Boston Financial Closes $191M LIHTC Fund
Most of the capital will support ground-up developments.
Boston Financial has closed its Institutional Tax Credits 63 Limited Partnership fund, a multi-investor capital vehicle valued at $191 million. The fund will support the construction and preservation of 1,342 affordable apartments across 16 communities in 12 states.
Seven institutional investors committed capital to the fund, which will support projects involving 14 affordable housing developers. Multiple communities in the plan will include housing for seniors, veterans and people with disabilities, in addition to formerly unhoused individuals. Approximately 75 percent of the fund will support new construction, while the remaining 25 percent will go toward rehabilitation and preservation projects.
The closing of ITC 63 comes a little over a year after Boston Financial closed its $237 million ITC 62 fund, one of the firm’s largest since 2006. Eight institutional investors provided capital to ITC 62, which helped construct and preserve 1,527 units across 10 states.
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In total, ITC 63 is expected to generate nearly $90 million in tax revenue to local communities and create 2,210 new jobs. Over the years, Boston Financial has worked with more than 200 investors, having built or preserved more than 420,000 affordable homes.
Where the fund is investing
Two of the projects benefiting from ITC 63 are Choice Landing in Crestwood, Ky., and Walnut Knoll in Foxboro, Mass. Choice Landing is a 72-unit independent living community being developed by Pillar, a Kentucky-based social services agency. The community will serve individuals with intellectual and developmental disabilities.
Choice Landing is pursuing Kelsey Certification, which recognizes housing designed to meet accessibility standards beyond minimum building-code and ADA requirements. If certified, Choice Landing would be the first community in Kentucky to receive the certification.
The project broke ground in September 2026. Delivery is expected in early 2028. Approximately $7 million in LIHTC equity from ITC 63 is allocated to the development, a Boston Financial spokesperson told Multi-Housing News.
Walnut Knoll is a 200-unit, multi-phase development for low-income seniors in Foxboro. Affordable Housing and Services Collaborative is involved in the development, while Peabody Properties manages the community, according to Yardi Matrix. Boston Financial’s ITC 60 provided financing for the first phase, which included 141 units. The latest fund will support an expansion of the community.
For the wider affordable housing sector, WNC & Associates also closed its Institutional Tax Credit Fund 59, with $210 million this past July. The fund will support 18 affordable projects totaling 2,015 units across 13 states.
