Boston Financial Investment Management has announced the closing of a $147 million low-income housing tax credit (LIHTC) fund.

Boston Financial Institutional Tax Credits 53 Limited Partnership (ITC 53) is comprised of 14 tax credit investments, resulting in the financing of more than 1,700 affordable housing units across 12 multifamily and two senior housing communities. The fund will provide capital for the new construction and rehabilitation of multifamily properties in nine states: California, Georgia, Indiana, Iowa, Louisiana, Massachusetts, New Hampshire, New York, and Ohio.

As a result of ITC 53’s investments, approximately 2,000 temporary and 500 permanent jobs will be created.

Six institutional investors representing the banking and insurance sectors participated in ITC 53, all of which are repeat investors.

A longtime LIHTC syndicator and asset and portfolio manager, Boston Financial has invested over $13.1 billion of equity in housing tax credit properties since 1986 and currently manages a $7.7 billion portfolio comprising over 1,125 properties and 98,110 units, making it one of the largest syndicators in the tax credit industry. It is a subsidiary of ORIX Corporation USA.