Boston Financial Investment Management announced the financial closing of a $107 million low-income housing tax credit fund.

Sarah Laubinger
Sarah Laubinger

Boston Financial Institutional Tax Credits 51 (ITC 51) will help finance eight family and five senior housing developments with more than 1,100 units of affordable housing. The properties are in 10 states: California, Delaware, Florida, Georgia, Louisiana, Maine, North Carolina, Oregon, Rhode Island, and Washington.

In addition to the housing, ITC 51 will help create 1,402 temporary and 361 permanent jobs.

“A corporate milestone as significant as Boston Financial’s 50th anniversary next month is only meaningful to the extent that our clients believe in us, the work we do, and the value we add,” said Sarah Laubinger, executive vice president, noting that the firm has closed more than $478 million in 2019 multi-investor and proprietary fund tax credit equity—a 10-year high watermark for this point in the year.

To date, Boston Financial has raised and managed more than $13.1 billion of low‐income housing and historic tax credit equity investments, comprising 2,500 properties and 233,000 units.

Boston Financial is a wholly owned subsidiary of ORIX USA, a diversified financial services company headquartered in Dallas with more than 900 employees in 30 offices across the United States and Brazil.