Boston Financial Investment Management Update 09/23/21

Boston Financial Closes $221M Fund

Boston Financial Investment Management (“Boston Financial”) has announced the closing of Boston Financial Institutional Tax Credits 55 Limited Partnership (“ITC 55”), a $221 million Low Income Housing Tax Credit (“LIHTC”) fund. ITC 55 is comprised of 22 tax credit investments that will 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% of the development partners were non-profit entities, reinforcing Boston Financial’s longstanding commitment to creating strong partnerships with non-profit developers.

“We are proud to announce the closing of ITC 55 and the addition of five new investors to the Boston Financial roster,” said Todd Jones, Senior Vice President, Director of Institutional Sales at Boston Financial. “Our ability to continue attracting new investors to our fund offerings is a testament to the strength of our company, the quality of our development and investment partners, and the positive social and economic impact we are having on communities across the country.”

The fund will provide much-needed 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 estimates ITC 55’s investment and the resulting properties will lead to the estimated creation of approximately 2,170 temporary and 560 permanent jobs throughout the United States.

“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,” added 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% 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. These services include resources such as technology centers with computer work stations, internet connectivity, tutoring services, career development, recreational programs and healthcare screening, among others. We feel strongly that affordable housing, when combined with robust social services, helps to build healthier communities and a better future for all.”

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