Are there other federal tax credits that would work well to combine with the OZ program if I am planning to develop low income housing projects?
You can combine OZ benefits with any other federal, state, or local tax benefits without restriction. The only requirement is that you need to comply with both the OZ rules and the rules of whatever other program you're using at the same time. This becomes a little difficult, though not impossible, to pull off when you are doing both a QOF and LIHTCs, or historic preservation tax credits, just as examples.
The benefits under the OZ are for the investor that generates the qualified capital gains. Local and state incentives (exemptions, credits, etc.) benefit in general the operating business and for the most part can be obtained by the operating business.
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