February 26, 2020 — Boston Capital announced the closing of Boston Capital Corporate Tax Credit Fund XLVIII, a nationally diversified portfolio of 15 affordable apartment properties in 14 states with a fund size of $112 million. The Fund includes 12 properties for families, one of which includes units for the chronically homeless, and three properties for seniors. Ten properties feature new construction while five will be preserved or rehabilitated, and nearly 70 percent of the investments are with repeat developer partners.
“For 46 years, our firm has been committed to serving communities throughout the United States by financing the development and preservation of quality affordable housing,” said Jack Manning, president and CEO of Boston Capital. “Given our nations’ growing demand for affordable housing, we are pleased that Fund XLVIII will create and preserve 1,137 homes. We are especially thankful to our developer and investor partners for helping us address the current affordable housing crisis, by providing homes for families, seniors and the homeless.”
The properties acquired by Fund XLVIII add an additional 1,137 apartment units to Boston Capital’s holdings. Since January 2019, Boston Capital has raised $821 million in equity for affordable housing. Boston Capital is currently preparing to launch Corporate Fund XLIX, a $150 million nationally diversified corporate tax credit fund.
“In addition to creating and preserving high-quality affordable homes for residents, Boston Capital’s investments impact communities by generating income, tax revenue and other sources of revenue for local governments by creating much-needed jobs and spurring economic development. These positive impacts demonstrate both the success and necessity of the low income housing tax credit (LIHTC) program,” added Manning.
About Boston Capital:
Boston Capital, headquartered in Boston, MA, is a real estate investment and advisory firm specializing in equity investments in affordable multifamily housing and market rate apartment communities. Boston Capital’s holdings presently include 1,300 multifamily apartment properties in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands and Guam, constituting nearly 108,000 apartment homes. Boston Capital is one of the largest owners/investors of apartment properties in the United States.