“I want to thank Governor Moore and his administration for working closely with Montgomery County to secure the designation of 10 census tracts as part of the National Opportunity Zones Program. This achievement reflects a strong partnership between the State and local governments, and our shared commitment to expanding economic opportunity in communities that are ready for new investment.
I am appreciative of my team, which worked alongside Montgomery County Planning, the Montgomery County Economic Development Corporation (MCEDC), and our municipal partners in Gaithersburg, Rockville, and Takoma Park to identify and develop a competitive set of recommendations for consideration. Together, we showcased strategic locations with significant potential for job creation, business growth, housing development, and community revitalization.
The Opportunity Zones Program is a national, place-based initiative designed to encourage long-term private investment in economically distressed communities. Through tax incentives, the program encourages investors to reinvest capital gains into Qualified Opportunity Funds, which in turn direct investment into designated Opportunity Zones and support local economic development.
Beginning Jan. 1, 2027, the new Opportunity Zones will take effect under the program’s updated framework and enhanced tax benefits. Montgomery County’s newly designated census tracts include several areas poised for transformative investment, including Germantown Town Center, Lakeforest, Rockville Pike and Twinbrook Metro, Wheaton, the White Oak/FDA campus, the Washington Adventist area, and other key locations throughout the County.
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These designations create an important opportunity to attract private capital, accelerate redevelopment efforts, support small businesses, expand housing options, and strengthen local commercial corridors. Montgomery County has some of the most dynamic and innovative communities in the nation, and these Opportunity Zone designations will help us leverage that momentum to create jobs, build wealth, and improve quality of life for residents.
We look forward to working with Governor Moore, our state partners, the development community, and local stakeholders to turn these designations into meaningful investments that benefit residents and businesses across Montgomery County for years to come.
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For more information, see the Maryland Department of Housing and Community Development’s statement.”
Read the original article at mcgov
