Boston Financial Closes $164M LIHTC Fund to Support Affordable Housing in 13 States

Boston, MA-based Boston Financial, a syndicator of Low-Income Housing Tax Credits has closed the Boston Financial Institutional Tax Credits 57 Limited Partnership, a $164 million LIHTC fund.

ITC 57 will provide capital for the new construction and preservation of existing affordable housing properties in 16 communities in 13 states: AZ, CA, DE, FL, KY, MA, MT, OH, RI, TN, TX, VA, and WA.

The fund has secured commitments from six investors, one of whom is new to Boston Financial. Similarly, it attracted fourteen developer partners, including two new partners to the firm.

“It’s the resiliency of these partners that enables us to continue tackling the tremendous affordable housing crisis across the country – even in the midst of the many micro and macro-economic challenges communities are facing at this time,” said Todd Jones, head of tax credit equity production at Boston Financial.

ITC 57 is the third LIHTC fund syndicated by Boston Financial this year and represents the firm’s ongoing commitment to equity initiatives that enable investors to contribute to meaningful social impact strategies and goals in affordable housing developments across the country.

The fund is expected to create nearly 2,100 new jobs, bringing an estimated additional $233.4 million in wages and business income to the surrounding communities, as well as over $81 million in federal tax revenue.