Maryland Opportunity Zone Resources

The Opportunity Zone program is a nationwide initiative administered by the U.S. Treasury created under the 2017 Tax Cuts and Jobs Act. The program provides federal tax incentives for investment in di​stressed communities over the next 10 years. Areas designated as Opportunity Zones will be able to reap the benefits of capital gains to help redevelop underserved communities.

The U.S. Treasury has designated the state’s 149 Opportunity Zones. The designations will be effective for 10 years. The Maryland Department of Housing and Community Development will administer the program with support from the Maryland Department of Commerce.

Legislation & Guideline

  1. Tax and Jobs Act 2017
  2. IRS Proposed Regulations: Investing In Qualified Opportunity Funds (October 2018)
  3. IRS Revenue Ruling 2018-29: Special Rules for Capital Gains Invested in Opportunity Zones (October 2018)
  4. IRS Notice 2018-48: Designated Qualified Opportunity Zones under Internal Revenue Code Section 1400Z-2 (June 2018)
  5. IRS Revenue Procedure 2018-16: Procedure for Designating Population Census Tracts as Qualified Opportunity Zones for Purposes of Sections 1400Z-1 and 1400Z-2 (February 2018)

Demographic Resources

  1. Maryland Nominated Opportunity Zones
  2. Maryland Opportunity Zone Map
  3. Opportunity Zone Interact Map - CohnReznick
  4. Opportunity Zones Mapping Tool - Novogradac
  5. Maryland conforms to the current IRC as it is amended.

Maryland Programs to enhance Opportunity Zone Investments​

    Financing
  1. Multifamily Revenue Bond Loan Program
  2. Neighborhood Business Works
  3. Maryland Economic Development Assistance Authority and Fund (MEDAAF)
  4. Maryland Industrial Development Financing Authority (MIDFA)
  5. Maryland Small Business Development Fund Authority (MSBDFA)
  6. Maryland Venture Fund
  7. Maryland Mortgage Program
  8. Local Government Infrastructure Financing
  9. Rental Housing Loan Programs

    ​​Tax Credits
  10. Low Income Housing Tax Credit Program (9%,4%)
  11. One Maryland Tax Credit (OneMD)
  12. Biotechnology Investment Incentive Tax Credit (BITTC)
  13. Maryland Research and Development Tax Credit (R&D Tax Credit)
  14. Job Creation Tax Credit (JCTC)

    Grants
  15. ​Project C.O.R.E.
  16. Community Service Block Grant
  17. Strategic Demolition & Smart Growth Impact Fund

Presentations​

  1. Maryland Department of Housing & Community Development Opportunity Zones Conference Presentation (July 2018)
  2. The HFA Role in Opportunity Zones - MDHCD, Secretary Ken Holt (October 2018)
  3. Qualified Opportunity Zones - Ballard Spahr
  4. How States Can Maximize Opportunity Zones

Additional Resources​

  1. NCSHA Opportunity Zone Fund Directory
  2. U.S. Department of Treasury: Community Development Financial Institutions Fund (CDFI) Opportunity Zones Resources
  3. ​IRS Opportunity Zones FAQ (October 2018)
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