Boston Financial Investment Management (Boston Financial) announces the closing of a $105 million low-income housing tax credit fund, Boston Financial Institutional Tax Credits XLVII Limited Partnership (ITC 47).
ITC 47 consists of eight tax credit properties resulting in 1,900 units within six family and two senior communities. The properties are located in eight states: Iowa, Georgia, Kentucky, North Carolina, South Carolina, South Dakota, Tennessee and Washington. As a result of ITC 47’s investments, 2,294 temporary and 575 permanent jobs will be created.
Four institutional investors representing the banking, insurance and financial services sectors participated in ITC 47.
“We are very thankful to our investor and developer partners for choosing Boston Financial. We recognize there are a lot of options when it comes to choosing a syndicator and many considerations come into play, i.e. pricing, deal terms, ancillary conditions, execution, and relationships. All things considered, investors and developers alike continue to entrust the Boston Financial team with their syndication needs. Our best-in-class client service and successful track record continues to distinguish Boston Financial from the competition,” said Sarah Laubinger.
“The low-income housing tax credit continues to be one of the most successful housing programs in our nation’s history. As a proven leader in affordable housing, Boston Financial is proud to be able to continue to create new funds, such as ITC 47, which facilitate the development of safe, affordable housing nationwide. These new homes will have a positive impact on families, communities and the country for years to come,” said Greg Voyentzie.
Sarah and Greg, both Executive Vice Presidents, co-lead Boston Financial’s syndication group and have worked in the low-income housing tax credit industry for over 20 years.