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Boston Financial Closes $290M Fund to Finance Nearly 3K Affordable Housing Units
Boston Financial Investment Management has closed Boston Financial Institutional Tax Credits 56 Limited Partnership (ITC 56), a $290-million Low Income Housing Tax Credit fund that will finance more than 2,500 affordable housing units across 17 multifamily and six senior living communities in 15 states.
ITC 56 is the single largest multi-investor fund syndicated by Boston Financial in the last 15 years, and it represents the firm’s continued focus on equity initiatives that help new and longstanding investors execute on social impact and diversity and inclusion goals.
ITC 56 will provide capital for both new construction and rehabilitation. Most of its equity will fund the development of communities with a minority population of 50% or greater, and Boston Financial estimates that the investment and development of the resulting properties will lead to the creation of 3,900 jobs.
The development and operating budgets for the properties include $6.4 million for tenant-focused social services for designated locations.
- ◦Financing
