Does the project work?

Keep the tract identifier, official designation evidence, effective date, and intended acquisition date together. Eligibility or nomination alone is not certification. Check rural status separately.

Document the current owner and ownership tree, then distinguish purchase from contribution. Review any seller relationship, indirect ownership, attribution, existing debt, and transfer consequences with counsel.

Describe the existing and proposed assets. New construction may use original-use rules; existing buildings may require substantial improvement. Separate new construction is not automatically rehabilitation of the existing building.

Classify land, existing buildings, new buildings, and other assets individually. A property contribution does not become a qualifying purchase simply because a new LLC takes title.

Use a permitted, consistently applied valuation method. Model construction as well as stabilized operations and all other business tests. These are asset tests—not equity-source or ownership percentages.

Document the QOF and project-company roles, cash equity, ordinary equity, any contributed property, loans, sponsor interests, decision rights, fees, and waterfall.

Document funding receipts, designated uses, milestones, responsible parties, and actual spending. If relying on the working-capital safe harbor, test its conditions; a 31-month plan is not an unconditional extension.

Establish the testing calendar, records, annual returns, investor reporting, and specialist engagements. Include ongoing business activity and property requirements.

Model the holding strategy, year-five tax liquidity, potential refinancing distributions, and sale mechanics. Each investor has a separate clock; a ten-year benefit threshold is not a guaranteed exit date.