private equity firm that acquired some assets and. And those happened to be an asylum so that they were able to get work with kind of underwriting and evaluation of the business. And then, you know, kind of a key component of that was there is a requirement that assets need to be either new assets being purchased by a qualified opportunities on business or that those assets need to be substantially improved. So, you know, there are definitely some structuring and some programmatic things that need to be laid out and everybody needs to be on the same page on that. So that was an exercise of making sure that there was in this acquisition of a business, that new assets would be placed in service, there would be substantial improvement on the property that that business had. So those are a couple examples.
Henry Kaestner: Jerome I want to stay with you. Both of you are very motivated by your faith. I've come to know and appreciate and love that, both of you. But, Jerome, you come out of this from the CCDA perspective, the Christian community development. What is the particular faith lens on this? Presumably at some level, of course, we're investing in human flourishing and we're investing in some really challenged neighborhoods. But is there a way to bring the church in? Is there a way to bring word ministry in? Is that too contrived? Talk us through that.
Jerome Garciano: I mean, I think you come at it from a couple different angles. I mean, certainly because, you know, the ease of kind of connection between real estate in place, making an opportunity zone. I mean, I think churches are already good at that. They're good at kind of creating places and experiences that, you know, point to God and they can point to, you know, our faith. But I think it does take some creativity. I think it takes some new almost like, you know, because this concept of new wineskin for a new time and in kind of a new place of ministry and serving others, you know, for such a time as this as, you know, what we're experiencing now.
So I feel like investing in people and relationships are at the core of everything. And one of the core tenets of the Christian community development ethos is really being with the poor and being in solidarity with kind of the struggles and the challenges and often the injustices that face those on the margins. And so I think that expresses, you know, theologically this idea of, you know, guy coming down to man and really experiencing kind of what the challenges are. And I think that reflects on even those of us who aren't, you know, in that economic situation, like what that means and how that reminds us of kind of our need for God and hopefully thankfulness for kind of what he did for us on the cross. And so I think very deep past theological. I mean, I think there's also, you know, very strong kind of biblical references to what it means to be just and to be equitable and to give everybody an equal opportunity. And so I think that discussion is raised in the context of kind of our Christian community development groups that, you know, kind of focus on that. I think there's also a sense tragedy of we're not just meeting physical needs, we're not just meeting kind of financial needs, but we're bringing in the gospel and what that means and how God has made us whole through Christ life, death and resurrection. And so, you know, a lot of it is also, you know, people aren't going to hear the message until maybe you show them that you're more interested or you're equally as interested in kind of their practical situations and challenges that they're facing. So I think there are a few different ways to think about it.
Henry Kaestner: Jeff, would you pile on to that?
Jeff Shafer: Yeah. So let me give you some tangible examples of where I have seen integration. It's not necessarily an opportunity zone structure, although these assets are in opportunity zones. So we've come across managers in specifically affordable housing who they have a nonprofit organization that sets out the properties. And there is so management company that manage the day to day operations of it. But they almost are a dorm parent, so to speak, for the communities. And, you know, part of their ministry is fixing flat tires and being a counselor there, you know, 2:00 in the morning. And when somebody gets sick in English as a second language and then obviously embedded in that is their faith component. And so I've seen that model in several different ways. They other think that I've started to think about is from a biblical perspective. If you think about this emotional ministry, you know, are we called to be more. I don't think it's right or wrong. Are you called to be more evangelistic in the way that you invest? And I think that would be obviously more directly kind of faith based, at least in my mind, than you have. Is it more of a discipleship model or are you cycling coming alongside of people of faith and continuing to build their faith or even the other type of ministry that, you know, through a faith perspective we talk about? Is it more of a mercy ministry where you're doing it in the name of the Lord, but you're feeding the poor or whatever it is? And so I think you can use those models as framework. When you look across different types of assets and their faith integration and, you know, we not only work on the real estate side, but we also do. Private credit and private equity, and there isn't a cookie cutter, a way to integrate it, which is part of the excitement of it, because it's yet to use your creativity and ingenuity in each scenario and figure out how to meet whatever need that you're trying to meet. And obviously, spiritual is a huge part of it.
Henry Kaestner: I'm intrigued by that. I love the framework that you just gave. And I think that we all, as Christ followers, need to be thinking through the different models. And we should never be prescriptive. We should never be over the top. We should definitely not force a ministry impact in this. Something that doesn't feel genuine isn't done with gentleness and respect. And yet it sounds like these are different investment projects that are going on in different zones where there might be a partnership with either a parish church ministry. I think that's Jeff, what you're talking about, but then also potentially with the local church as well. We've done episodes in the past where we've talked about what it might look like for a local church to adopt multi-family real estate and get involved there. Drome, are you seeing people within the church that are leaders of denominations or individual churches that are seen? This is something that they can get alongside and partner with?
Jerome Garciano: Yeah, definitely. I mean, you know, even before kind of the shutdown and the things that we've gone through now, I mean, you know, underutilized church property. Right. I think it depends on the different type of church or denomination. But there are opportunities to use building assets, you know, in ways that are beyond have the traditional Sunday service. And I think there were a lot of creative thinking around, you know, how do we engage the community? How do we serve and meet the needs of a community through these facilities, whether it be something that's related to something like a community center or something that's related to, you know, working with the children and after school programs. And so, you know, multi-family and affordable housing is definitely on the forefront. You know, I know a lot of churches that are looking to incorporate on their actual church campus or property housing. And, you know, I think even more so in the future. And let's see, you know, how this plays out. But I feel like there'll be a lot of opportunities to kind of rethink and reimagine kind of how these assets are used. So, you know, one group in California, in major cities that have homeless crisis, they're looking into do some tiny home development, like on church property, you know, and the idea would be to lease some of the land to the developer so that a local church can get a little bit of income and then they would provide these homes that would be able to be, you know, occupied by people who need the affordable housing. You know, there's certainly other partnerships in terms of, you know, parking lots that have been sold and, you know, developed into housing tax rental projects. So, you know, depends on obviously the sophistication of a local church and kind of what the development team looks like and what their overall goals are. But there are plenty of examples and opportunities to partner in that way.
Henry Kaestner: Okay. I think I'm following I think a lot of our audience is following now about the origination 2017 of this opportunity zone legislation, some of the financial benefits to investors. I want to talk next about how to get involved. If you're listening to this either as an investor or as a service provider, maybe we'll start as an investor. We'll start with you, Jeff. Some listeners podcasts. I might get us this great. I can love on the poor and these challenging neighborhoods and put my investment capital to work there with flourishing. Maybe there's an opportunity partnering with the church, but definitely motivated by my faith to see a disadvantaged neighborhood get back on par. What do I do now? Are there funds that do this? Are there individual deals? Is there a marketplace? Is there a funder? What do I do?
Jeff Shafer: Yeah. Funny as you're asking the question, I'm like, what do you do? So a couple of things. And let me start with this and Be very practical for you. I myself have invested in an opportunity zone fund as well. And I think these are three questions that every potential investor needs to ask themselves. And depending if you can answer. Yes. And I think it makes sense to continue the dialog. You know, where do you find opportunity zones? And then really, you've got to also think through, do I want to go into a fund? Do I want to do a single asset deal? Do you want somebody else to manage or do you want to manage it yourself? But here are the three questions that I think are foundational. And there's more than that. But if I just was to give you three questions you need to ask is in this order. So you have a game. You go. Do I pay tax on this gain or do I take some mosquito and roll it into an opportunity zone on? The first question is, you know, what kind of return can you generate? I think you have to view this fundamentally as an investment, because if it doesn't perform as an investment, then ultimately you'd be better off just paying your capital gains and going elsewhere. Now, obviously, you can try to find different assets to perform at different levels and a different level of risk. But I think you need to start from. This is fundamentally an investment. That's number one. Number two is can you hold this for 10 years? The way the rules are written to maximize all the tax benefits, you need to hold it for 10 years. It doesn't mean that they're. Ways and there may be some reasons why you wouldn't hold the 10, but the blanket statement, that's pretty solid. If you can't hold the investment for 10 years, then you shouldn't consider it. And the last thing is, can you get comfortable with some incremental risk that needs to be followed so that you actually get the tax benefit that you can? And if you can answer yes to those three questions, then it probably makes sense to go. All right. I want to look at this. One of the things, too, that's unique. If you're familiar with the 10 30 one investment, some people compare these and their similarities and differences.
But one of things I want to point out is if I had a half a million dollar gain as an example, I do not have to roll my whole half a million dollars into an opportunity zone. And at ten, thirty one, you really do. And so then you need to figure out how much you'd want to put in there. The other things you want to consider is do you go into a fund that has multiple assets in it? Or do you try to find a one off deal? You can find both out there. Some Web sites that I would at least looked at would be a Web site called AIG dot org. Another one is Noboa Graddick. There really is no great centralized place. I mean, there are some typically you are going to talk to your advisor, attorney, local real estate developers. This whole marketplaces developing in. One of the big questions is, does it continue to develop long term? And I think part of that is dependent on the regulations. And if they continue this program, which is, you know, we'll find out. I do think they'll given the Koban 19 and what's happened there clearly is a renewed interest in that why opportunity zones were created. So not to predict what the government's going to do. But man two the statement said earlier, for such a time as this, this structure could be extremely powerful tool to help rebuild America at a time when we're going to need it. The short answer is we can help you find opportunity zones and we can get some places where you can go to Henry Antin and you can check out some Web sites as well.
Henry Kaestner: Jerome, maybe supplement that. But I also want to focus on the service provider aspect of it. Say I'm a church Amen ministry, not for profit in an opportunity zone. I can think of creative uses. Maybe it's unused property on a church, maybe it's unused facilities within a church building. Where do I go to take next steps and learn more so that I can get actively involved? Or maybe it's just I'm a church and I just want to partner and just love on people through some of these new investments are coming in. What do I do?
Jerome Garciano: Sure. I saw, you know, through the CCD network, there was a group of us that started the Jubilee Impact Fund. And so Jubilee Impact Fund is trying to use the Opportunity Zone program to gather faith driven investors, other types of denominational connected investors to opportunity zones, and also trying to bring in on the debt side groups what they're calling the community development financial institutions. Essentially, you know, lenders and banks that are focused on lower income is providing capital. So we are trying to launch this and we're trying to partner with local churches. And so we have, you know, dozens of organizations around the country doing ministry already. And, you know, typically inner city areas and we're having a discussion with them is how can you, you know, look at the existing initiatives and projects, incorporate things like affordable housing and things like a business incubators that could, you know, provide venture capital and other technical assistance and support to Minority and Low-Income Entrepreneurs. How can you engage the neighborhood with, you know, other types of services that could be funded through opportunities on equity? So the niche that we're trying to make is a connection between the kind of faith driven investors, the people of faith who would be interested in opportunity zones and these initiatives on the grounds where these churches are already serving. I mean, I think that's thing. I think the churches are already serving in these neighborhoods that are designated opportunity zones. It's really just trying to make the connection and create, you know, the fund structure and kind of a consistent approach to capitalizing these projects. And I agree with what's been said before. I mean, it has to make financial sense. I have to pencil out. But the idea would be, how do we creatively do that while maintaining the ministry impact as well as having the positive benefit for the community? Because I think was alluded to earlier, this program is fairly open. I mean, there are not a lot of rules and regulations, which is, you know, in some sense a nice thing, a beautiful thing, a flexible thing. But in other cases, there are no restrictions in terms of challenges like gentrification or displacement of, you know, the existing populations of the zones which actually harm these neighborhoods. So. You know, given the very flexible nature of it, there is creativity. But I think we need to be intentional in terms of what types of products we invest in and how we do that and how we engage the community for true stakeholder engagement to be able to do a successful opportunities on investment.
Henry Kaestner: Fascinating. I'm intrigued by this. I'm grateful for both of you being on the program. If you've turned in before, you know, one of the things that we want to make sure that we close out every one of our episodes with is asking our guest what they're hearing from God about in his word. And it doesn't need to be necessarily this morning through your quiet time, but maybe sometime last week or sometime recently about some way that you feel that God is speaking to you through time in the Bible. Jeff, we'll start with you and then Jerome, close out with you.
Jeff Shafer: Yeah, well, if we want to get really personal, what God is challenging me on this question of, and it's funny, I wasn't planning on talking about this, but I started to write just for myself. I wrote a question and the question was, can you trust God in the midst of human suffering? And I just wanted to know obviously have Russell before, but I really want to get this on paper for my own self. And really, what is the question ultimately key and personal senses? Do I trust God? Is God a good God in the midst of all this, in the midst of just human suffering?
And I tell you, I've got a senior and a junior in high school, and obviously my wife and I and we have been chatting about this very question the last two or three days. And really where I want to go is is intellectually I want to have an answer. But more importantly, I want to know that my heart's in alignment. And then the key is, am I actually living in that truth? And I got to be honest, I think intellectually I'm probably there. I think my heart is there at times. But really, what's been challenged in me is, is am I living that out intentionally? Day to day. So now to be where I'm at this very moment.
Henry Kaestner: I think a lot of us are at that very moment. And I love the fact that you lean into that with your kids. Jerome.
Jerome Garciano: Yeah. I guess for me, you know, this almost hopefulness about kind of what is to come, because I feel like God is doing something. And obviously in the midst of very difficult times, there is always hope and we need, as Christians need to carry that and amplify that and share that with those who might not have any right now. So this idea of kind of the new wineskin and you kind of creative models and theories and programs. I feel like people are ready to be creative. And that is very refreshing. And I feel like there is such an opportunity there. So, yeah, I mean, this idea of new wine scans and how can we prepare and be humble and be creative in a time when in a lot of ways were challenging kind of the existing way we do things right. And so how does that balance in terms of, you know, a lot of ways, morning, maybe what we've lost and maybe things that we've lost permanently in terms of kind of how we gather and kind of how we worship and how we express our faith, but then also embracing kind of a new. And so for me, that definitely still attention and praying about that every day. But I also am very hopeful because I think there's things that our God will show us and we can just live into and just be thankful for drove.
Henry Kaestner: Thank you, Jeff. Thank you. This has been great. Really appreciate you taking the time. I hope that people will look into the Jubilee Impact Fund, common good capital websites, Jeff, that you shared and put up some show notes to this as well and just appreciate the opportunity to talk to y'all about what does it look like for Chrysler to be intentional about their investment deployment and how to be wise as a serpent, innocent as a dove, be able to take advantage of tax code opportunities, to be able to take advantage of of the passion that we all have to love our neighbor and to take care of the least of these. And lots of those are in our midst and some is opportunity zones that are not very far away from us. So thank you for taking the time and for your leadership in the movement.