How can QOFs effectively raise capital through exemption Rules 506 of Regulation D under the Securities Act?
You can raise money for an Opportunity Zone project under Regulation D, Rule 506 securities exemption the same as you can for any other securities offering. You need to decide which of the Rule 506 exemptions you want to use (Rule 506(b) or Rule 506(c)); learn the rules and then follow them.
There are no special rules.
Any solicitation of investor funds should be made through specific exemptions to company securities registration requirements. Reg D 506(b) and (c) offerings are some of the primary exemptions available to sponsors.
I suppose the question depends on the definition of effective. There is the exemption that is available under Reg D that allows one to raise a fund, and that applies to a QOF as well, but it's always difficult to raise a fund even with the added tax incentives of a QOF.
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