Does Any OZ 2.0 Investor Get the Ten-Year Benefit?
OZ 2.0 zones expire December 31, 2036, before any investor can reach the ten-year mark, and no current law or guidance says what happens then.
Federal
Federal tax and securities law as it reaches real estate development: the Opportunity Zone regime, Section 42 credits, Section 1031 exchanges, energy credits, and Regulation D compliance in a syndicated raise.
15 pieces
The 4% LIHTC Term Sheet Series, Part Four: The Guaranty Package and the Guarantor Covenants
Part four of the sponsor-side 4% LIHTC term sheet series: the four guaranties every investor term sheet contains, the guarantor net worth and liquidity covenants, and where the release conditions are actually negotiated.
Kansas' Opportunity Zone 2.0 Nominations
Kansas has not published its OZ 2.0 nominations. An open records request produced 96 tract identifiers combining the 2018 designations with the new round. Here are the 53 nominated tracts, mapped.
The 4% LIHTC Term Sheet Series, Part Three: Capital Contributions, the Conditions to Funding, and Stabilization
Part three of the sponsor-side 4% LIHTC term sheet series: the four capital-contribution installments, the conditions to funding each, and why the stabilization installment is where the sponsor's leverage is decided.
The 4% LIHTC Term Sheet Series, Part Two: Credits, Pricing, and the Adjusters
Part two of the sponsor-side 4% LIHTC term sheet series: the credit sections, the pricing sentence, and the capital adjusters, how they fix what the investor buys and pays, where 2026 pricing sits after the 25% bond test, and the comments worth making.
The 4% LIHTC Term Sheet Series, Part One: Why the Transaction Exists and What the Term Sheet Covers
Part one of a sponsor-side series on the 4% LIHTC equity term sheet in tax-exempt bond deals: why the transaction exists, what the term sheet does within it, and the fourteen components a complete term sheet contains, with an illustrative investor form.
Taking 1031 Exchange Funds Into a Ground-Up Development
A sponsor-side walkthrough of the only recognized federal path for taking 1031 exchange proceeds into a ground-up development outside an Opportunity Zone: tenancy-in-common co-ownership under Revenue Procedure 2002-22, and where it collides with the promoted waterfall, the construction loan, and the general contract.
Section 42(d)(7) and the Purchase of a LIHTC Project During Construction
How a buyer's federal tax analysis under Section 42 works when a low-income housing tax credit project is sold before any building has been placed in service, and how Revenue Ruling 91-38 builds eligible basis for a mid-construction step-in.
Approval Path for §48E Solar Credits Under the OBBBA Foreign-Entity Rules
A step-by-step map of whether a project's on-site solar (and any battery storage) can claim the Section 48E Clean Electricity Investment Credit under the OBBBA prohibited-foreign-entity rules, and why the credit opinion has become the principal obstacle.
Opportunity Zone 2.0: Treasury Notice 2026-40 and What It Means for Developers
What Notice 2026-40, the IRS's first OZ 2.0 transitional guidance, means for developers raising and deploying capital across the 2027 seam.
QOZB Operating Agreements in the OZ Crossover: Sponsor-Side Inserts for 2026 and 2027
Sponsor-side insert provisions for a qualified opportunity zone business operating agreement that takes OZ 1.0 capital in 2026 and OZ 2.0 capital in 2027: vintage tracking, qualification by vintage, reporting, and protective covenants.
Rural Opportunity Zones in 2026: Living Between OZ 1.0 and OZ 2.0
Where Opportunity Zones stand in 2026: the 1.0 inclusion deadline, the 50% rural substantial improvement threshold, and what changes when OZ 2.0 goes live January 1, 2027.
Delaware Statutory Trusts and § 1031 Exchanges: The Rest of the Story
A response to a Missouri Bar Journal article on Delaware Statutory Trusts in § 1031 exchanges — what the article gets right, and the risk-side considerations that deserve more attention.
CMBS Is Back: A Refresher
A CMBS refresher for practitioners — the 2025 reopening, the REMIC/PSA/special-servicer framework, conduit vs. SASB structural differences, and five practice tips for the next deal.
SEC Compliance in Real Estate Joint Venture Offerings: A Practitioner's Primer
A practitioner's primer on federal securities compliance for private real estate joint ventures — Rule 506, the March 2025 506(c) verification letter, 1940 Act exclusions, and the CTA.
Other jurisdictions
The Developer's Brief
Field notes on real estate development law.
Occasional dispatches on deal structure, entitlements, and the quiet patterns that move large projects. No filler.
Two separate lists. Subscribing to one does not subscribe you to the other. Unsubscribe any time.