Boston Financial has completed the closing of Boston Financial Institutional Tax Credits 63 Limited Partnership, known as ITC 63, a multi-investor Low-Income Housing Tax Credit fund with $191 million in commitments. The firm, which focuses exclusively on affordable housing, positioned the vehicle to channel institutional capital into both new construction and preservation of income-restricted rental housing.
The fund drew participation from seven institutional investors, underscoring ongoing appetite for tax credit strategies tied to affordable housing. With this capital base, ITC 63 is slated to support 14 affordable housing developers across 16 communities in 12 states. According to Boston Financial, the fund will help finance projects that collectively create or preserve 1,342 affordable rental homes.
The capital raised through ITC 63 will be deployed in a mix of ground-up and preservation transactions, reflecting the need to both expand affordable housing supply and extend the useful life of existing assets. While specific property locations and project sizes were not disclosed, the portfolio will span multiple markets nationwide, aligning with the diversified nature of multi-investor LIHTC vehicles.
Boston Financial CEO Rob Golden highlighted the importance of long-term relationships with both institutional investors and affordable housing developers, noting that ITC 63 is the product of engagement built over many years. His comments emphasized the role of these partnerships in consistently delivering tax credit capital to communities where new and preserved units are in demand.
The fund also benefits from the backing of Boston Financial’s parent company, ORIX USA. The firm cited ORIX USA’s balance sheet support as a factor that enhances flexibility and execution capabilities across its affordable housing platform, suggesting additional stability around capital deployment and fund management processes.
One example of the type of work Boston Financial helps finance is the Fitchburg Yarn Mill Apartments in Fitchburg, MA, described as an adaptive reuse project. While not specifically identified as part of ITC 63, the property illustrates how tax credit equity can be used to convert older structures into affordable multifamily housing, combining preservation of existing buildings with the creation of income-restricted units.
With ITC 63 now closed, Boston Financial adds another vehicle to its long-running series of institutional tax credit funds dedicated to the affordable housing sector. The new capital commitments reinforce the role of LIHTC syndicators in aggregating institutional equity and directing it toward developers working to expand and maintain the nation’s stock of affordable rental housing.
