Boston Financial Investment Management (“Boston Financial”) is pleased to announce the closing of a $205 million Low Income Housing Tax Credit (“LIHTC”) fund, Boston Financial Institutional Tax Credits 52 Limited Partnership (“ITC 52”).
ITC 52 is composed of 23 tax credit investments, resulting in the financing of more than 2,600 affordable housing units across 16 family and seven senior communities. The fund will provide much needed capital for the new construction and rehabilitation of multifamily properties in fourteen states: California, Colorado, Florida, Hawaii, Indiana, Kentucky, Maryland, Massachusetts, Nebraska, New York, Ohio, Texas, Washington and West Virginia. As a result of ITC 52’s investments, 3,081 temporary and 800 permanent jobs will be created.
Six institutional investors representing the banking and insurance sectors are participating in ITC 52, all of which are repeat investors.
“At $205 million, ITC 52 marks the single largest multi-investor fund closing at Boston Financial in the last decade, putting total fiscal year equity closed at north of $800 million. This achievement is truly a testament to the strength of our team and the loyalty of our investor and developer partners,” said Todd Jones, Senior Vice President and Director of Institutional Sales at Boston Financial.
“It is through the dedication of our outstanding employees and the unwavering commitment of our clients that Boston Financial is able to continue building on its legacy of being the most respected investment manager in affordable housing,” said Greg Voyentzie, Chief Executive Officer of Boston Financial. “We are extremely proud of the company we have built over the last 50 years and are grateful for the opportunity to have such a positive impact on communities across the country.”