COVID-19 Timing Relief for QOFs, QOZBs and Opportunity Zone Investors

Summary

Last week the IRS granted some very welcome relief to those navigating opportunity zone transactions during the ongoing COVID-19 pandemic. The Opportunity Zone program (the "OZ Program") is riddled with deadlines and time-sensitive requirements, so the relaxation or extension of some of these provisions in IRS Notice 2020-39 should help at every level. Investors, fund managers, and developers each got some explicit timing relief.