Boston Financial, one of the largest and most established syndicators of low-income housing tax credits (LIHTC) in the United States, has closed its $131 million LIHTC fund, Boston Financial Institutional Tax Credits 58 Limited Partnership (ITC 58).
ITC 58 secured commitments from five institutional investors, including four regional and national banks and a large insurance company, allowing it to deploy capital across 12 developer partnerships.
ITC 58 is the first LIHTC multi-investor fund syndicated by Boston Financial this calendar year. The fund will provide capital for both new construction and the preservation of existing affordable housing properties in 15 communities across nine states: California, Kentucky, Louisiana, Massachusetts, Maryland, Maine, New Jersey, Pennsylvania and Texas.
Boston Financial said the fund represents its ongoing commitment to equity initiatives that enable investors to contribute to meaningful social impact strategies and goals
