Boston Financial Investment Management (“Boston Financial”) is pleased to announce the closing of a $182 million Low Income Housing Tax Credit (“LIHTC”) fund, Boston Financial Institutional Tax Credits XLIX Limited Partnership (“ITC 49”).
ITC 49 is comprised of 17 tax credit investments, resulting in the financing of over 2,600 units of affordable housing across eleven family and six senior communities. The fund will provide much needed capital for the new construction and rehabilitation of multi-family properties in thirteen states: California, Georgia, Indiana, Iowa, Kentucky, Louisiana, Maryland, Massachusetts, Montana, New Jersey, New York, Pennsylvania and Washington. As a result of ITC 49’s investments, 3,141 temporary and 800 permanent jobs will be created.
Eight institutional investors representing the banking, financial services and insurance sectors participated in ITC 49, including four new investors to Boston Financial.
“ITC 49 marks the closing of our second multi-investor fund in 2018. The ownership of ORIX USA, coupled with the strength of our team and platform, has enabled us to continue delivering best in class service and expanding our relationships with investors and developers alike,” said Todd Jones, Senior Vice President of Institutional Sales.