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$15 Billion in Anticipated Opportunity Zone Investment Identified by NCSHA

Published on December 7, 2018

WASHINGTON, DC — The National Council of State Housing Agencies (NCSHA) has released a significantly expanded third edition of its Opportunity Zone Fund Directory featuring 53 Qualified Opportunity Funds (QOFs) representing nearly $15 billion in anticipated investment in designated high-poverty neighborhoods. NCSHA reviewed public information on these 53 funds and found the following.

  1. OZ Funds Predominantly Target Commercial Real Estate Investment

Source: NCSHA Opportunity Zone Fund Directory. Based upon 53 Qualified Opportunity Funds; some funds target multiple investment sectors. 

Investment Focus by Sector % of Funds Investing
Commercial Real Estate: Commercial, Hospitality, Mixed-Use, Multifamily Residential, or Student Housing 89%
Community Development: Affordable Housing, Workforce Housing, or Community Revitalization 42%
Economic Development: Economic or Small Business Development 42%
Infrastructure: Infrastructure or Renewable Energy Development 17%


  1. Target Sizes of OZ Funds Range Widely

Source: NCSHA Opportunity Zone Fund Directory

  1. OZ Fund Investment Is Spread Throughout the United States

Source: NCSHA Opportunity Zone Fund Directory

“The Treasury Department’s recent release of regulations clarifying many important aspects of Opportunity Zone investing has spurred further interest in the program among fund managers,” said NCSHA Executive Director Stockton Williams. “With additional regulatory clarity that we hope is forthcoming soon, the program will be even better able to achieve its promise to revitalize rural as well as urban areas.”

About the National Council of State Housing Agencies
For more than 50 years, state Housing Finance Agencies (HFAs) have played a central role in the nation’s affordable housing system, delivering financing to make possible the purchase, development, and rehabilitation of affordable homes and rental apartments for low- and middle-income households.

The National Council of State Housing Agencies (NCSHA) is a nonprofit, nonpartisan organization created to advance, through advocacy and education, the efforts of the nation’s state HFAs and their partners to provide affordable housing to those who need it. NCSHA’s vision: An affordably housed nation. Learn more at