Boston Financial, the leading syndicator of U.S. Low-Income Housing Tax Credits (LIHTC), recently announced the successful closure of its Boston Financial Institutional Tax Credits 59 Limited Partnership (ITC 59). This $164 million LIHTC fund has received commitments from seven institutional investors, including regional and national banks and insurance companies.
The primary goal of ITC 59 is to support affordable housing development by providing funding to 14 developers across ten states. These funds will be used for constructing new housing units as well as preserving existing properties in a total of 18 communities. As a result, this investment is expected to create approximately 1,980 jobs and generate over $223 million in wages and business income for local communities. Additionally, it is estimated that this project will contribute nearly $77 million in tax revenue.
The properties funded by ITC 59 aim to provide affordable rental homes specifically targeted towards minority communities. Some units within these developments will also cater to seniors, individuals with disabilities, and formerly unhoused individuals.
