paid several hundred million dollars to buy Boston Financial
Investment Management, said the sources, who had direct
knowledge of the deal but were not authorized to discuss the
The U.S. Low Income Housing Tax Credit (LIHTC) program gives tax
credits for new construction and rehabilitation of rental
housing for low-income households.
Housing developers can sell the granted tax credits to fund
projects and buyers of the credits can enjoy tax benefits.
Boston Financial is one of the largest LIHTC syndicators, which
raise money from investors and buy tax credits. It has raised
over $10 billion from institutional investors for LIHTC
investments in more than 2,200 properties, the sources said.
Orix, which bought investment manager Robeco from Dutch
cooperative lender Rabobank in 2013, has been building up money
management business overseas.
Orix and Boston Financial officials were not immediately
available for comment.
(Reporting by Taiga Uranaka; Editing by Ed Davies)
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