While many tax credit fund managers are looking to expand into opportunity zone funds, there may be important differences in how they are treated for regulatory purposes. In this article, Daniel McAvoy, Forrest David Milder, John H. Cornell, III and David F. Schon with Nixon Peabody discuss certain additional considerations that O-zone fund managers may need to take into account. These rules often are not the same as those that apply to managers of other tax-advantaged funds such as low-income housing tax credits (LIHTC), new markets tax credits (NMTC) and historic rehabilitation tax credit (HTC) funds.