NEWS HEADLINES

Boston Capital Closes $224.5 Million Fund

By Donna Kimura

Boston Capital announced the closing of Boston Capital Tax Credit Fund XXXII, a portfolio of 36 affordable housing properties in 16 states with a total fund size of $224.5 million.

The properties acquired by the fund will add an additional 3,581 apartment units to Boston Capital’s holdings, which total 162,677 apartments.  The properties are in Arizona, California, Connecticut, Kentucky, New Jersey, New York, Massachusetts, Maine, Oklahoma, Oregon, Tennessee, Texas, Utah, Virginia, Washington, and West Virginia.

“At a challenging time for the U.S. economy and the credit markets, we are very pleased to close a fund consisting of high-quality assets and strong investor interest in these assets,” said Jack Manning, president and CEO, in a statement. “We believe the increased investor interest in this fund and our subsequent offerings is an indicator of the economic recovery.”

Boston Capital recently launched Fund XXXIII, a $275 million fund expected to close in mid-2010.  The firm also continues to close business with its proprietary fund relationships.