BOSTON — Boston Financial Investment Management has closed its Boston Financial Institutional Tax Credits 55 Limited Partnership (ITC 55), a $221 million Low Income Housing Tax Credit (LIHTC) fund.
ITC 55 comprises 22 tax credit investments, with plans to finance more than 1,800 affordable housing units across 16 multifamily and six senior living communities.
Nine institutional investors from the banking and insurance sectors participated in ITC 55, five of which were new investors with Boston Financial. Additionally, more than 30 percent of the development partners were nonprofit entities.
The fund will provide capital for the new construction and rehabilitation of properties in 13 states: California, Idaho, Louisiana, Massachusetts, Maryland, North Carolina, New Hampshire, New York, Nevada, Texas, Virginia, Washington and Wyoming.
“Boston Financial’s multi-investor strategy is to create inclusive, safe and affordable housing throughout the U.S. by working collaboratively with investors and developers to implement a social impact strategy that serves the unique needs of each community,” says Sarah Laubinger, executive vice president and chief production officer of Boston Financial.
“ITC 55 will not only preserve and create more than 1,800 homes for those earning up to 60 percent of area median income, but also will enrich the lives of residents through the provision of more than $4.2 million in social services designed to close the economic gaps that persist in historically underserved areas,” continues Laubinger. “These services include resources such as technology centers with computer workstations, internet connectivity, tutoring services, career development, recreational programs and healthcare screening, among others.”