**Boston Financial Closes $237M Multi-Investor LIHTC Fund**
Boston Financial, a subsidiary of Orix and recognized as the longest-standing syndicator focused exclusively on affordable housing, has announced the closure of its latest Low-Income Housing Tax Credit (LIHTC) fund. The fund, named Boston Financial Institutional Tax Credits 62 Limited Partnership (ITC 62), totals $237 million, marking the company’s second-largest multi-investor fund closed since 2006.
The fund garnered commitments from eight institutional investors and will be used to deploy capital among 13 affordable housing developers. These investments will support both new construction and the preservation of 1,527 affordable rental homes across 16 communities in the United States. The states slated to benefit include California, Connecticut, Kentucky, Maryland, Massachusetts, Missouri, New Jersey, South Carolina, Tennessee, and Texas.
“This fund will help finance over a thousand affordable homes for families across the country, reinforcing our longstanding 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 company, 31 percent of the properties funded through ITC 62 will be located in low-income communities, 56 percent in moderate-income areas, and 13 percent in high-income neighborhoods. One notable project is The Armory in Lynn, Massachusetts, which is being developed by the Lynn Housing Authority and Neighborhood Development Associates.
This latest fund reflects Boston Financial’s continued dedication to leveraging private capital to address the nationwide need for safe and affordable housing.
