Boston Financial has closed a $131 million Low-Income Housing Tax Credit (LIHTC) fund called Institutional Tax Credits 58 Limited Partnership (ITC 58), which looks to create 1,081 affordable homes in 15 communities across nine states.  

Over 1,517 new jobs are expected to be created by ITC 58, contributing approximately $170 million in wages and business income to the neighboring communities, along with close to $59 million in tax revenue. Additionally, nearly 70% of the properties will provide affordable housing to predominantly Black, Indigenous, and other people of color (BIPOC) communities. Furthermore, certain properties will have units designated for veterans, seniors, individuals with physical and mental disabilities, and formerly homeless individuals. 

“Successfully closing this fund in the current economic environment speaks to the extraordinary commitment of our capital partners and the Boston Financial team,” said Todd D. Jones, senior managing director and head of tax credit equity production at Boston Financial.