Boston Financial Investment Management (BFIM) has announced the closing of a $152 million low‐income housing tax credit fund.
BFIM Strategic Housing Fund 1 (SHF1) features 16 affordable housing developments—11 family and five senior properties—that provide 1,620 units of affordable housing. The properties are in California, Connecticut, Florida, Georgia, Massachusetts, Maryland, New York, North Carolina, Pennsylvania, Texas, and Washington, D.C.
As a result of SHF1’s investments, more than 1,900 temporary and 500 permanent jobs will be created. Five institutional investors participated in the fund.
“The closing of SHF1 is a testament to Boston Financial’s ongoing commitment to the creation of affordable housing across the nation,” said Greg Voyentzie, executive vice president, in a statement.
He and Sarah Laubinger, executive vice president, co-lead the firm’s syndication group.
Boston Financial has assets under management of approximately $8.4 billion representing investments in 120 tax credit funds.