Opportunity Zones

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GUIDE 2022 |Fifteen Opportunity Zones in 10 communities

 

Guide 2022 | Fifteen Opportunity Zones in 10 Communities

The Federal Tax Cuts and Jobs Act of 2017 included a provision known as the Investing in Opportunity Act, which encourages the investment of capital gains into low income areas designated as Qualified Opportunity Zones (QOZs).

These zones are designed to spur economic development and job creation in distressed communities throughout the U.S. by providing tax benefits to those who invest eligible capital into these communities.

Opportunity Zones Timeline
Graphic: crowdengine


Formula to Access Tax Benefits

To access these tax benefits, investors must invest in Opportunity Zones specifically through Opportunity Funds.

A qualified Opportunity Fund is a U.S. partnership or corporation that intends to invest at least 90% of its holdings in one or more qualified Opportunity Zones.

If the investment is held 10 or more years, capital gain taxes will be eliminated.


Communities

Opportunity Zones Guide 2022 Cover

Oakland County has 15 Opportunity Zones in 10 communities:

  • Ferndale
  • Hazel Park
  • Madison Heights
  • Oak Park
  • Pontiac (4)
  • Rochester Hills
  • Southfield (3)
  • Troy
  • Waterford
  • Wixom

Each of these zones cover a diverse set of future land uses, ranging from downtown neighborhood business to regional commercial/industrial designations. Review the Oakland County Opportunity Zones 2022 Guide to learn more.


Opportunity Zone Web Map

Please refer to the Opportunity Zone Web Map. Click on any designated zone to view it’s associated attributes, including their current zoning, future land use and summary of development in the area.


Fact Sheets

One page, printable “fact sheets” with similar information are also available by zone and can be found here:

Contact the individual community for more information regarding investment and development in their zone(s).


Additional Resources


Questions?

Contact:
Michael Woods, AICP
Oakland County Economic Development
(248) 762-6395 | woodsmp@oakgov.com