Boston Financial has closed its Boston Financial Institutional Tax Credits 62 Limited Partnership (ITC 62), a $237.1 million multi-investor Low-Income Housing Tax Credit (“LIHTC”) fund. ITC 62 is the second largest multi-investor fund the firm has closed since 2006.
Boston Financial secured commitments from eight institutional investors for ITC 62, enabling the deployment of capital with 13 affordable housing developers – nearly 40 percent of which are nonprofit organizations. The fund will provide capital for both new construction and the preservation of 1,527 affordable rental homes in 16 communities across 10 states: California, Connecticut, Kentucky, Maryland, Massachusetts, Missouri, New Jersey, South Carolina, Tennessee, and Texas.
“We are proud to announce the successful closing of ITC 62, a milestone that reflects the continued confidence of our investors and partners in Boston Financial’s mission,” said Rob Golden, CEO of Boston Financial. “This
