​​​​​​​​​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)
6. IR-2019-75, April 17, 2019 –The Internal Revenue Service today issued guidance providing additional details about investment in qualified opportunity zones​
   
7. December 19th, 2019 IRS Release Final Regulations for Opportunity Zones​
8. IRS Fact Sheet on Opportunity Zones (FS-2020-13, August 2020)​​
9. ​IRS ​Notice 2021-10​
10. December OZ regulations​​

Demographic Resources

1. Maryland Nominated Opportunity Zones
2. Maryland Opportunity Zone Map
3. Opportunity Zone Interact Map - CohnReznick
4. Opportunity Zones Mapping Tool - Novogradac

Maryland Programs to Enhance Opportunity Zone Investments​

• Affordable Rental Housing and Homeownership

1. Maryland Mortgage Program
2. Low Income Housing Tax Credit Program (9%, 4%)
3. Multifamily Revenue Bond Loan Program
4. Rental Housing Programs​

• Business Creation, Expansion, and Retention

1. Biotechnology Investment Incentive Tax Credit (BIITC)
2. Maryland Research and Development Tax Credit (R&D Tax Credit)
3. Maryland Small Business Development Fund Authority (MSBDFA)
4. Maryland Venture Fund
5. ​ Neighborhood BusinessWorks

• Community Development and Revitalization

1. Community Services Block Grant
2. Local Government Infrastructure Financing Program
3. Maryland Economic Development Assistance Authority and Fund (MEDAAF)​
4. Maryland Historic Revitalization Tax Credit Program​
5. Maryland Industrial Development Financing Authority (MIDFA)
6. Reinvest Baltimore (Baltimore City only)
7. Strategic Demolition Fund​

• Job Creation and Workforce Training

1. Maryland Opportunity Zone Enhancement Credits​
2. Opportunity Works​
3. Job Creation Tax Credit (JCTC)
4. One Maryland Tax Credit (OneMD)​

Presentations​

1. The HFA Role in Opportunity Zones - MDHCD, Secretary Ken Holt (October 2018)
2. Qualified Opportunity Zones - Ballard Spahr
3. 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