Latest LIHTC fund will create or preserve 1,527 affordable rental homes across 10 states
BOSTON–(BUSINESS WIRE)–Boston Financial, the longest-standing syndicator focused exclusively on affordable housing with a portfolio of over $16 billion in equity under management, today announced the closing of Boston Financial Institutional Tax Credits 62 Limited Partnership (“ITC 62”), a $237.1 million multi-investor Low-Income Housing Tax Credit (“LIHTC”) fund. ITC 62 is the second largest multi-investor fund the firm has closed since 2006.
Boston Financial secured commitments from eight institutional investors for ITC 62, enabling the deployment of capital with 13 affordable housing developers – nearly 40% of which are nonprofit organizations. The fund will provide capital for both new construction and the preservation of 1,527 affordable rental homes in 16 communities across 10 states: California, Connecticut, Kentucky, Maryland, Massachusetts, Missouri, New Jersey, South Carolina, Tennessee, and Texas.
“We are proud to announce the successful closing of ITC 62, a milestone that reflects the continued confidence of our investors and partners in Boston Financial’s mission,” said Rob Golden, CEO of Boston Financial. “This fund will help finance over a thousand affordable homes for families across the country, reinforcing our long-standing commitment to addressing the nation’s housing crisis and strengthening communities through the power of affordable housing.”
The need for affordable housing is everywhere, and 31% of the properties in this fund will bring affordable rental homes to low-income communities, 56% to moderate-income communities, and 13% to high-income communities. Several developments will have units designated for seniors, veterans, people with physical or mental disabilities, and formerly unhoused families. ITC 62 is expected to create 2,448 new jobs, bringing an estimated $275 million in wages and business income to surrounding communities, as well as over $99 million in tax revenue.
The Fund includes communities such as The Armory, which is in Lynn, Massachusetts, and developed by the Lynn Housing Authority and Neighborhood Development Associates. The Armory will bring 52 new affordable homes for veterans to the community. The project’s centerpiece is the “drill house,” a three-story, gymnasium-like space where National Guard members once lined up in formation on its parquet floors. The Armory’s history is rooted in the Massachusetts National Guard’s heritage as the home of the 101st Field Artillery, a unit tracing its roots back to the pre-Revolutionary War “South Regiment”.
“For over 55 years, Boston Financial has focused on building and preserving affordable housing across the nation. Our proven platform unites developers, investors, and government at all levels to transform ambitious housing goals into real, lasting communities,” said Thomas Paramore, Head of Housing and Community Investments at Boston Financial. “The renewed national attention on affordable housing energizes us, and we are honored by the trust our investor and developer partners place in our experience and vision. Remarkably, 100% of the developers in ITC 62 have partnered with us for years, a testament to the lasting relationships we build. Closing ITC 62—the second-largest multi-fund in nearly two decades—signals tremendous momentum, and we are excited to accelerate our impact in the year ahead.”
Since the beginning of the LIHTC program in 1986, Boston Financial has worked with over 200 investors to preserve or build almost 400,000 affordable homes.
About Boston Financial:
Boston Financial is the longest-standing Low Income Housing Tax Credit (“LIHTC”) syndicator in the country, managing a $16.2 billion portfolio comprising almost 1,900 properties. Boston Financial’s vision is to create a future where everyone has a home, one investment at a time. Boston Financial was founded in 1969 and acquired by ORIX Corporation USA in 2016.
About ORIX Corporation USA (ORIX USA):
Established in the U.S. in 1981, ORIX USA has grown organically and through acquisition into the investment and asset management firm we are today. With a specialization in private credit, real estate, and private equity solutions for middle-market focused borrowers and investors, we combine our robust balance sheet with funds from third-party investors, providing a strong alignment of interest. ORIX USA and its subsidiaries — ORIX Advisers, ORIX Capital Partners, Signal Peak Capital Management, Boston Financial, Lument Real Estate Capital and NXT Capital— have approximately 1,300 employees across the U.S. and have $91.3 billion in assets*, which includes $40.5 billion in assets and commitments, in addition to $50.8 billion in servicing and administering assets, as of June 2025. Our parent company, ORIX Corporation, is a publicly owned international financial services company with operations in 30 countries and regions worldwide. ORIX Corporation is listed on the Tokyo Stock Exchange (8591) and New York Stock Exchange (IX). For more information, visit orix.com.
* As of June 30, 2025. Includes $50.8 billion in servicing and administering assets, in addition to $40.5 billion in funded assets and unfunded commitments across proprietary capital, third party capital and strategic partners investing in ORIX USA’s private credit, real estate and private equity businesses. Unfunded commitments are based on a contractual commitment or an expected commitment for an established program based on ORIX USA Group’s understanding.
Contacts
Boston Financial
Patrick Duggan
[email protected]
Tel: 617-488-3565
