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Japan's Orix to buy US housing tax credit fund from Boston Capital

Deal will double assets to $15bn in hedge against pandemic downturn

An affordable housing complex in National City, California: The U.S. enacted a tax credit in 1986 to encourage private investment in low-income homes.   © Reuters

TOKYO -- Japanese financial group Orix will acquire a U.S. fund that specializes in tax credits awarded to developers of low-income housing from Boston Capital, in a deal estimated at $150 million, Nikkei has learned.

The Tokyo-based company will assume management of just over $7 billion in these assets through the deal, roughly doubling its holdings to about $15 billion.

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