BOSTON, MA - Boston Capital announced the closing of Boston Capital Tax Credit Fund XXXVI, a nationally diversified portfolio of 22 affordable apartment properties in 15 states with a fund size of $150 million in equity. The properties acquired by Corporate Fund XXXVI add an additional 2,481 apartment units to Boston Capital's holdings.
"Fund XXXVI, due to its high-quality assets and attractive yield, drew very strong investor interest," said Jack Manning, president and CEO of Boston Capital. "Boston Capital strives to achieve the best results in the marketplace by providing superior investment opportunities and teaming with the finest developer partners, producing quality affordable housing."
The Fund includes nine developments for senior citizens and 13 properties for families in 15 states including AR, KY, LA, MA, MD, ME, MO, NC, NY, TN, TX, UT, VA, WI and WV. Fund XXXVI will result in the creation of more than 1,220 local jobs and will generate nearly $95 million in local income.
"In addition to creating and preserving high-quality affordable housing units for residents across the United States, Boston Capital's investments impact communities by generating income, taxes and other revenue for local governments and by creating much-needed jobs in these communities. These positive impacts demonstrate both the success and necessity of the LIHTC program," added Manning.
With the closing of Fund XXXVI, Boston Capital has raised $601 million in equity since January 2012. Boston Capital recently launched Corporate Fund XXXVII, a $120 million equity fund which is expected to close in March 2013.
About Boston Capital
Boston Capital, headquartered in Boston, MA, is a real estate investment and advisory firm specializing in tax advantaged investments in affordable multifamily housing and energy, and equity investment in market rate apartment communities. Boston Capital's holdings include more than 2,260 multifamily apartment properties in 49 states and the District of Columbia, constituting more than 155,520 apartments with a development cost in excess of $14.3 billion. Boston Capital is the largest owner/investor of apartment properties in the United States.