First Stage in Sale of MMA LIHTC Business Closes

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Tax Credit Advisor, September 2009: JEN Partners, LLC, a New York-based private equity real estate firm, has announced completion of the first closing in the $31 million acquisition of substantially all of the low-income housing tax credit equity business of MMA Financial. The company has been renamed Boston Financial Investment Management, LP.

The sale has been structured to occur in two closings. The first, which involved a cash payment of $14 million, occurred on 7/3/0/09 and included general partnership interests in 29 tax credit equity funds, limited partnership interests in several funds, and the operating assets of the business, inclusive of substantially all of the employees. The second closing will occur within 60 days.

(For background, see Tax Credit Advisor, August 2009, p. 2.)