Boston Capital has announced the closing of a $130 million low-income housing tax credit (LIHTC) fund.
Boston Capital Tax Credit Fund XXXVII features a portfolio of 25 affordable apartment developments in 16 states. The properties in the fund will add 1,350 units to the firm's holdings.
The fund includes nine developments for seniors and 16 properties for families in Arkansas, California, Colorado, Connecticut, Indiana, Iowa, Kentucky, Maine, Maryland, Massachusetts, North Carolina, Oklahoma, South Carolina, Tennessee, Washington, and Wisconsin.
"In addition to creating and preserving high-quality affordable housing units for residents across the United States, Boston Capital's investments impact communities by generating income, taxes, and other revenue for local governments and by creating much-needed jobs," said Jack Manning, president and CEO, in a statement. "These positive impacts demonstrate both the success and necessity of the LIHTC program."
The properties in the latest fund will help create nearly 1,400 local jobs and generate nearly $104 million in local income.
With the closing of Fund XXXVII, Boston Capital has raised $730 million in equity since 2012. Boston Capital recently launched Corporate Fund XXXVIII, a $175 million equity fund expected to close in fall 2013.