Boston Capital announced the closing of its latest low-income housing tax credit (LIHTC) fund, a diversified portfolio of 15 affordable housing properties in seven states.
The $112 million Boston Capital Corporate Tax Credit Fund XLVI includes nine properties for families, five properties for seniors, and one property serving those with special needs, including homelessness.
"Given the critical demand for affordable housing across the country, we are pleased that this fund will create or preserve more than 1,100 homes for families, seniors, the homeless, and those with special needs," said Jack Manning, president and CEO of Boston Capital.
The properties acquired by Fund XLVI add 1,123 apartment units to Boston Capital's holdings. Since January 2018, the national LIHTC syndicator has raised $779 million in equity. Boston Capital is preparing to launch Corporate Fund XLVII, a $150 million fund, in the second quarter of 2019.
"In addition to creating and preserving high-quality affordable homes for residents, Boston Capital's investments impact communities by generating income, tax revenue, and other sources of revenue for local governments by creating much-needed jobs and spurring economic development. These positive impacts demonstrate both the success and necessity of the LIHTC program," added Manning.
