Boston Financial Investment Management announced the closing of a $145 million low-income housing tax credit (LIHTC) fund.

Boston Financial Institutional Tax Credits XLVIII Limited Partnership (ITC 48) is comprised of 17 tax credit investments, resulting in the financing of over 2,800 units of affordable housing across 11 family and six senior communities. The fund will provide needed capital for the new construction and rehabilitation of multifamily properties in 11 states: Arkansas, California, Florida, Georgia, Kentucky, Louisiana, Maryland, New York, South Carolina, Tennessee, and Washington.

Adams Crossing III, a 48-unit new construction project in Waldorf, Md., by Castle Development Group is among the properties receiving financing under Boston Financial Investment Management’s latest low-income housing tax credit fund.
Adams Crossing III, a 48-unit new construction project in Waldorf, Md., by Castle Development Group is among the properties receiving financing under Boston Financial Investment Management’s latest low-income housing tax credit fund.

As a result of the investments, 3,340 temporary and 864 permanent jobs will be created in the local economies.

Six institutional investors representing the banking, financial services, and insurance sectors participated in ITC 48.

“We are excited to announce the closing of our first multi-investor fund this year and look forward to continuing to build on this momentum in 2018 and beyond,” said Todd Jones, senior vice president of institutional sales.

To date, 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.