Boston Financial Investment Management has closed its Boston Financial Institutional Tax Credits 56 Limited Partnership (ITC 56), a $290 million low-income housing tax credit fund.
The majority of the institutional investors who participated in ITC 56 already had an existing relationship with Boston Financial, while one-third of the investors represented $100 million in new investor capital.
ITC 56, the single largest multi-investor fund syndicated by Boston Financial in the last 15 years, is composed of 23 tax credit investments that will finance the new construction and rehabilitation of more than 2,500 affordable housing units across 17 multifamily and six senior living communities in 15 states.
“There is a continued need for affordable housing that has been exacerbated by economic factors including rising inflation and disproportional wage growth, and ITC 56 underscores our firm’s and our clients’ continued commitment to address that need,” said Todd
