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Special Opportunity Incentives


Opportunity Zone

The Opportunity Zone Program was created as part of the 2017 Federal Tax Cuts and Jobs Act.  Opportunity Zones are economically distressed census tracts designated by the U.S. Treasury Department. By investing in an Opportunity Zone, through a qualifying Opportunity Fund, investors can defer and/or reduce their federal capital gains tax liability.  These tax benefits increase the longer investments are held.  There is no cap on the amount of capital that can be invested, and the Opportunity Zone incentives can be applied to a wide range of investments in real estate and operating companies.  Learn About Clearwater’s Opportunity Zone.

 


New Market Tax Credit (NMTC) 

New Market Tax Credit (NMTC) provides an incentive for investment in low-income communities. The US Department of the Treasury competitively allocates tax credit authority to intermediaries that select investment projects. Investors receive a tax credit against their federal income tax.

NMTC investors provide capital to community development entities (CDEs), and in exchange are awarded credits against their federal tax obligations. Investors can claim their allotted tax credits in as little as seven years—5 percent of the investment for each of the first three years and 6 percent of the project for the remaining four years—for a total of 39 percent of the NMTC project. A CDE can be its own investor or find an outside investor. Investors are primarily corporate entities—often large international banks or other regulated financial institutions—but any entity or person is eligible to claim NMTCs.

Click here to learn more.

 


Brownfield Redevelopment Bonus

Florida offers incentives to businesses that locate on a brownfield site with a Brownfield Site Rehabilitation Agreement (BSRA). This incentive encourages development of abandoned, idled, or underused industrial and commercial sites where expansion or development is complicated by actual or perceived environmental contamination.

The Brownfield Redevelopment Bonus Refund is available to encourage Brownfield redevelopment and job creation. Approved applicants receive tax refunds up to $2,500 for each job created by an eligible business in the designated Brownfield Area. To learn more contact Denise Sanderson, Director, Economic Development and Housing Department.

 


Façade Loan-to-Grant Program

Community Development Block Grant Facade Improvement Program

The Community Development Block Grant Facade Improvement Program is designed to encourage the rehabilitation of commercial building facades and assist with exterior improvements, correct code violations or deficiencies, and to promote design improvements that improve overall aesthetics and ultimately attract more business activity in the city of Clearwater’s low- to moderate-income areas.

The Department of Housing and Urban Development’s Community Development Block Grant (CDBG) funds the program. All relevant federal regulation applies. The city of Clearwater Affordable Housing division administers the program.

This program provides property owners with a loan-to-grant up to $35,000 (property owner contributes private funds equal to or greater than 20% of the established loan amount). Click here to review the Community Development Block Grant Facade Improvement program guidelines.

Contact the City of Clearwater Affordable Housing Division to learn more.

 


Community Redevelopment Agency Programs

Business Incentive and Grant Programs available in Downtown Clearwater.

The City is proud to offer distinct business opportunities in Florida and invite you to explore our business incentive programs and business grant programs.

 


Federal Contract Programs - HUBZone program

The federal government's goal is to award at least three percent of all federal contracting dollars to HUBZone-certified small businesses each year.

The government limits competition for certain contracts to businesses in Historically Underutilized Business zones. It also gives preferential consideration to those businesses in full and open competition.

To compete for the program’s set-aside contracts, businesses must become HUBZone certified. HUBZone-certified businesses also get a 10 percent price evaluation preference in full and open contract competitions.

HUBZone-certified businesses can still compete for contract awards under other socio-economic programs for which they qualify.  Visit the SBA’s website to learn more about the HUBZone Program.