With the goal of boosting growth in underserved neighborhoods and cities across the State, Governor Hogan announced a total of $56.5 million in state and federal incentives to attract opportunity zone investments to Maryland’s 149 designated areas.
"These initiatives will foster an environment of economic opportunity to create thousands of new Maryland jobs and to transform and revitalize the cities, towns and local communities that need our help the most,” Hogan said.
Among the opportunity zone incentives:
- $31.5 million through the Maryland Department of Housing and Community Development for affordable housing, small business development and site acquisition and demolition funding in opportunity zones.
- $3 million through the Maryland Department of Labor to establish a job training program for businesses in opportunity zones to be called “Opportunity Works,” The funds will be in the form of competitive job and skill development grants to qualified businesses.
- $16 million for creation of a Maryland Technology Infrastructure Fund to be housed and staffed at TEDCO, pending legislation to be introduced in the General Assembly that convenes next week in Annapolis.
The governor also signed an executive order to create the Maryland Opportunity Zone Leadership Task Force and said he was forming an online Opportunity Zone Information Exchange as an interactive clearinghouse for information and data on the state's opportunity zone areas.
Go on to read the BizJournal’s full article.
For more information about Opportunity Zones and to visit the Maryland Opportunity Zone Information Exchange, visit http://dhcd.maryland.gov/OpportunityZones.