Low Income Housing Tax Credit Funds

 Boston Capital

Founded: 1974 by Jack Manning and Herb Collins. 
Focus: Historically a major player in multifamily apartment properties and LIHTC equity investments, having invested in thousands of properties nationwide.
Current Operations: Operates significantly through Boston Capital Finance (BCF), which provides construction-to-permanent tax-exempt bond financing and conventional loans for affordable housing properties. 

Boston Financial

Founded: 1969 (making it one of the country's longest-standing syndicators focused exclusively on affordable housing).
Ownership: Acquired by ORIX USA in 2016 and operates as a wholly owned subsidiary of ORIX Corporation.
Major Milestone: In late 2020, Boston Financial acquired Boston Capital's sizeable LIHTC fund portfolio, which nearly doubled Boston Financial's equity under management to $15 billion at the time.
Boston Financial acquired Boston Capital's large low-income housing tax credit fund portfolio in December 2020. This major deal doubled Boston Financial's equity under management to $15 billion, while Boston Capital shifted its core focus toward debt financing through Boston Capital Finance. 
Key Differences and Status
Boston Financial: Operates as a major national investment manager and subsidiary of ORIX USA that specializes in raising equity and managing portfolios under the Low-Income Housing Tax Credit (LIHTC) program.
Boston Capital: Transitioned away from its traditional LIHTC fund sector after selling that portfolio, now operating primarily as a boutique affordable housing lender via Boston Capital Finance.