Boston Financial Investment Management announced the closing of its first low-income housing tax credit (LIHTC) investment fund, BF Advantaged Tax Credits I.

“We are excited to be back in the syndication business,” said CEO Ken Cutillo in a statement. “The closing of this fund is a tribute to the hard work and dedication of our production group.”

The initial fund closing was $40 million. A second closing of $35 million  ($75 million total fund size) is scheduled to occur Nov. 30.

After the second closing, the fund will have four investors. Three are existing investors with Boston Financial, and one is new to the industry.

“We are extremely happy with the reception we have received from both the low-income housing credit investor and developer groups,” said COO Greg Judge.

Boston Financial was formed in July 2009 through the acquisition of MMA Financial by a partnership of New York real estate firms JEN Partners, LLC, and Real Estate Capital Partners, L.P. It has more than $9.5 billion of assets under management, all involving LIHTCs.