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Hogan Administration Announces Opportunity Zone Investment Awards

December 22nd, 2022 by WCBC Radio

The Maryland Department of Housing and Community Development announced today more than $1 million in grant awards to support investment in Maryland’s designated Opportunity Zones. Microgrants ranging from $50,000 to $100,000 were administered through the department’s Neighborhood BusinessWorks Program to 12 start-up and expanding businesses located within an Opportunity Zone. Locally the Queen City Creamery received $100,000.

“The federal Opportunity Zone incentives complement state revitalization and small business assistance programs, spurring investment and job creation in historically disinvested areas,” said Governor Larry Hogan. “Through these microgrants and programs like Neighborhood BusinessWorks, our administration has upheld our promise to make sure Maryland remains open for business.”

Opportunity Zones were designated through a federal tax incentive program administered by the U.S. Treasury. The tax incentive provides federal capital gains tax incentives for investment in economically distressed and under-served communities. Maryland has 149 designated Opportunity Zones, and each of Maryland’s 24 jurisdictions has at least one designation.

Each of the Opportunity Zone businesses receiving microgrants employ between two and 50 full-time equivalent employees and generate annual revenue between $300,000 and $5 million. They demonstrated comprehensive plans for growth and secured an additional matching contribution equal to or greater than their Opportunity Zone grant request amount.