Economic Development Web Portal
Click here to view Parcel, Zoning, Downtown Development District, Opportunity Zone, Historic Preservation and other geographic information in the City's NEW Economic Development Mapping Portal.
The State of Delaware has designated the northern portion of Milford as a Qualified Opportunity Zone, see above mapping portal for boundary information. Opportunity Zones were created by the Federal Tax Cuts and Jobs Act of 2017 which aimed to promote new investments into economically-distressed communities. Governor John Carney, in coordination with State and local agencies, selected 25 census tracts as Opportunity Zones which were approved by the U.S. Department of the Treasury in April 2018.
Opportunity Zones are an economic development tool designed to spur economic development and job creation in distressed communities by providing tax benefits to investors. Investors have the ability to defer the payment of capital gains until December 31, 2026 by investing in a Qualified Opportunity Fund (QOF). If the investment remains in a QOF for at least 5 years, investors can reduce the taxes owed by 10%. If the investment remains in a QOF for at least 7 years, investors can reduce the taxes owed by 15%. If the investment remains in a QOF for at least 10 years, investors can reduce the taxes owed by 15% and eliminate taxes on gains earned from the Opportunity Fund investment.
The City of Milford has put together a list of potential development sites on raw land located within the Opportunity Zone. Click here to view the potential project list. Investors have the ability to stack multiple State and local economic incentives for a single project. Other incentive programs include Milford's Downtown Development District Program and the State of Delaware's Strong Neighborhood Housing Fund, Low-Incomie Housing Tax Credits, Housing Development Fund, Brownfield Development Program, Angel Investor Tax Credit, and R&D Tax Credits.
If you are an owner of property within Milford's Opportunity Zone, or are interested in investing capital gains into a Qualified Opportunity Fund, please speak with your wealth manager, attorney and/or accountant to find out how this program can benefit you.
Please contact Rob Pierce, Planning & Economic Development Director, at firstname.lastname@example.org or 302-424-8396 if you have questions pertaining to specific properties within the City's Opportunity Zone.