Investment activity has many aspects and is determined by the goals, objectives, investors’ interests, its potential opportunities for investing funds, as well as the type and expected return of the invested object. Investments are the financial basis for housing construction. The essence of the investment process in housing is to find the financial resources and carry out the practical actions with them in order to make a profit and achieve another useful effect through the housing construction and its implementation on the market. Based on the economic feasibility principles, the investment process has a certain volume and terms of financial investments, which in the case of housing construction come in the form of capital investments. Ensuring the specific construction projects’ implementation, investments are of particular importance for municipalities, contributing to the expansion of their housing stock and improving the living conditions of the population through the new built housing acquisition. The investment process in housing has a number of specific features associated with the buildings’ construction long duration. At the same time, investments in housing construction are more reliable and less risky in comparison with other types of financial investments, since they can provide the investor with a greater profit in the implementation of constructed residential real estate. Due to the dynamism of the housing market, its conjuncture significantly affects the structure transformation, the investment level and the construction activities of municipalities. This study is dedicated to the investment process features’ consideration in the housing construction of municipalities.