The Baltimore Development Corp. has created a new position to oversee investment in Opportunity Zones, a new federal program that aims to spur development in low-income communities.
Benjamin Seigel will serve as the first Baltimore Opportunity Zones Coordinator. In this role, he will act as an “information clearinghouse” by promoting development in these zones and connecting potential investors with projects. He will also be responsible for drafting a comprehensive plan for the city’s Opportunity Zones and creating an investment prospectus.
The coordinator position is funded with a $100,000 grant from Baltimore’s Abell Foundation, said Susan Yum, a BDC spokeswoman. Seigel will start work this week.
Created in 2017 as part of the Tax Cuts and Jobs Act, the Opportunity Zones program provides federal tax incentives for investment in low-income communities. Of the 149 census tracts in Maryland that the U.S. Department of Treasury has identified as Opportunity Zones, 42 are in Baltimore City. Examples include areas around Park Heights, Mondawmin, Morgan State University and the Canton Industrial Area.