Boston Financial Investment Management (“Boston Financial”) is pleased to announce the closing of a $173 million Low Income Housing Tax Credit (“LIHTC”) fund, Boston Financial Institutional Tax Credits 54 Limited Partnership (“ITC 54”).
ITC 54 is composed of 19 tax credit investments and will finance more than 1,500 affordable housing units across 16 multi-family and three senior living communities. The fund will provide much-needed capital for new construction and rehabilitation of multi-family properties in 12 states: Arkansas, Arizona, California, Florida, Illinois, Kentucky, Louisiana, Massachusetts, North Carolina, New Hampshire, Pennsylvania, and Virginia. Boston Financial estimates ITC 54’s investment and the resulting projects will lead to the creation of approximately 1,900 temporary and 470 permanent jobs.
Six institutional investors from the banking and insurance sectors participated in ITC 54, all of whom were repeat investors in Boston Financial funds.
“Amid unprecedented times, it has been incredible to witness the perseverance of our industry in navigating the many challenges presented by the pandemic,´ said Todd Jones, Senior Vice President, Director of Institutional Sales. “We are proud of our ongoing commitment to preserve and expand affordable housing across the country and thank our many investor and developer partners for supporting us in this important effort.”
“There is a vast and growing demand for affordable housing across the U.S., only heightened by the COVID-19 pandemic. Residents are struggling financially and the last fifteen months have presented LIHTC stakeholders with a tremendous opportunity to provide much-needed assistance to residents. To that end, we participated in a number of corporate social responsibility initiatives to help improve the lives of residents and empower them to greater social and economic mobility. For example, by establishing a Community Benefit Reserve in each of our two national multi-investor funds, including ITC 54, Boston Financial and our investment partners were able to provide ancillary resident services including, financial literacy training, digital access and training, as well as English as a Second Language classes,” added Sarah Laubinger, Executive Vice President, Chief Production Officer.
About Boston Financial Investment Management:
Founded in 1969 and acquired by ORIX Corporation USA in 2016, Boston Financial is a national leader in the LIHTC industry, with a proven track record in syndication services as well as asset and portfolio management. Boston Financial currently manages a $15 billion portfolio comprising over 2,300 properties, making Boston Financial one of the largest and most experienced syndicators in the tax credit industry.