Boston Financial Investment Management has closed a $173 million low-income housing tax credit (LIHTC) fund that will help finance more than 1,500 affordable housing units across 16 family and three senior housing communities.
Boston Financial Institutional Tax Credits 54 Limited Partnership (ITC 54) will provide capital for the construction or rehabilitation of properties in 12 states: Arkansas, Arizona, California, Florida, Illinois, Kentucky, Louisiana, Massachusetts, North Carolina, New Hampshire, Pennsylvania, and Virginia.
Boston Financial estimates ITC 54’s investment and the resulting projects will lead to the creation of approximately 1,900 temporary and 470 permanent jobs.
Six institutional investors from the banking and insurance sectors participated in ITC 54, all of whom were repeat investors in Boston Financial funds.
“Amid unprecedented times, it has been incredible to witness the perseverance of our industry in navigating the many challenges presented by the pandemic,” said Todd Jones, senior vice president, director of institutional sales. “We are proud of our ongoing commitment to preserve and expand affordable housing across the country and thank our many investor and developer partners for supporting us in this important effort.”
In addition, Boston Financial participated in a number of corporate social responsibility initiatives to help improve the lives of residents and empower them to greater social and economic mobility. These efforts included establishing a community benefit reserve in two national multi-investor funds, including ITC 54. With its investment partners, the company was able to provide ancillary resident services including, financial literacy training, digital access and training, as well as English as a second language classes, said Sarah Laubinger, executive vice president, chief production officer.
Boston Financial is a national leader with a track record in syndication services as well as asset and portfolio management. The firm manages a $15 billion portfolio comprising over 2,300 properties.
