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NCSHA’s Opportunity Zone Fund Directory Surpasses 100 Funds, Nearly $24 Billion in Investment

Published on March 14, 2019

WASHINGTON, DC — More than 100 funds have been launched to invest an anticipated $24 billion in designated Opportunity Zones, according to the National Council of State Housing Agencies (NCSHA). NCSHA released the sixth edition of its Opportunity Zone Fund Directory this week featuring 105 funds, including 16 new funds, ranging in size from $1 million to $3 billion; the average fund size is $224 million.

Commercial Real Estate Remains the Primary Focus of OZ Investment
Opportunity Zone Fund Sector_March_8_2019

While investment in affordable housing, workforce housing, and community development has increased to 57 percent of Opportunity Funds formed to date, commercial real estate continues to be the primary focus. Ninety-one percent of funds report investment in multifamily residential, student housing, mixed-use, hospitality, or other commercial development.

Planned investment in economic or small business development is at 48 percent, and 21 percent of funds are focused on infrastructure or renewable energy investment. Nearly all of the 105 funds report investment focus in multiple categories.

OZ Funds Investing Throughout the Country
Opportunity Zone Region_March 8 2019

Thirty-eight of the 105 funds plan to invest nationwide, while the remaining 67 funds are targeting specific states or regions. The Southwest/West region is seeing the greatest interest, followed closely by the Northeast/Mid-Atlantic and Southeast.

NCSHA will continue to update its directory as additional Opportunity Funds are announced.

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