Opportunity Zones and Funds

[Etan Frankel]

I have 3 adjacent properties in the Los Angeles that are going to be in an Opportunity Zone.

One thing I cant find is how to go about finding funding from Opportunity Funds if I want to re-develop the land. Is this something the developer would look into? Or should I see how much money we would be able to raise from these funds before looking to construct a building?

[Drew Reynolds]

We are just beginning to see the very first QOF’s form, however there are not many yet. The U.S. Treasury Department and Internal Revenue Service are working on QOF guidelines and regulations. As of now, we understand that the IRS is allowing self-certification of Qualified Opportunity Funds. To self-certify, a taxpayer merely completes a form (which will be released in the summer of 2018), and attaches that form to the taxpayer’s federal income tax return for the taxable year. Consequently, no approval or action by the IRS is required to certify a taxpayer. The IRS also says it will provide more details and additional legal guidance over the next few months.