Boston Financial Investment Management marks a milestone with its 50th anniversary.
It’s the first affordable housing syndicator to celebrate 50 years in business, according to company officials at the end of November.
Boston Financial was founded in 1969 as a private partnership providing investment opportunities in affordable, multifamily real estate for individual investors. The first project Boston Financial financed, the 400-unit Meadowbrook Village in Fitchburg, Mass., is still in operation.
By the mid-1980s, the firm had raised more than $800 million and invested in more than 550 properties nationwide. In 1987, it became the first company to introduce a public low-income housing tax credit (LIHTC) fund on Wall Street and, in 1991, became one of the first syndicators to offer a LIHTC fund for institutional investors, said company leaders.
Today, Boston Financial remains a top LIHTC syndicator having invested more than $13 billion of equity in more than 2,600 properties to help provide a safe and affordable place to live for nearly 1 million people in 48 states and the U.S. territories.
In 2016, the company became a subsidiary of ORIX USA.
“Fifty years is a remarkable milestone for any company and a unique accomplishment in the affordable housing industry,” said CEO Gregory Voyentzie in a statement. “We’ve come a long way since 1969, and we’ve done it by fostering a culture of collaboration, fiduciary responsibility, and exceptional service. We are fortunate to have forged so many successful relationships with investors and developers and consistently produced excellent results for our clients.”
