Erie Insurance is establishing a $50 million Opportunity Zone Fund.

The company's president Tim NeCastro made the announcement Monday during his presentation, "Why Erie Insurance is Investing in Erie," at the Erie Regional Chamber and Growth Partnership's Erie Homecoming.

The fund was approved during Erie Insurance's board meeting in July.

The first $3 million from the fund will go to the Erie Downtown Development Corporation's North Park Row project, which includes plans for a culinary arts district as well as apartments.

Erie Homecoming is showcasing investment opportunities to both people with ties to the region and to individuals and organizations looking to invest in Erie for the first time.