Boston Capital announced the closing of a $162 million low-income housing tax credit (LIHTC) fund.
Boston Capital Corporate Tax Credit Fund XLII features 19 affordable apartment properties—17 for families and two for seniors—in 10 states.
The properties acquired by Fund XLII add an additional 1,821 apartment units to Boston Capital's holdings. Since January 2015, the company has raised $905 million in equity. The LIHTC syndicator recently launched Corporate Fund XLIII, a $175 million fund expected to close in November 2016.
"In addition to creating and preserving high-quality affordable homes for residents, Boston Capital's investments impact communities by generating income, tax revenue, and other sources of revenue for local governments by creating much-needed jobs and spurring economic development,” said Jack Manning, president and CEO. “These positive impacts demonstrate both the success and necessity of the LIHTC program.”
Annually, LIHTC development activity supports approximately 95,700 jobs, $3.5 billion in federal, state and local taxes paid, and $9.1 billion in economic income (wages and business income), reported Boston Capital, a real estate investment and advisory firm.