Boston Financial Closes $191MM National LIHTC Fund

Boston Financial secured commitments from seven institutional investors for ITC 63, enabling the deployment of capital with 14 affordable housing developers across 16 communities in 12 states. The fund will provide capital for both new construction and preservation efforts, supporting the creation or preservation of 1,342 affordable rental homes for individuals and families nationwide. 

“ITC 63 reflects the strength of the relationships we have built with both our investor and developer partners over many years,” said Rob Golden, CEO of Boston Financial. “We are deeply grateful for the trust our investors place in us and for the extraordinary work our developer partners do every day to bring affordable housing to communities across the country. Their commitment, creativity, and perseverance are making a meaningful difference in the lives of thousands of families, and we are honored to work alongside them in addressing our nation’s housing challenges.” 

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. 

The fund includes communities such as Choice Landing in Crestwood, KY, developed by Pillar, a local non-profit developer. The development will provide 72 affordable homes and will serve special needs adults with intellectual and developmental disabilities.

“The affordable housing industry succeeds because of collaboration,” said John Schromm, Senior Managing Director and Co-Head of Investor Capital at Boston Financial. “Each investment in ITC 63 represents a shared commitment among investors, developers, public agencies, and community members to expand and preserve affordable housing opportunities. We are thankful for the confidence our partners continue to place in Boston Financial and proud to help connect capital with high-quality developments that will create lasting impact in communities for years to come.” 

ITC 63 also reflects the ongoing support of Boston Financial’s parent company, ORIX USA, whose balance sheet provides enhanced flexibility and execution capabilities for the firm’s affordable housing platform. 

“The support of ORIX USA continues to be a meaningful advantage for our clients and partners,” said Mark Tolliver, Senior Managing Director and Co-Head of Investor Capital at Boston Financial. “Their commitment to affordable housing and willingness to deploy capital alongside our platform helps us deliver more flexible and creative solutions in an increasingly complex market environment. That support strengthens our ability to serve investors, support developers, and ultimately help finance more affordable housing across the country.” 

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.