Boston Financial Investment Management has announced the closing of a $221 million low-income housing tax credit fund. The firm’s latest fund is comprised of 22 tax credit investments that will finance more than 1,800 affordable housing units across 16 multifamily and six senior-living communities.

Todd Jones
Todd Jones

Nine institutional investors from the banking and insurance sectors are participating in Boston Financial Institutional Tax Credits 55 Limited Partnership (ITC 55), five of which are new investors with Boston Financial. Additionally, more than 30% of the development partners are nonprofit entities, reinforcing Boston Financial’s longstanding commitment to creating strong partnerships with nonprofit developers, said the company.

“We are proud to announce the closing of ITC 55 and the addition of five new investors to the Boston Financial roster,” said Todd Jones, senior vice president, director of institutional sales. “Our ability to continue attracting new investors to our fund offerings is a testament to the strength of our company, the quality of our development and investment partners, and the positive social and economic impact we are having on communities across the country.”

The fund will provide much-needed capital for the new construction or rehabilitation of properties in 13 states: California, Idaho, Louisiana, Massachusetts, Maryland, North Carolina, New Hampshire, New York, Nevada, Texas, Virginia, Washington, and Wyoming.

Boston Financial estimates the fund’s investment and the resulting properties will lead to the creation of approximately 2,170 temporary and 560 permanent jobs.

“ITC 55 will not only preserve and create more than 1,800 homes for those earning up to 60% of the area median income but also will enrich the lives of residents through the provision of more than $4.2 million in social services designed to close the economic gaps that persist in historically underserved areas,” said Sarah Laubinger, executive vice president and chief production officer. “These services include resources such as technology centers with computer work stations, internet connectivity, tutoring services, career development, recreational programs, and health care screening, among others. We feel strongly that affordable housing, when combined with robust social services, helps to build healthier communities, and a better future for all.”