Boston Capital announced the closing of Boston Capital Corporate Tax Credit Fund XLVIII, a nationally diversified portfolio of 15 affordable apartment properties in 14 states with a fund size of $112 million.

Jack Manning
Jack Manning

The low-income housing tax credit (LIHTC) fund includes 12 properties for families, one of which includes units for the chronically homeless, and three properties for seniors. Ten properties are new-construction developments while five will be preserved or rehabilitated, and nearly 70% of the investments are with repeat developer partners.

"Given our nation's growing demand for affordable housing, we are pleased that Fund XLVIII will create and preserve 1,137 homes,” said Jack Manning, Boston Capital president and CEO. “We are especially thankful to our developer and investor partners for helping us address the current affordable housing crisis, by providing homes for families, seniors, and the homeless."

Since January 2019, Boston Capital has raised $821 million in equity for affordable housing. The firm is preparing to launch Corporate Fund XLIX, a $150 million nationally diversified corporate tax credit fund.

Boston Capital is a real estate investment and advisory firm, specializing in equity investments in affordable multifamily housing and market-rate apartment communities.