Boston Financial Investment Management announced the closing of its latest low-income housing tax credit fund.
Boston Financial Institutional Tax Credits XXXVIII was offered at $130 million in June, with a simultaneous closing of all seven investors Sept. 24.
The fund is comprised of a diversified portfolio of assets, including 20 operating partnerships, totaling nearly 1,800 units of affordable housing in 13 states. These properties will provide affordable housing to approximately 6,000 low-income seniors and families while generating approximately 1,500 temporary and 350 permanent jobs.
“This marks the third consecutive multi-investor fund closing since our return to the syndication market as Boston Financial in 2010 and speaks volumes about the level of confidence and commitment our developer and investor clients have in our business model,” said CEO Ken Cutillo in a statement.