Right now, investors get a 15% benefit if they hold the Opportunity Zone investment for seven years. "I think it would be helpful to extend that to give more people the opportunity to get the full seven-year benefit," says Reid Thomas, chief revenue officer and managing director at NES Financial, a JTC Co. "We saw a big spike in investments at the end of December 2019."

Others agree. "I think making the program either permanent or at least longer-term in its exposure will be good," says Steve Polivy, chair of Akerman's Economic Development and Incentives Practice.

Adam Stifel, executive vice president, development at Capital Square, wants to see the program extended to keep money flowing into it post-COVID. He is concerned that the pandemic could hurt the program as it begins to gain steam.

That would buy the program time that Stifel thinks it sorely needs to for investor education. Investors still need to get their heads around it, he says. "COVID came at an inopportune time in the world of Opportunity Zones."

In April, the Internal Revenue Service extended one deadline. The agency pushed out the period until July 15, 2020, for certain time-sensitive real estate investments.

Some people would like to see an additional extension. "Why not for capital gains purposes put the money into a fund and see if you can find an investment in the next 180 days," Polivy says. "The next 180 days from July 15th really puts us to December or January 2021. I'm not sure that you're going to have a lot of investors who are going to be feeling good about investing in Opportunity Zones at that time."

There are other changes that should be considered as well, some observers say. Since Opportunity Zones are designed to create a social impact, Thomas thinks there should be reporting requirements around measuring the effects of funds. "For us, we would certainly be supportive of that. It wouldn't hurt to have that imposed, but not mandatory."

Despite the need for some fixes, Blake E. Christian, partner at Holthouse Carlin & Van Trigt LLP, sees the program as a win. "As the regulations came out, the program just got better and better," he says. "In my mind, it became more flexible. Nobody has told me they regret setting one up and that they're taking their money out. I have not had anybody take their money out of one yet."