Boston Financial Raises $170M for LIHTC Fund
Boston Financial closed its $170 million multi-investor U.S. Low-Income Housing Tax Credit (LIHTC) fund, Boston Financial Institutional Tax Credits 60 Limited Partnership (ITC 60).
The fund will provide capital for both new construction and preservation of 1,418 affordable rental homes in 16 communities across 13 states, including California, Illinois, Louisiana, Maine, Maryland, Massachusetts, North Carolina, Pennsylvania, Rhode Island, Tennessee, Texas, Virginia, and Wisconsin.
“At a time when more Americans than ever are facing a lack of affordable housing, it’s critical that we maintain our ongoing commitment to providing affordable housing capital solutions,” said Rob Golden, CEO of Boston Financial, who took the helm in May.
ITC 60 is projected to generate over 2,100 new jobs, contributing over $250 million in wages and business income to adjacent areas, along with more than $90 million in tax revenue, according to Boston Financial.
Approximately 45% of the properties will provide affordable rental housing for minority communities, with several properties allocated for seniors, veterans, those with physical or mental disabilities, and formerly unhoused families.
“We are in the midst of a protracted affordable housing crisis, with over 22 million households – half of all renters nationwide – spending more than 30% of their income on rent. This burden disproportionately affects very low-income families, seniors, and unhoused people,” added Thomas Paramore, head of housing and community investments at Boston Financial.
Boston Financial manages a $16.2 billion portfolio consisting of nearly 1,900 properties. Since the beginning of the LIHTC program in 1986, The firm has worked with over 200 investors to preserve or build over 360,000 affordable homes.
