Boston Financial Investment Management (Boston Financial) announced the closing of a $145 million low-income housing tax credit (LIHTC) fund, Boston Financial Institutional Tax Credits XLVIII Limited Partnership (ITC 48).
ITC 48 is comprised of 17 tax credit investments, resulting in the financing of over 2,800 units of affordable housing across 11 family and six senior communities. The fund will provide much needed capital for the new construction and rehabilitation of multifamily properties in 11 states: Arkansas, California, Florida, Georgia, Kentucky, Louisiana, Maryland, New York, South Carolina, Tennessee and Washington. As a result of ITC 48’s investments, 3,340 temporary and 864 permanent jobs will be created in the local economies.
Six institutional investors representing the banking, financial services and insurance sectors participated in ITC 48.
“We are excited to announce the closing of our first multi-investor fund this year and look forward to continuing to build on this momentum in 2018 and beyond. Having syndicated more than $11 billion in equity over the past 32 years, Boston Financial continues to distinguish itself from the competition with its best-in-class service and successful track record, which is something we are extremely proud of,” said Todd Jones, Senior Vice President of Institutional Sales.
“As a proven leader in affordable housing, Boston Financial continues to build on its legacy of creating high-quality funds comprised of assets in strong real estate markets. Given the strength of our parent company, ORIX USA, and our many valued investor and developer partners, Boston Financial is positioned better than ever to provide capital that advances the development of affordable housing across the country,” said Sarah Laubinger, Executive Vice President of Equity Production.