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Boston Capital Closes $150M Fund

BOSTON-Boston Capital closes its $150-million affordable housing fund, Boston Capital Tax Credit Fund XXX.

By Ryan Clark | Updated on July 10, 2008

BOSTON-Locally based Boston Capital is closing its Boston Capital Tax Credit Fund XXX. The $150-million fund consists of 27 affordable apartment properties throughout 15 states.

“This is a fund that is already investing in properties, so when we closed the fund it means we closed the raising of the money that was going into deals which we’ve already acquired in our portfolio,” David Gasson, VP and director of corporate communications of Boston Capital, tells GlobeSt.com. “So, the fund is closed now, the deals have been acquired and most of them, all of them, I believe, are new construction.”

The fund has 3,281 apartment units in total, including three senior and six EarthCraft House certified developments. The EarthCraft House program is a voluntary program that engenders green building by providing a blueprint for homes that reduce utility bills and protect the environment. The program began in 1999 strictly in Atlanta and the Atlanta-metro region, but has since expanded throughout the southeastern US. The six developments acquired by Fund XXX are in Virginia.

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