Boston Financial Closes $164 Million LIHTC Fund| Housing Finance Magazine

Imagine Housing’s 76-unit Samma Senior Apartments in Bothell, Washington, is among the developments set to receive financing through Boston Financial’s latest housing tax credit fund.
Imagine Housing’s 76-unit Samma Senior Apartments in Bothell, Washington, is among the developments set to receive financing through Boston Financial’s latest housing tax credit fund.

Boston Financial has announced the closing of a $164 million low-income housing tax credit (LIHTC) fund, the third syndicated by the firm this year.

Boston Financial Institutional Tax Credits 57 (ITC 57) will provide capital for the new construction and preservation of existing affordable housing properties in 16 communities in 13 states: Arizona, California, Delaware, Florida, Kentucky, Massachusetts, Montana, Ohio, Rhode Island, Tennessee, Texas, Virginia, and Washington.

Six properties will bring affordable homes to majority Black, Indigenous, and people of color (BIPOC) communities, and one property will have 20% of its units designated for persons with disabilities.

In addition, four properties included in the fund will provide fully funded supportive services for residents, including elder care, case management for formerly unhoused people, employment assistance, care for those escaping domestic violence, health and dental care, food and utility assistance, legal assistance, and child care resources. One of these communities, Samma Senior Apartments in Bothell, Washington, which is run by nonprofit Imagine Housing, will bring 76 new affordable homes to the community, as well as on-site case management for formerly homeless households, resources and referrals for employment assistance, domestic violence support, child care resources, and more, all at no cost to the residents.

ITC 57 features 14 developer partners, including two new partners to the firm. The fund is expected to help build or preserve 1,233 homes and create nearly 2,100 new jobs, bringing an estimated additional $233.4 million in wages and business income to the surrounding communities, as well as over $81 million in federal tax revenue.

The fund has secured commitments from six investors, one of whom is new to Boston Financial.

“As we navigate an increasingly complex deal-making landscape while continuing to maintain quality fund offerings for our investors, Boston Financial could not be more satisfied and grateful for the collaboration and commitment of our developer and investor partners,” said Todd Jones, head of tax credit equity production at Boston Financial. “It’s the resiliency of these partners that enables us to continue tackling the tremendous affordable housing crisis across the country—even in the midst of the many micro and macroeconomic challenges communities are facing at this time.”

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. ITC 57 is Boston Financial’s third LIHTC multi-investor fund closing of the year, following the California-focused $83 million fund in March and the landmark $290 million ITC 56 fund in April, the single-largest multi-investor fund syndicated by Boston Financial in the last 15 years.

Founded in 1969 and acquired by ORIX Corporation USA in 2016, Boston Financial is one of the largest LIHTC syndicators in the country, managing a $15.8 billion portfolio comprising over 2,100 properties.

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