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 company’s subsidiary, American Community Capital, LLC, has been certified as Community Development Financial Institution (CDFI) by the US Treasury Department.
The CDFI certification is given by the US Department of Treasury to select financial institutions nationwide who receive the designation after applying through a rigorous and lengthy process. Institutions designated by CDFI are those recognized as serving low-income communities with the primary mission of promoting community development, providing financial products and services, serving low-income markets, and maintaining accountability to the community that they serve. American Community Capital (ACC) was created with the exclusive mission of promoting community development by supporting the creation and preservation of affordable housing for low-income populations earning up to 80% of the area’s median income. ACC invests in underserved communities by providing loans and technical assistance to affordable housing developers and properties across the United States and initiated the CDFI application process nearly two years ago.
“With over 50 years of experience successfully connecting the sources and uses of capital to benefit affordable housing communities across the United States, we believe our CDFI will now enable Boston Financial to play a much greater role important and more meaningful in helping disadvantaged communities,” said Sarah Laubinger, Chief Operating Officer and Executive Vice President of Boston Financial. “By applying the expertise gained from managing nearly $16 billion of LIHTC equity under management, leveraging our extensive platform, and co-investing the resources of our parent company ORIX Corporation USA, ACC is in a uniquely positioned to be able to provide scale, structure as well as financial strength through CDFI offerings.”
The company plans to develop its CDFI investment offerings strategically to meet the needs of its investor and affordable housing developer clients nationwide. In an environment of rising inflation, challenging labor markets and rising interest rates, Boston Financial’s new CDFI capabilities will be particularly critical in the market as the capital needs of affordable housing development continue to outpace guidelines of traditional financing.
“This is a significant milestone in Boston Financial’s 53-year history,” added Greg Voyentzie, managing director of Boston Financial. “Combining certification with our tax credit platform and strong credit culture will make us an unrivaled partner for fund investors and client developers looking to better meet 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 more than 2,100 properties, making Boston Financial one of the largest and most experienced syndicators in the tax credit industry.