Boston Capital Closes $235 Million Tax Credit Fund for Affordable Apartment Properties

BOSTON, MA - Boston Capital announced the closing of Boston Capital Corporate Tax Credit Fund XXXVIII, a nationally diversified portfolio of 43 affordable apartment properties in 16 states with a fund size of $235 million in equity. The properties acquired by Corporate Fund XXXVIII add an additional 2,651 apartment units to Boston Capital's holdings.

"Boston Capital continues to achieve exemplary results in the marketplace through our specialized finance and investment programs," said Jack Manning, president and CEO of Boston Capital. "High-quality assets and an attractive yield drew very strong investor interest in Fund XXXVIII.  With over four decades of experience in the affordable housing real estate industry, Boston Capital's investments provide affordable housing for American families and seniors while offering smart investments for corporate and institutional investors."

The Fund includes 10 developments for senior citizens and 33 properties for families across the United States.  Fund XXXVIII will result in the creation of nearly 1,890 local jobs and will generate nearly $141 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, tax revenue and other sources of revenue for local governments by creating much-needed jobs.  These positive impacts demonstrate both the success and necessity of the LIHTC program," added Manning.

With the closing of Fund XXXVIII, Boston Capital has raised $733 million in equity since January 2013.  Boston Capital will soon launch Corporate Fund XXXIX, a $120 million equity fund expected to close in September 2014.

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 equity investment in market rate apartment communities. Boston Capital's holdings include more than 2,150 multifamily apartment properties in 49 states and the District of Columbia, constituting more than 153,500 apartments with a development cost in excess of $15.1 billion. Boston Capital is currently the largest owner/investor of apartment properties in the United States.