Boston Financial has closed a $131 million Low-Income Housing Tax Credit (LIHTC) fund, Institutional Tax Credits 58 Limited Partnership (ITC 58), which is set to create 1,081 affordable homes in 15 communities across nine states. This fund is expected to generate over 1,517 new jobs and contribute approximately $170 million in wages and business income as well as close to $59 million in tax revenue. Additionally, 70% of the properties will provide affordable housing for predominantly Black Indigenous People of Color (BIPOC) communities with certain units designated for veterans, seniors individuals with physical or mental disabilities and formerly homeless individuals.
Senior Managing Director & Head of Tax Credit Equity Production at Boston Financial Todd D Jones commented “Successfully closing this fund amidst the current economic environment speaks volumes about our capital partners’ commitment along with that of our team at Boston Financial”
