Boston Financial Investment Management has closed a $205 million Low Income Housing Tax Credit (LIHTC) fund, Boston Financial Institutional Tax Credits 52 Limited Partnership (ITC 52).
The fund 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 capital for the new construction and rehabilitation of multifamily properties in fourteen states, including New York.
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.