Lake Sunset Opportunity Zone
Overview
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.
Vision
Lake Sunset is a community who receives growth support through LIFT Orlando, a non-profit organization committed to transforming the communities of Lake Sunset. LIFT Orlando helps families build better lives for themselves through education, mixed-income housing, community health & wellness and economic development.
The LIFT Orlando vision is to partner with residents and break the cycle of poverty through holistic neighborhood revitalization. The Lake Sunset community is in need of a call center and training program, affordable housing, commercial and neighborhood retail and a food hub/culinary arts program.
Current activity
Current LIFT Orlando development initiatives includes:
- A new Early Learning Center
- Pendana Affordable Apartments
- A SunTrust Financial Well-Being Center
- Senior Housing Project
- Boys and Girls Club
Other funding opportunities within Lake Sunset include:
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HUBZone Program - the U.S. Small Business Administration limits competition for contracts to businesses in historically underutilized business zones.
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Urban Job Tax Credit Program (UJTCP) - endorsed by the Florida Legislature to encourage the creation of jobs in urban areas of the state.
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The Orlando Economic Enhancement District Program (OEED) - a Brownfield Designation; utilizing an economic development tool engaging redevelopment of properties by businesses and property owners.
Anchor development
LIFT Orlando utilizes a geographically focused approach to address community issues and is committed to creating pathways of opportunity for low-income neighbors in the areas surrounding the Camping World Stadium. The Pendana at Lake Sunset, a 200-unit mixed-income development is the first major development utilizing this approach in the Lake Sunset area.
The Lake Sunset district also provides the Dr. James R. Smith Neighborhood Center and the L. Claudia Allen Senior Center for the nearby communities.