Announcing ITC 57
We are pleased to announce the closing of ITC 57 – our $164 million low-income housing tax credit (LIHTC) fund. ITC 57 will help create and preserve 1,233 affordable homes across 16 communities in 13 states.
The fund is projected to create nearly 2,100 new jobs, bring an estimated $233 million in wages and business income to the surrounding communities, and generate $81 million in federal tax revenue. Six of the properties will bring affordable homes to majority Black, Indigenous, and other People of Color (BIPOC) communities, and four of the properties in the fund will provide supportive services to residents, such as elder care, case management for formerly unhoused people, employment assistance, care for those escaping domestic violence, health and dental care, food and utility assistance, legal assistance, and childcare resources.
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. ITC 57 is Boston Financial’s third LIHTC multi-investor fund closing of the year, following our California-focused $83 million fund in March 2022 and our landmark $290 million ITC 56 fund in April 2022 — the single-largest multi-investor fund syndicated by Boston Financial in the last 15 years.