The mechanism is the same across all four cases. What changes is where the eligible basis comes from, when consent has to be sequenced, and what is most likely to go wrong. Ground-up, adaptive reuse and historic rehabilitation, acquisition with a planned capital improvement plan, and the recapitalization case on completed or in-progress work — each with its basis, its advantage, its constraint, and its most common failure. Adaptive reuse frequently produces the strongest case in a portfolio and stacks with historic and new markets credits; acquisition is the easiest consent because the lender is underwriting the asset anyway. Closes with an at-a-glance comparison of eligible-cost ratio, consent difficulty, and when to sequence.
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