Holden Heights Opportunity Zone
The Opportunity Zone Program is a federal program that provides tax incentives, including temporary deferrals on capital gains taxes when investors reinvest those gains in qualified Opportunity Funds. These funds are in turn invested in communities from designated census tracts (Opportunity Zones).
The city's role in the Opportunity Zone Program is to connect funding with projects, develop an investable pipeline of projects and to leverage these projects to create new opportunities for residents and encourage upward mobility.
The vision for Holden Heights is to enhance the integrity of the residential character of the neighborhoods and to provide the supporting systems for children and families. These supporting systems include creating neighborhood education, training, and workforce programs in the areas of design, construction and related industries that provide long term employment opportunities. Ideal for multiplex development, along with multi- family housing, construction industries and workforce training - the current vision plan is to make this area a hub for homes and businesses.
Current funding opportunities within Holden Heights include:
- HubZone Program - the U.S. Small Business Administration limits competition for contracts to businesses in historically underutilized business zones.
- Urban Job Tax Credit Program (UJTCP) - endorsed by the Florida Legislature to encourage the creation of jobs in urban areas of the state.
- Community Redevelopment Agencies (CRA) - Holden Heights is located within the City of Orlando’s Orange Blossom Trail CRA boundaries.
- The Orlando Economic Enhancement District Program (OEED) - a State of Florida economic development tool engaging redevelopment of properties by businesses and property owners.
Institutional facilities such as Jones High School, Grand Avenue School and Park, Kaley Square, and the recently completed Holden Heights Community Center, are area components which can serve as venues to host programs that strengthen the neighborhood fabric.
There are opportunities to collaborate on a construction incubator and job training utilizing City properties. Additionally, this could accommodate various housing types for workforce housing - whether it is remodeling of the existing housing stock, adding accessory units throughout the neighborhoods, or consolidating properties for more significant redevelopment.