Boston Financial Investment Management (“Boston Financial”) is pleased to announce the closing of a $107 million Low Income Housing Tax Credit (“LIHTC”) fund, Boston Financial Institutional Tax Credits 51 Limited Partnership (“ITC 51”).
ITC 51 is composed of 13 tax credit investments, resulting in the financing of over 1,100 units of affordable housing across eight family and five senior communities. The fund will provide much needed capital for the new construction and rehabilitation of multi-family properties in ten states: California, Delaware, Florida, Georgia, Louisiana, Maine, North Carolina, Oregon, Rhode Island and Washington. As a result of ITC 51’s investments, 1,402 temporary and 361 permanent jobs will be created.
“A corporate milestone as significant as Boston Financial’s 50th Anniversary next month is only meaningful to the extent that our clients believe in us, the work we do, and the value we add. As such, it is with tremendous pride and gratitude that we celebrate the closing of ITC 51 and Boston Financial’s continued growth. To date, we have closed more than $478 million in 2019 multi-investor and proprietary fund tax credit equity — a ten year high watermark for this point in the year. As one of the most respected and sustainable syndicators in the market, the Boston Financial team works tirelessly on behalf of our investor and developer partners to earn their trust and confidence while improving the communities we serve together,” said Sarah Laubinger, Executive Vice President.