According to an analysis by the National Council of State Housing Agencies (NCSHA), the amount of capital targeted for investment in designated Opportunity Zones (OZs) has increased dramatically. NCSHA compiles a directory of OZ funding opportunities. This resource provides descriptions and contact information for publicly announced funds that have been formed for the purpose of attracting investment in OZs. NCSHA is tracking only multi-project opportunity funds.

According to the latest edition of the directory, the 163 funds included in the current directory expect to raise nearly $43 billion in OZ investment. This amount is three times the amount anticipated at the start of 2019. 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 development 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.