Boston Financial Investment
Management announced the closing of a $102 million low-income housing tax
credit (LIHTC) fund.
Boston Financial Institutional Tax Credits XLIV (ITC 44) consists of 12 tax credit properties resulting in 1,954 units within eight family and four senior communities.
The properties are located in California, Florida, Massachusetts, New York, Tennessee, and Virginia. As a result of the new fund’s investments, 2,359 temporary and 592 permanent jobs will be created.
Six institutional investors representing the banking, financial services, and insurance sectors participated in ITC 44.
“Demand for LIHTC and historic tax credit equity syndicated by Boston Financial has never been stronger,” said Sarah Laubinger, executive vice president. “ITC 44 marks the closing of Boston Financial’s third multi-investor fund in 2015, making it a banner year for our syndication group.”
She co-leads Boston Financial’s syndication group with Greg Voyentzie, executive vice president.
Voyentzie added that the firm intends to syndicate another $600 million of high-quality assets over three multi-investor funds and several proprietary relationships in 2016.
Boston Financial has raised and managed more than $10 billion of low-income housing and historic tax credit equity investments in over 2,300 properties, making it one of the largest firms in the tax credit industry.