Boston Financial closes $164m national multi-investor LIHTC fund
Boston Financial has closed Boston Financial Institutional Tax Credits 59 Limited Partnership (ITC 59), a $164 million low-income housing tax credit (LIHTC) fund.
ITC 59 secured commitments from seven institutional investors, including a mix of regional and national banks and insurance companies, allowing it to deploy capital with 14 affordable housing developers — more than 40 percent of whom are nonprofit organizations. The fund will provide capital for both new construction as well as the preservation of 22 affordable housing properties in 18 communities across 10 states: California, Illinois, Kentucky, Louisiana, Massachusetts, Montana, Nevada, North Carolina, Ohio and Tennessee.
ITC 59 is the second multi-investor LIHTC fund syndicated by Boston Financial this year.
“Funding and building affordable housing in the current economy is challenging, with developers facing higher interest rates and expense structures and investors struggling to generate satis