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Boston & New England  + Boston  + Finance  | 
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Boston Financial Closes $290M Fund to Finance Nearly 3K Affordable Housing Units

Boston Financial Investment Management has closed Boston Financial Institutional Tax Credits 56 Limited Partnership (ITC 56), a $290-million Low Income Housing Tax Credit fund that will finance more than 2,500 affordable housing units across 17 multifamily and six senior living communities in 15 states.

ITC 56 is the single largest multi-investor fund syndicated by Boston Financial in the last 15 years, and it represents the firm’s continued focus on equity initiatives that help new and longstanding investors execute on social impact and diversity and inclusion goals.

ITC 56 will provide capital for both new construction and rehabilitation. Most of its equity will fund the development of communities with a minority population of 50% or greater, and Boston Financial estimates that the investment and development of the resulting properties will lead to the creation of 3,900 jobs.

The development and operating budgets for the properties include $6.4 million for tenant-focused social services for designated locations.


Inside The Story

Boston Financial Investment Management

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Financing
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