Boston Financial Investment Management has announced the closing of a $182 million low-income housing tax credit (LIHTC) fund.
Comprised of 17 tax credit investments, Boston Financial Institutional Tax Credits XLIX Limited Partnership (ITC 49) will help finance over 2,600 units of affordable housing across 11 family and six senior housing communities. The fund will provide needed capital for the new construction and rehabilitation of multifamily properties in 13 states: California, Georgia, Indiana, Iowa, Kentucky, Louisiana, Maryland, Massachusetts, Montana, New Jersey, New York, Pennsylvania, and Washington.
As a result of ITC 49’s investments, an estimated 3,141 temporary and 800 permanent jobs will be created.
Eight institutional investors representing the banking, financial services, and insurance sectors participated in the fund, including four new investors to Boston Financial.
“ITC 49 marks the closing of our second multi-investor fund in 2018. The ownership of ORIX USA, coupled with the strength of our team and platform, has enabled us to continue delivering best-in-class service and expanding our relationships with investors and developers alike,” said Todd Jones, senior vice president of institutional sales, in a statement.
Boston Financial has raised and managed over $11 billion of low‐income housing and historic tax credit equity investments, comprising 2,400 properties and 220,000 units. It is a wholly owned subsidiary of ORIX USA, a diversified financial services company headquartered in Dallas with more than 1,000 employees in 1,000 offices across the United States and Brazil.
