Boston Financial secured commitments from seven institutional investors for ITC 63. That number says more than any press release.
The fund enables deployment of capital with 14 affordable housing developers across 16 communities in 12 states. The fund will support the creation or preservation of 1,342 affordable rental homes.
Rob Golden, CEO of Boston Financial, said ITC 63 reflects the strength of relationships built with investor and developer partners over many years. To me, the quiet signal is that seven institutions still signed on at this scale.
Boston Financial is the longest-standing syndicator focused exclusively on affordable housing with more than $16 billion in equity under management. Since the beginning of the LIHTC program in 1986, Boston Financial has worked with more than 200 investors to preserve or build over 420,000 affordable homes.
ITC 63 is expected to create 2,210 new jobs, generate approximately $249 million in wages and business income, and contribute nearly $90 million in tax revenue to local communities. Several developments within the fund will include housing opportunities for seniors, veterans, people with physical or mental disabilities, and formerly unhoused individuals and families.