There's nothing preventing you from doing both at the same time, but it's tough to thread the needle. You need to qualify under both programs separately, so there is no bonus for doing both on the compliance side. What this means is that you have to take your project, evaluate it under the QOZ rules, and then evaluate it again under the NTMC or LIHTC rules from scratch. It is only if you qualify for both that you will get the benefits. The collateral consequences are also difficult to navigate. For instance, the NMTCs or LIHTCs are subject to passive activity analysis, so you typically need to find a tax equity investor. You could theoretically have a three-bucket fund: a bucket for the tax equity investors who only care about the credits, but not the QOZ benefits; a bucket for the investors who care about QOZ but not the tax credits; and a bucket for the sponsor, whose carry/promote will generally not see either benefit. I have not seen this done in real life to this point.
