Boston Financial closes low-income housing tax credit fund
Boston Financial Investment Management has closed its $83 million Low Income Housing Tax Credit (LIHTC) fund, Boston Financial California Fund II, Limited Partnership (BF CA II).
BF CA II attracted four new investors to Boston Financial out of the eight that participated in the fund. In addition, the six developers included several new partners, including one of the largest nonprofit housing organizations in the western United States.
BF CA II is Boston Financial’s first California-focused fund in nearly 30 years, and it will provide essential capital for the construction and rehabilitation of properties in the state. BF CA II is composed of eight tax credit investments that will finance more than 600 affordable housing units of six multifamily properties and two senior living communities for those across the state earning up to 60 percent of area median income.
Boston Financial said the development and operating budgets for the properties include $6.2 million