The most recent IRS Opportunity Zone updates were released in December 2019. These updates clarified the rules for Opportunity Funds, including the requirements for investing in real estate. Specifically, the updates clarified that an Opportunity Fund must invest in new construction or substantial rehabilitation of properties, and that all construction and rehabilitation work must be completed within 30 months of a property’s purchase. Additionally, the updates clarified that an Opportunity Fund must invest more in a building’s rehabilitation than it originally invested in the building’s purchase.
You can find more information about the Opportunity Zones Program and the most recent IRS updates in the following sources:
Commercial Real Estate Loans: Opportunity Zones
Multifamily Loans: A Guide to the Opportunity Zones Program