close
close

Apre-salomemanzo

Breaking: Beyond Headlines!

    • Boston Financial raises 0 million for affordable housing fund
    aecifo

    Boston Financial raises $170 million for affordable housing fund

    Umito Posted on

    Boston Financial has raised a total of $170 million from its fund that will deploy capital to support affordable housing.

    Boston Financial Institutional Tax Credits 60 Limited Partnership (ITC 60) has attracted six institutional investors. Now closed, the fund has received support from banks and insurance companies. The capital is expected to go to 14 affordable housing developers, 30% of which represent nonprofit organizations.

    ITC 60 aims to create 1,418 housing units in 16 communities. They are located in 13 states, including North Carolina, Pennsylvania, Rhode Island, Tennessee, Texas, Virginia, California, Illinois, Louisiana, Maine, Wisconsin, Maryland, and Massachusetts .

    One residential community listed by Boston Financial that will be impacted by the fund includes Fullerton, Calif., Pointe Common. There, households earning between 30 and 70 percent of the area median income will have access to 65 “quality, affordable apartments,” according to the company.

    In addition to affordable housing, ITC 60 is expected to generate more than $90 million in tax revenue, increase business revenues and wages by approximately $250 million, and create more than 2,100 employment opportunities. job.

    “At a time when more and more Americans are facing a lack of affordable housing, it is critical that we maintain our ongoing commitment to providing affordable housing solutions,” Rob Golden, CEO of Boston Financial, said in a press release.

    “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 with this successful closing. I am proud of my team’s hard work to build this fund. funds and grateful for the continued support and trust our investor partners place in Boston Financial and our platform.

    The move builds on Boston Financial’s track record in affordable housing. He continued to work on Meta, which developed Pointe Common. Together, the two have helped create nearly 2,300 affordable housing units in nearly 20 communities.

    The latest fund is part of the company’s low-income housing tax credit program, originally launched in 1986. Since then, Boston Financial has preserved or built more than 360,000 affordable housing units with more than 200 investors.

    Umito
    View all posts

    You Might Also Like