Boston Financial closed its Boston Financial Institutional Tax Credits 59 Limited Partnership, a $164 million LIHTC fund.
ITC 59 is the second multi-investor LIHTC fund syndicated by Boston Financial this year, representing an ongoing commitment to provide creative affordable housing capital solutions.
ITC 59 secured commitments from seven institutional investors, including a mix of regional and national banks and insurance companies, allowing it to deploy capital with 14 affordable housing developers – over 40% of which are nonprofit organizations.
The fund will provide capital for both new construction as well as the preservation of 22 affordable housing properties in 18 communities across 10 states: California, Illinois, Kentucky, Louisiana, Massachusetts, Montana, Nevada, North Carolina, Ohio, and Tennessee.
ITC 59 is expected to create nearly 1,980 new jobs, bringing an estimated $223 million in wages and business income to the surrounding communities, as well as almost $77 million in tax revenue. Nearly 70% of the properties will bring affordable rental homes to minority communities, and several properties will have units designated for seniors, persons with physical or mental disabilities, and formerly unhoused people.
