Largest National Affordable Housing Syndicator to Add CDFI Capabilities
BOSTON–(BUSINESS WIRE)–Boston Financial Investment Management (“Boston Financial”), a national leader in the low-income housing tax credit (LIHTC) industry, today announced that the firm’s subsidiary American Community Capital, LLC has been certified as a Community Development Financial Institution (CDFI) by the U.S. Department of the Treasury.
The CDFI certification is given by the U.S. Department of the Treasury to select financial institutions nationwide who receive the designation after applying through a rigorous and lengthy process. CDFI designated institutions are those recognized as serving low-income communities with a primary mission of promoting community development, providing financial products and services, serving low-income markets, and maintaining accountability to the community they serve. American Community Capital (ACC) was formed with the exclusive mission to promote community development by supporting the creation and preservation of affordable housing for low income populations earning up to 80% Area Median Income. ACC invests in underserved communities by making loans and providing technical assistance to affordable housing developers and properties located throughout the United States and started the CDFI application process nearly two years ago.
“With our more than 50-year track record successfully connecting sources and uses of capital benefitting affordable housing communities throughout the U.S., we believe our CDFI now will allow Boston Financial to play a much larger and more meaningful role assisting disadvantaged communities,” said Sarah Laubinger, Chief Production Officer and Executive Vice President of Boston Financial. “By applying expertise gained by managing nearly $16 Billion in LIHTC equity under management, leveraging our extensive platform and co-investing our parent ORIX Corporation USA’s resources, ACC is uniquely positioned to be able to provide scale, structure as well as financial strength through CDFI offerings.”
The firm plans to develop its CDFI investment offerings strategically to respond to the needs of its affordable housing investor and developer clients nationwide. In an environment of growing inflation, challenging labor markets and escalating interest rates, Boston Financial’s new CDFI capabilities will be especially critical in the market, as the capital needs of affordable housing development continue to exceed the guidelines of traditional financing.
“This is a great milestone in Boston Financial’s 53-year history,” added Greg Voyentzie, Chief Executive Officer of Boston Financial. “The combination of the certification with our tax credit platform and strong credit culture will make us an unmatched partner for fund investors and developer clients looking to better address the growing need for affordable housing across the country.”
About Boston Financial Investment Management:
Founded in 1969 and acquired by ORIX USA in 2016, Boston Financial is a national leader in the LIHTC industry, with a proven track record in syndication services as well as asset and portfolio management. Boston Financial currently manages a $15.7 billion portfolio comprising over 2,100 properties, making Boston Financial one of the largest and most experienced syndicators in the tax credit industry.
Head of Communications & Marketing, ORIX Corporation USA