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Opportunity Zone Target Investment Surges to Nearly $43 Billion Nationwide

Published on July 17, 2019

WASHINGTON, DC — The amount of capital targeted for investment in designated Opportunity Zones increased dramatically over the past month, according to analysis by the National Council of State Housing Agencies (NCSHA) based on its Opportunity Zone Fund Directory, the most recent edition of which was released today. The 163 funds included in the directory expect to raise nearly $43 billion in Opportunity Zone investment, up from $29 billion last month and nearly triple the amount anticipated at the start of 2019. This directory includes 20 new funds and details on fund size and geographic and investment focus for all the funds listed.

Listed funds range in size from $1 million to $10 billion, with an average fund size of $264 million. Two of the 20 new funds have investment targets in excess of $1 billion. One-third of the funds (54 of 163) plan to invest nationwide, while the remaining two-thirds (109 of 163) are targeting specific states or regions.

The investment focus of the vast majority of the funds (146/163) is commercial real estate, including multifamily residential, student housing, mixed-use, hospitality, or other commercial development. The number of funds that plan to invest in community revitalization — including affordable or workforce housing — is up to 61 percent (100/163), while 54 percent (88/163) plan to invest in economic or small business development and 22 percent (36/163) in infrastructure or renewable energy projects. Nearly all the funds plan to invest in multiple categories.

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