Oakland County, MI
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Contact Info
Bret Rasegan, RA, Planning Manager
248-858-5445
raseganb@oakgov.com
Building 41 West
Waterford, MI 48328
Monday - Friday: 8:30am - 5:00pm
Opportunity Zones
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.
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
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
- Internal Revenue Service (IRS)
- Michigan State Housing Development Authority (MSHDA)
- Tax Policy Center
- U.S. Economic Development Administration
- Bisnow
Questions?
Contact:
Michael Woods, AICP
Oakland County Economic Development
(248) 762-6395 | woodsmp@oakgov.com