Boston Financial Investment Management (BFIM) announced closing its latest national low-income housing tax credit fund. It represents the first time that the firm has completed two multi-investor funds in a calendar year since 2007.
Boston Financial Institutional Tax Credits XL (ITC 40) includes five investors and 21 properties. The developments are in 13 states: Alabama, Arizona, Arkansas, California, Florida, Louisiana, Maryland, Montana, Pennsylvania, South Carolina, Tennessee, Virginia, and Washington.
Along with the new construction and rehabilitation of 1,759 affordable housing units, more than 2,000 temporary and 500 permanent jobs will be created as a result of ITC 40’s investments.
BFIM has assets under management of approximately $8 billion, representing investments in 122 tax credit funds.