BOSTON, MA - Boston Capital announced the closing of Boston Capital Tax Credit Fund XXXV, a nationally diversified portfolio of 53 affordable apartment properties in 21 states with a total fund size of $350 million. With this closing, Boston Capital has raised nearly $640 million in equity since January 2011.
"Boston Capital takes great pride in forming long-term partnerships with our developer partners and our investors," said Jack Manning, president and CEO of Boston Capital. "Fund XXXV, due to its high-quality assets and attractive yield, drew very strong investor interest. Our goal is to continue to provide the best finance and investment programs in the business."
The properties acquired by Corporate Fund XXXV add an additional 3,610 apartment units to Boston Capital's holdings. The Fund includes 18 developments for senior citizens and 35 properties for families in 21 states including AL, AR, CA, IA, ID, IL, KS, KY, MD, ME, NC, OK, RI, SC, SD, TN, TX, UT, VA, WI and WY.
Fund XXXV includes 1,093 newly constructed units, which will result in the creation of more than 1,661 local jobs and will generate more than $112.5 million in local income. The fund also includes 2,517 rehabilitated units, which will create approximately 1,084 local jobs and will generate more than $95 million in local income.
"In addition to creating 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 for residents. These positive impacts demonstrate both the success and necessity of the LIHTC program," added Manning.
Boston Capital will launch Fund XXXVI in late February 2012.
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, energy, film and economic development and equity investment in market rate apartment communities. Boston Capital's holdings include nearly 2,400 multifamily apartment properties in 49 states and the District of Columbia, constituting nearly 157,425 apartments with a development cost in excess of $13.4 billion. Boston Capital is the largest owner/investor of apartment properties in the US.