According to Novogradac, Qualified Opportunity Funds had raised $24.4 billion in equity through the end of 2021, with $6.9 billion of that total coming in the second half of last year.

Novogradac tracks a total of 1,342 QOFs; nearly 1,000 of those reported their equity raise totals.

The report from Novogradac also provided insights into the geographical distribution of the equity raised:

• California led the way with $2.4 billion in OZ equity, representing approximately 10% of the total;
• Arizona — the 14th largest state by population — has the second largest OZ equity raise at $1.3 billion;
• Texas, New York, and Florida round out the top five states with the most OZ equity raised;
• 20 cities have raised $200 million or more in OZ equity, led by Washington, DC, Los Angeles, New York City, Nashville, and Austin.

The full report is available for purchase from Novogradac, and a deeper dive into the results is available on Novogradac’s Tax Credit Tuesday Podcast.