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Boston Financial Closes $164M LIHTC Fund
Boston Financial, the largest syndicator of U.S. Low-Income Housing Tax Credits (LIHTC), has closed its Boston Financial Institutional Tax Credits 59 Limited Partnership (ITC 59), a $164 million LIHTC fund.
Seven institutional investors, including both regional and national banks and insurance companies, have made commitments to ITC 59. The fund will support 14 affordable housing developers in constructing new housing and preserving existing properties in 18 communities across ten states.
This investment is expected to create nearly 1,980 jobs, generating around $223 million in wages and business income for local communities and nearly $77 million in tax revenue. The properties will offer affordable rental homes in minority communities, with some units designated for seniors, individuals with disabilities, and formerly unhoused individuals.
- ◦Financing
