Boston Financial Investment Management has announced the financial closing of a $205 million low-income housing tax credit (LIHTC) fund.
Boston Financial Institutional Tax Credits 52 Limited Partnership (ITC 52) is composed of 23 tax credit investments, resulting in the financing of more than 2,600 affordable housing units across 16 family and seven senior housing communities. The fund will provide needed capital for the new construction and rehabilitation of these properties, which are located in 14 states: California, Colorado, Florida, Hawaii, Indiana, Kentucky, Maryland, Massachusetts, Nebraska, New York, Ohio, Texas, Washington, and West Virginia. As a result of ITC 52's investments, 3,081 temporary and 800 permanent jobs will be created.
Six institutional investors representing the banking and insurance sectors are participating in ITC 52, all of which are repeat investors, according to the company.
"At $205 million, ITC 52 marks the single-largest multi-investor fund closing at Boston Financial in the last decade, putting total fiscal year equity closed at north of $800 million,” said Todd Jones, senior vice president and director of institutional sales, in a statement. “This achievement is truly a testament to the strength of our team and the loyalty of our investor and developer partners.”
To date, Boston Financial has raised and managed over $13.6 billion in LIHTC and historic tax credit equity investments, comprising 2,600 properties and 239,000 units. Boston Financial is a wholly owned subsidiary of ORIX USA, a diversified financial services company.
