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Boston Financial Ranked #1 Syndicator of Affordable Housing for Four Consecutive Years By NMHC

Patrick Duggan


Boston Financial, one of the longest-standing syndicators of Low-Income Housing Tax Credits (“LIHTC”) in the U.S., has once again been rankedthe largest LIHTC multifamily housing syndicator for the fourth consecutive year by National Multifamily Housing Council (NMHC). The annual ranking highlights the country’s largest affordable apartment owners, managers, developers, builders, and syndicators.

“We are honored to once again be ranked as the largest syndicator of LIHTC homes by NMHC,” said Thomas Paramore, Head of Housing and Community Investments at Boston Financial. “As the ongoing crisis in housing affordability continues to impact communities from coast to coast, the need to develop impactful affordable housing has become even more immediate and critical. We are humbled to work with such trusted investors and developers to be part of the solution, and we thank them for their continued partnership. We also acknowledge and thank the entire Boston Financial team, who work together to execute on our vision of creating a future where everyone has a home, one investment at a time.”

Since the inception of the LIHTC program in 1986, Boston Financial has worked with over 200 investors to preserve or build over 360,000 affordable homes. This year’s #1 ranking also follows the firm’s third straight year of closing over $1 billion in new LIHTC equity. As of January 2024, Boston Financial has over 163,000 affordable rental homes in almost 2,000 communities across all 50 states in its portfolio.

“For many residents of these communities, an affordable home means so much more. Our investments support efforts to increase the supply of housing and contribute to job generation and economic growth in urban and rural communities across the U.S.,” added Noreen Short, Chief Credit Officer.

These are communities like Clara Vista and Iluma in Orange County, the 7th most expensive urban area in the United States. The Iluma and Clara Vista projects are innovative joint redevelopments of two old motels that had fallen into disrepair, transforming them into 130 units of permanent supportive housing for formerly unhoused individuals and families. This development was led by Jamboree — a California-based nonprofit with a proven track record of transforming communities with affordable housing combined with resident services. This type of housing enhances the quality of life for the entire neighborhood by bringing neighbors from homelessness into housing with onsite access to trained professionals who can provide services and support – including case management, life skills education, and opportunities for social connectedness and meaningful activities. In addition to housing, the redevelopment leads to empowerment, well-being, and breaking the cycle of homelessness, with the goal of providing the tools and resources to help individuals regain their independence for a brighter, more stable future.

Boston Financial provides creative capital solutions for affordable housing developers and gives institutional investors an opportunity to achieve solid risk-adjusted returns while creating meaningful social impact. In addition to a core Low-Income Housing Tax Credit syndication business, Boston Financial provides affordable housing preservation equity, impact funds, and U.S. Treasury-certified Community Development Financial Institution (CDFI) lending opportunities.

This year marks the 35th edition of the NMHC Top 50 lists. Apartment owners, managers and syndicators are ranked based on their portfolio holdings (either owned or managed) as of January 1, 2024, while developers and builders are ranked based on the number of units started in 2023.