TROY’S OPPORTUNITY ZONE
The U.S. Treasury Department approved Troy’s Census Tract #1976 as one of 8,689 Opportunity Zones in the United States, and one of 288 in the State of Michigan. The designated zone is bounded by Maple Road to the south, Big Beaver Road to the north, Crooks Road to the west, and Livernois to the east.
Troy Opportunity Zone Map Here
Created in the 2017 Tax Cuts and Jobs Act, Opportunity Zones are designed to drive long-term capital into low-income communities across the nation, using capital gains tax incentives to encourage private investment into designated census tracts through privately- or publicly-managed investment funds. Opportunity Zones offer incentives to private investors taking an equity stake in community development at the nexus of need and opportunity. Tiered tax benefits are tied to investments at five, seven, and 10-year terms. Benefits include a temporary deferral and small reduction of tax liability, as well as - in some circumstances - a full exemption on earnings.
Troy’s Opportunity Zone offers a tremendous opportunity to investors and developers.
For further information, the Michigan State Housing Development Authority offers overall program details at https://www.michigan.gov/mshda/0,4641,7-141-5587_85624---,00.html. In addition, Enterprise Community Partners, Inc. provides helpful demographic and descriptive data on Troy’s Opportunity Zone.