Boston Financial Investment Management has announced the closing of a $168 million low-income housing tax credit fund.
Boston Financial Institutional Tax Credits 50 (ITC 50) features 16 tax credit investments, resulting in the financing of over 2,000 affordable housing units across nine family and seven senior communities.
The fund will provide needed capital for the new construction and rehabilitation of multifamily properties in eight states: Alabama, Arizona, California, Florida, Georgia, Hawaii, Pennsylvania and Tennessee. As a result of ITC 50’s investments, an estiamted, 2,442 temporary and 637 permanent jobs will be created.
Nine institutional investors from the banking, financial services, and insurance sectors participated the fund, including one new investor to Boston Financial.
“As we celebrate our 50th anniversary, it is appropriate that we launch the year with the closing of ITC 50,” said Todd Jones, senior vice president of institutional sales, in a statement. “We are extremely proud of the work we have done and the legacy we have established as a company and look forward to continuing to be a positive force in the financing and development of affordable housing across the country. As we embark on the next 50 years, we cannot thank our employees and clients enough for their ongoing confidence and commitment to Boston Financial.”
Boston Financial has raised and managed over $11.4 billion of low‐income housing and historic tax credit equity investments, comprising 2,450 properties and 220,000 units. Boston Financial is a wholly owned subsidiary of ORIX USA, a diversified financial services company headquartered in Dallas.
