Are there any restrictions? Does it matter which state I live in when forming a fund?
As long as it's an entity within the United States, jurisdiction generally doesn't matter. The entity needs to be a corporation or partnership for purposes of the federal income tax, and it needs to file IRS Form 8996 for the taxable year in which it wishes to begin QOF status. That's it in terms of getting certified. Ongoing compliance is a more complicated thing.
It is self-certification, you just need to meet all the requirements of the OZ fund. You'd really need to have a qualified CPA and/or attorney with OZ expertise as there are too many details to list on a generic question like this. However, no it does not matter which state you live in. And the only restrictions are that it must not be a sin business (e.g., liquor store, massage parlor, gambling, etc.) and you need to meet the qualifying OZ business property requirements which [of course] are physically located in one of the thousands of qualified zones around the country.
A partnership, if it complies with all requirements, may get auto certified by filing form 8996 with its 1065 for the first year as a QOF and all years thereafter.
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