BOSTON–Boston Financial, the largest syndicator of U.S. Low-Income Housing Tax Credits (“LIHTC”) with a portfolio of over $16 billion in assets under management, announced the closing of Boston Financial Institutional Tax Credits 60 Limited Partnership (“ITC 60”), a $170 million multi-investor LIHTC fund.
Boston Financial secured commitments from six institutional investors for ITC 60, including a mix of regional and national banks and insurance companies, enabling the deployment of capital with 14 affordable housing developers – 30% of whom are nonprofit organizations. The fund will provide capital for both new construction and preservation of 1,418 affordable rental homes in 16 communities across 13 states: California, Illinois, Louisiana, Maine, Maryland, Massachusetts, North Carolina, Pennsylvania, Rhode Island, Tennessee, Texas, Virginia, and Wisconsin.
“At a time when more Americans than ever are facing a lack of affordable housing, it’s critical that we maintain our ongoing commitment to providing affordable housing capital solutions,” said Rob Golden, CEO of Boston Financial. “ITC 60 is the first new LIHTC multi-fund that Boston Financial has closed since I assumed the role of CEO in May of this year, and I am very pleased at this successful closing. I am proud of my team’s hard work in building this fund and grateful for the continued support and trust that our investor partners place in Boston Financial and our platform.”
ITC 60 is expected to create over 2,100 new jobs, bringing an estimated $250 million in wages and business income to surrounding communities, as well as over $90 million in tax revenue. Nearly 45% of the properties will bring affordable rental homes to minority communities, and several properties will have units designated for seniors, veterans, people with physical or mental disabilities, and formerly unhoused families.
“We are in the midst of a protracted affordable housing crisis, with over 22 million households – half of all renters nationwide – spending more than 30% of their income on rent. This burden disproportionately affects very low-income families, seniors, and unhoused people,” added Thomas Paramore, Head of Housing and Community Investments at Boston Financial. “I am honored to be part of a team that works hand-in-hand with investors and developers to create desperately needed affordable housing.”
ITC 60 represents the continued support of Boston Financial’s parent company, ORIX USA, for Boston Financial’s LIHTC platform and commitment to affordable housing.
“We continue to have tremendous support from our parent company, ORIX USA, which provides robust resources to the Boston Financial platform and our fund executions,” Golden said. “It is differentiating and additive to have a parent company aligned with our commitment to tackling our country’s affordable housing challenges. While Boston Financial has one of the most sustainable stand-alone syndication models in our industry, our ability to leverage ORIX USA’s balance sheet and platform is an invaluable advantage in delivering exceptional product offerings for our clients.”
ITC 60 includes communities such as Pointe Common, located in Fullerton, California – in the heart of Orange County – which will provide 65 quality, affordable apartments for households earning between 30% – 70% of the area median income. Developed by Boston Financial’s long-time partner, Meta, Pointe Common is focused on providing affordable housing to families. Over half of the community consists of critically needed 1-, 2-, and 3-bedroom apartments, and features a slate of amenities and services for all residents. Boston Financial has worked with Meta on almost 20 communities, comprising nearly 2,300 affordable homes.
Since the beginning of the LIHTC program in 1986, Boston Financial has worked with over 200 investors to preserve or build over 360,000 affordable homes.
