Over 40 Years of Leadership
Boston Capital was founded in 1974 by Jack Manning and Herb Collins (retired in 2001). Guided by integrity, and combining social and financial responsibility, we lent our expertise in the field of multifamily housing to help shape public policy, leading to the development of the Low Income Housing Tax Credit (LIHTC) program enacted by Congress in 1986. Through this program, we developed a framework for what would become one of the leading real estate finance companies in the country.
In 1987, we launched the publicly-registered flagship Boston Capital Tax Credit Fund. The first Boston Capital Corporate Tax Credit Fund was introduced in 1992. Since 1987, Boston Capital Tax Credit Funds have invested nearly $10 billion in equity, from over 88,000 investor clients including publicly traded New York Stock Exchange corporations, utility companies, banks, individuals and other large corporations seeking the tax planning benefits of tax credit investments. Forty years after its founding, Boston Capital is acknowledged as one of the nation’s leading real estate finance and investment firms.
In 1994, we launched Boston Capital Finance (BCF) which originates, manages and services both funds that target construction and permanent lending opportunities on new construction or substantially rehabilitated LIHTC (Section 42) properties. Since the creation of the market rate group in 2001, Boston Capital Real Estate Partners (BCRE), LLC has invested in the acquisition and development of approximately 13,000 units of market rate multifamily housing in 13 states. In 2009, we emerged as an authority in third-party multifamily asset management for investors and state HFAs through BC Asset Management. We capitalized on that expertise in 2005 by creating Fusion™, a comprehensive asset management software through a subsidiary, Lexington Solutions.
Boston Capital has acquired more than 3,475 multifamily apartment properties in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands and Guam, constituting over 219,500 apartment units with a development cost in excess of $18.7 billion. We are one of the largest owners/investors of apartment properties in the U.S. and have provided construction monitoring and asset management services for all of our properties. We currently employ over 200 individuals with offices in Massachusetts, Maine, Maryland, Texas and California.
Realizing early in our partnership that it was as important to be involved in the policy decisions that affect housing production as it is the financing side of the business, Jack Manning and Herb Collins began working with industry colleagues, Members of Congress and the administration to formulate housing policy that would involve the private sector as partners with state and local governments. This commitment to public policy led to the collaborative effort which resulted in the creation of the Low Income Housing Tax Credit in the Tax Reform Act of 1986. Building on the relationships established in this process and foreseeing the challenges that would continue to confront affordable housing, Jack and Herb, along with other housing industry leaders, founded the Affordable Housing Tax Credit Coalition and the Housing Advisory Group (“HAG”), both of which advocate on behalf of the Section 42 program. Through these programs and other efforts around the country, Boston Capital has dedicated time, energy and resources to the preservation, strengthening and long-term sustainability of housing programs for moderate income earners, seniors and individuals with special needs across the country.
We are also active in and supportive of the efforts of the National Multi Housing Council (NMHC), the National Council of State Housing Agencies (NCSHA), the National Association of Homebuilders-Housing Credit Group and a multitude of state and local housing organizations and coalitions.