The Michigan State Housing Development Authority (MSHDA) and the Michigan Economic Development Corporation (MEDC) have partnered to launch a new website that provides information on Michigan’s Opportunity Zones (OZs) and corresponding tax incentives.

OZs, which are designed to increase long-term investments in low-income communities around the country to stoke business growth in those areas, were created in 2017 as part of the U.S. Tax Cuts and Jobs Act. There are currently 288 OZ census tracts across Michigan.

Through OZs, taxpayers can get capital gains tax deferrals for investing in Qualified Opportunity Funds. These funds can then be invested in qualified OZ properties, which can increase the amount and stability of businesses in low-income areas.

MSHDA and MEDC have designed the new website to provide information for investors, entrepreneurs, community leaders, developers, builders and more to encourage investment in the state’s OZs.

The new website provides a hub for resources about OZs in Michigan, including a map of the state’s OZs, how to market a community to investors, information for developers and updates from the state and federal level.

“At MSHDA, we’re advancing the conversation around Opportunity Zones and offering decision-makers across the state knowledge, tools and resources to take advantage of what they have to offer,” Gary Heidel, acting executive director, MSHDA said in a press release. “Questions continue to come in about what Opportunity Zones are and how business owners and community leaders can take advantage of them. This website will answer those questions and more as a one-stop, comprehensive resource aimed at giving interested parties information they can use to engage in our Opportunity Zones.”

The website highlights a few OZ projects underway in Michigan, including Capital City Market, which will add a four-story mixed-use building consisting of an urban grocery market, market-rate residential units and a hotel in a formerly blighted and contaminated property on Michigan Avenue in Lansing.

The state shared that the partnership between MSHDA and MEDC is critical in encouraging local business leaders and developers to invest in neighborhoods and areas with the potential for growth.

“Working together with our partners at MSHDA and other state agencies, we are working to make more businesses and developers aware of the benefits of investing in our Opportunity Zones, and this new website will be an important resource in helping to tell that story,” Jeff Mason, CEO, MEDC said.

While projects and resources continue to emerge around Michigan and the U.S., The Kresge Foundation continues to push for higher levels of reporting and transparency in OZs to ensure equitable community development. Foundation staff recently shared insights from this work in two podcasts: an episode of Wharton Business Radio’s “Dollars and Change” and SOCAP’s “Money + Meaning.”

Want more?

Check out the new MEDC and MSHDA website.

Learn more about Michigan’s Opportunity Zones.