Boston Financial, an Orix company and the longest-standing syndicator focused exclusively on affordable housing, has closed on Boston Financial Institutional Tax Credits 62 Limited Partnership (ITC 62), a $237-million multi-investor Low-Income Housing Tax Credit fund. ITC 62 is the second-largest multi-investor fund the firm has closed since 2006.
The new fund secured commitments from eight institutional investors enabling the deployment of capital with 13 affordable housing developers. It will provide capital for both new construction and the preservation of 1,527 affordable rental homes in 16 communities across California, Connecticut, Kentucky, Maryland, Massachusetts, Missouri, New Jersey, South Carolina, Tennessee and Texas.
“This fund will help finance over a thousand affordable homes for families across the country, reinforcing our longstanding commitment to addressing the nation’s housing crisis and strengthening communities through the power of affordable housing,” said Rob Golden, CEO of Boston Financial.
Thirty-one percent of the properties in the fund will bring affordable rental homes to low-income communities, 56% to moderate-income communities and 13% to high-income communities. These include communities such as The Armory, located in Lynn, MA and being developed by the Lynn Housing Authority and Neighborhood Development Associates.
