Boston Financial Closes $237M LIHTC Fund to Finance Over 1,500 Affordable Homes

Boston Financial has closed Boston Financial Institutional Tax Credits 62 Limited Partnership (ITC 62), a $237.1 million multi-investor Low-Income Housing Tax Credit (LIHTC) fund — its second-largest multi-investor fund since 2006. Backed by eight institutional investors, ITC 62 will finance or preserve 1,527 affordable rental homes across 10 states, including California, Connecticut, Kentucky, Maryland, Massachusetts, Missouri, New Jersey, South Carolina, Tennessee, and Texas. Nearly 40% of the developments will be led by nonprofit organizations. 

The fund is projected to generate more than 2,400 jobs, $275 million in wages and business income, and $99 million in tax revenue for surrounding communities. Notably, the fund includes The Armory in Lynn, Massachusetts, developed by the Lynn Housing Authority and Neighborhood Development Associates, which will provide 52 new affordable homes specifically for veterans. 

“This fund will help finance over a thousand affordable homes for families across the country, reinforcing our long-standing commitment to addressing the nation’s housing crisis and strengthening communities through the power of affordable housing,” said Rob Golden, CEO of Boston Financial. 

According to the firm, 31% of the properties in ITC 62 will serve low-income communities, 56% moderate-income areas, and 13% higher-income communities.

Founded in 1969 and acquired by ORIX Corporation USA in 2016, the firm manages a $16.2 billion portfolio across nearly 1,900 properties nationwide. 

Pictured: The Armory development. Credit Lynn Housing Authority & Neighborhood Development