Boston Financial Investment Management (“Boston Financial”) is pleased to announce the closing of a $147 million Low Income Housing Tax Credit (“LIHTC”) fund, Boston Financial Institutional Tax Credits 53 Limited Partnership (“ITC 53”).
ITC 53 is composed of 14 tax credit investments, resulting in the financing of more than 1,700 affordable housing units across 12 multifamily and two senior communities. The fund will provide capital for the new construction and rehabilitation of multifamily properties in nine states: California, Georgia, Iowa, Indiana, Louisiana, Massachusetts, New Hampshire, New York, and Ohio. As a result of ITC 53’s investments, approximately 2,000 temporary and 500 permanent jobs will be created.
“Despite the challenges created during the uncertainty of COVID-19, the Boston Financial team has done an incredible job pulling this fund together and is a testament to our commitment to being one of the most respected syndicators of affordable housing,” said Sarah J. Laubinger, Chief Production Officer of Boston Financial. “As we seek to maximize long-term value for stakeholders and foster a culture of collaboration, fiduciary responsibility, and exceptional client service – Boston Financial will continue to serve the evolving needs of our partners through all market conditions.”
“Boston Financial is committed to making a positive impact on communities across the country and is proud of the 50-year legacy that we have built as one of the most sustainable syndicators in the LIHTC industry,” said Greg Voyentzie, Chief Executive Officer of Boston Financial. “It is the commitment of our clients and the unwavering dedication and support of our employees that has established Boston Financial as a national leader in the LIHTC industry.”
Six institutional investors representing the banking and insurance sectors participate in ITC 53, all of which are repeat investors.