In previous versions of LEED, it seems as if the open space credit allowed for project developers to improve/restore off-site areas to achieve this credit (with 2 square feet offsite = 1 square foot onsite). However, in the v4 version, there is no mention of off-site allowances.
With v4, could a project owner still conduct restoration off-site and allow this to count for the open space credit? Could they give financial support to a land trust to do this off-site and fulfill the credit? Or would this fall under the "Protect or Restore Habitat" credit?
From the LEEDuser page for v3: "Can a project designate open space off-site and not within the LEED project boundary to meet the credit requirements? To date, we are not aware of a project using LEED 2009 being able to achieve the credit requirements by allocating open space outside of the LEED project boundary. This is also not allowed as an exception under MPR3, although campus settings with no local zoning requirements do have an exception noted in the LEED Reference Guide. The credit requires the open space be adjacent to the building and within the project boundary. However, this approach has been used to meet SSc5.1 credit requirements. This approach has also been used successfully on LEED-NC v2.2 campus projects." For the v4 language, they do still have an exception for multitenant complexes/campuses, but offer no other options related to off-site locations or other financial support. I believe, then, that the off-site option is only applicable under the Protect or Restore Habitat credit, as you mention.