Boston Financial closes its third low-income housing tax credits fund this year

Boston Financial, one of the largest syndicators of Low-Income Housing Tax Credits (LIHTC) in the United States, has closed its $164 million Boston Financial Institutional Tax Credits 57 Limited Partnership (ITC 57) vehicle. ITC 57 secured commitments from six investors — one of which is new to Boston Financial.

ITC 57 is the third LIHTC fund syndicated by Boston Financial in 2022. The LIHTC fund will provide capital for the construction and preservation of existing affordable housing properties in 16 communities in Arizona, California, Delaware, Florida, Kentucky, Massachusetts, Montana, Ohio, Rhode Island, Tennessee, Texas, Virginia and Washington state. Boston Financial said six of the properties in ITC 57 will bring affordable homes to majority Black, Indigenous and people of color (BIPOC) communities, and one property will have 20 percent of its units designated for persons with disabilities. In addition, four of the properties included in ITC 57 will provide fully fun