Boston Capital announced the financial closing of its $84 million California Corporate Tax Credit Fund IX, a portfolio of six affordable apartment properties for families in the state.
Two properties are new construction developments while four will be preserved or rehabilitated.
Included in the fund are The Dahlia, featuring 56 units of housing for homeless individuals and those at risk of homelessness in Los Angeles; The Hamlin Hotel, which offers 67 units of housing for homeless individuals in San Francisco; and Woodlands II, which includes 20 units of housing for families in Redding, an area affected by the Northern California wildfires in 2018. The Carr Fire in Shasta County, where Redding is located, burned 230,000 acres and 1,600 structures, including 1,100 homes. The low-income housing tax credit (LIHTC) fund also includes apartment communities in Pacoima and Pico Rivera, both in Los Angeles County, as well as San Diego.
"With its severe shortage of affordable housing and a growing homeless population, creating and preserving affordable housing in California continues to be a focus for Boston Capital," says Jack Manning, president and CEO of Boston Capital. "During this unprecedented heath and economic crisis, it's more important than ever that we continue to invest in affordable housing. We are especially thankful to our developer and investor partners for helping us address the critical need for affordable housing in California, through the creation and preservation of homes for families and the homeless."
The properties acquired by California Tax Credit Fund IX add 575 apartment units to Boston Capital's holdings. Since January 2019, the LIHTC syndicator and real estate investment and advisory firm, has raised $1.27 billion in equity for affordable housing. Boston Capital has launched Corporate Fund XLIX, a $115 million nationally diversified fund expected to close in the third quarter of 2020.
