Governor Larry Hogan (R-MD) announced a series of initiatives and legislation to expand the Maryland Opportunity Zone program. A total of $56.5 million would be dedicated to attracting new businesses and development and continuing to invest in Maryland’s workforce. Some of the initiatives affecting housing include:
The Maryland Department of Housing and Community Development will make several funding sources available to support projects in Opportunity Zones, including $20 million for Rental Housing Works for the construction and renovation of affordable housing and $3.5 million for the statewide Strategic Demolition Fund to support site acquisition and demolition of derelict buildings and redevelopment to spur economic and community revitalization.
The launch of the Maryland Opportunity Zone Information Exchange, an online resource designed to attract capital to projects and businesses.
The governor signed Executive Order 01.01.2019.01, which creates the Maryland Opportunity Zone Leadership Task Force. The task force, chaired by Lieutenant Boyd Governor Rutherford, will host regional summits throughout the state for local stakeholders to share information and discuss possibilities for Opportunity Zones. The task force will develop a State Opportunity Plan to align Opportunity Zone goals with state economic and cultural priorities, which will include partnering with local governments to effectively leverage local assets to fast-track investment and development.
