Bridge Investment Group rolled out an initiative that will invest in real estate development and redevelopment projects in so-called opportunity zones across the U.S.

The privately held real estate investment management firm has already identified more than $500 million of attractive opportunities for the initiative, Bridge co-CEO Jonathan Slager said in a release.

The initiative taps into the federal Qualified Opportunity Zone program, which aims to attract private capital investments in underfunded communities by providing tax benefits.

Bridge, which will invest in the projects alongside development partners, said it has invested more than $12 billion of equity across its multifamily, office and seniors housing verticals in the past 10 years.