International financial firm with Dallas base makes tax company credit buy

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An international financial services firm that has its U.S. headquarters in Dallas is buying one of the country’s largest low-income housing tax credit fund portfolios.Toyko-based Orix Corp. said it’s entered into an agreement for the purchase with Boston Capital in a deal that reports value at $150 million.Orix’s Boston Financial Investment Management subsidiary will more almost double its tax credit fund, which will have a value of almost $15 billion after the purchase.The Orix subsidiary currently manages a $7.7 billion low-income tax credit portfolio encompassing more than 1,125 properties and 98,110 housing units.The low-income tax credit program was created by Congress in the 1980s to support affordable housing construction by builders.Syndicators like Boston Capital raise funds by selling the 10-year tax credits issued by federal and state governments.Founded in 1981, Japan-based Orix Corp has been expanding its real estate finance operations in the U.S.In November, Orix said it was purchasing New York-based Hunt Real Estate Capital, a leading commercial real estate finance lender.Orix’s U.S. subsidiary — Orix USA — is based in downtown Dallas and is moving its headquarters to the Trammell Crow Center on Ross Avenue.

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