FOR IMMEDIATE RELEASE:
Allegany County Economic Development Officials Announce “Opportunity Zone” Designations
Allegany County, MD, October 1, 2018 – The Allegany County Department of Economic and Community Development, Cumberland Economic Development Corporation and City of Frostburg are pleased to announce that 4 census tracts in the cities of Cumberland (3) and Frostburg (1) have been designated as Opportunity Zones by the US Department of Treasury.
Established by the Federal Tax Cuts and Jobs Act of 2017, Opportunity Zones provide an incentive for private investment in areas that have been otherwise economically deprived, benefiting residents living in the zones, the community, as well as investors. Specifically, the federal program includes three potential incentives:
The approved Opportunity Zones were recommended by the Maryland Department of Housing and Community Development and Maryland Department of Commerce to align the program with existing economic & community development efforts where public investment is being directed. Of the 589 census tracts eligible for designation in the state of Maryland, only 25% (149) could be selected.
“The Opportunity Zone program allows Maryland to attract Capital to energize the development of communities that have not traditionally seen private sector investment, and they will be a game-changer for Maryland,” said Maryland DHCD Secretary Kenneth C. Holt. “I’m excited to establish these zones and further leverage private, nonprofit and public sector funds, providing new opportunities for housing, retail and business growth to fuel the state’s economic engine and create jobs.”
The 3 Cumberland tracts included in the designation are:
The Frostburg tract included in the designation is:
“The Opportunity Zone in Frostburg aligns with many of the City’s targeted infrastructure and redevelopment efforts where many public grant dollars have been directed. These areas of investment falling within the designated Opportunity Zone presents very favorable circumstances for investment to support these pivotal projects in our community,” explains Elizabeth Stahlman, Community Development Director of the City of Frostburg
“Having these Opportunity Zones within our central business district will be crucial when attracting private investment to Cumberland. This incentive offers a whole new approach when marketing potential sites of development or redevelopment to investors” says Matt Miller, Economic Specialist, Cumberland Economic Development Corporation.
“The Opportunity Zone program is a welcomed tool intended to attract private investment into local real estate projects and local small businesses within selected areas of the City of Frostburg and the City of Cumberland.” says Jeff Barclay, Director of Allegany County DECD. “It is important that local professionals and local stakeholders stay informed about the application of the program and the soon to come implementation phase.”
For more information regarding Opportunity Zones in Allegany County, please contact the Allegany County Department of Economic and Community Development at 301-777-5967, Cumberland Economic Development Corporation at 301-722-4173 or City of Frostburg Community Development Office at 301-689-6000