B
oston Financial, a leading syndicator of U.S. Low-Income Housing Tax Credits (LIHTCs), has closed its $170 million multi-investor fund, Boston Financial Institutional Tax Credits 60 Limited Partnership (ITC 60). The fund will provide capital for 14 affordable housing developers, including 30% nonprofit organizations, to build or preserve 1,418 rental homes in 16 communities across 13 states.

    Boston Financial secured commitments from six institutional investors, enabling the deployment of capital with a focus on new construction and preservation. This effort is expected to create over 2,100 jobs, generating $250 million in wages and business income for surrounding communities, as well as $90 million in tax revenue.

    The fund prioritizes affordable housing for minority communities, seniors, veterans, people with disabilities, and formerly unhoused families. "At a time when more Americans face a lack of affordable housing, it's critical that we maintain our commitment to providing capital solutions," said Rob Golden, CEO of Boston Financial.

    ITC 60 represents the continued support of Boston Financial's parent company, ORIX USA, for its LIHTC platform and commitment to affordable housing. The fund includes communities such as Pointe Common in Fullerton, California, which will provide 65 quality, affordable apartments for households earning between 30% - 70% of the area median income.

    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. "I am proud of my team's hard work in building this fund and grateful for our investor partners' continued support," Golden said.