The Richest in Real Estate Top 100
The Basics
Location: Boston | Net Worth: $1.10 B
Location: Boston | Net Worth: $1.10 B
![Jack Manning](https://cdn.bisnow.net/fit?height=1000&type=jpeg&url=https%3A%2F%2Fs3.amazonaws.com%2Fcdn.bisnow.net%2Fcontent%2Fimages%2F2016%2F02%2Fjack-manning.jpg&width=1000&sign=9La3Ca2gc15DVl1LWdfPdFZbb8Y4LOAlQcoepnxpT8I)
The firm worked exclusively with real estate until it nearly went bankrupt as interest rates hit 12%. Forced to look for more recession-proof industry, the two discovered low-income housing rentals and the firm became the middleman between investors looking for tax credits and developers desperate for funding. In 2001, Jack bought out Herb and continued to expand Boston Capital into mortgage financing, higher-scale apartments and even wind energy.