Boston Financial has announced the closing of a $191 million multi-investor low-income housing tax credit fund.
Securing commitments from seven institutional investors, Boston Financial Institutional Tax Credits 63 (ITC 63) will support 14 developers across 16 communities in 12 states.
The fund will provide capital for both new-construction and preservation efforts, supporting the creation or preservation of 1,342 affordable rental homes for individuals and families nationwide.
"ITC 63 reflects the strength of the relationships we have built with both our investor and developer partners over many years," said Rob Golden, CEO of Boston Financial. "We are deeply grateful for the trust our investors place in us and for the extraordinary work our developer partners do every day to bring affordable housing to communities across the country. Their commitment, creativity, and perseverance are making a meaningful difference in the lives of thousands of families, and we are honored to work alongside them in addressing our nation's housing challenges."
ITC 63 is expected to create 2,210 new jobs, generate approximately $249 million in wages and business income, and contribute nearly $90 million in tax revenue to local communities. Several developments within the fund will include housing opportunities for seniors, veterans, people with physical or mental disabilities, and formerly unhoused individuals and families.
Since the beginning of the LIHTC program in 1986, Boston Financial has worked with more than 200 investors to preserve or build over 420,000 affordable homes.