Boston Financial Investment Management has closed its LIHTC fund Boston Financial California Fund II with $83 million in commitments. The fund will leverage eight tax credit investments to finance 600 affordable housing units of six multifamily properties and two senior living communities in California. The properties will be located in Gilroy, San Diego, Los Angeles, Oroville, Brawley and Lindsay.

Each property will have an operating budget of $6.2 million and will offer social and economic services, including adult education, health and wellness, job training and placement, tutoring services, and civic involvement initiatives. The combination of supportive housing—which will serve people making below 60% of the area median income—and services is integral to Boston Financial’s strategy. According to Tom Pereira, SVP and director of institutional sales at Boston Financial, “We believe that combining permanent supportive housing with robust social services helps foster economic and social well-being and growth.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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