Boston Financial Investment Management has announced the closing of its latest low-income housing tax credit (LIHTC) fund, Boston Financial Institutional Tax Credits XLIII (ITC43).
ITC43 consists of 18 affordable housing tax credit properties that will provide 2,586 affordable housing units within 13 family and five senior communities. The properties are located in California, District of Columbia, Florida, Georgia, Kentucky, Maryland, North Dakota, New York, Oklahoma, Pennsylvania, South Carolina, Tennessee, Virginia, and Washington. As a result of the fund’s investments, more than 3,100 temporary and 750 permanent jobs will be created.
Seven institutional investors from the banking, financial services, and insurance sectors participated in the fund.
“ITC43 marks our second multi-investor fund this year, and we are now launching a third multi-investor fund (ITC44) closing in December,” said Sarah Laubinger, executive vice president, in a statement. “ITC44 will bring our equity raise for 2015 to more than $600 million, approximately double our 2012 activity.”
Greg Voyentzie, executive vice president, added that more than 80% of the projects in the firm’s 2015 investment funds are with repeat developers.
Laubinger and Voyentzie co-lead Boston Financial’s syndication group.