Boston Capital has announced the closing of a $225 million low-income housing tax credit fund.
Boston Capital Corporate Tax Credit Fund XLI, a nationally diversified portfolio of 31 affordable apartment properties, is helping finance the development of 2,119 affordable apartments in 17 states.
The fund includes 23 properties for families along with eight properties for senior citizens across the United States. Fund XLI will result in the creation of more than 2,100 local jobs and will generate nearly $201 million in local salaries.
“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,” said Jack Manning, president and CEO of Boston Capital. “These positive impacts demonstrate both the success and necessity of the LIHTC program.”
With the closing of Fund XLI, Boston Capital has raised $743 million in equity in the past 12 months. Boston Capital recently launched Corporate Fund XLII, a $125 million fund expected to close in March.
