THE RICHMAN GROUP CLOSES AFFORDABLE HOUSING TAX FUND TOTALING $171.5 MILLION IN EQUITY

GREENWICH, Conn., Nov. 5, 2024 /PRNewswire/ -- The Richman Group Affordable Housing Corporation, a leading developer and syndicator of affordable housing, has successfully raised $171.5 million in equity for a multi-investor affordable housing tax credit fund. This fund will facilitate the acquisition, rehabilitation, and construction of 15 properties across 15 states in the U.S., significantly contributing to the nation's urgent need for affordable housing.

The equity provided by the fund investors will deliver safe and quality rental housing units for over 1,400 households. Institutional investors include some of the country's leading banks and insurance companies.

As one of the largest owners of rental apartments in the U.S., Richman asset manages nearly 1,200 properties with more than 102,000 units nationwide and in U.S. territories. This latest fund adds to the over $17 billion in equity that Richman has raised to finance the production and preservation of affordable housing.

"Richman aims to raise over $1 billion in both multi-investor and single-investor funds in 2024," stated Stephen M. Daley, Executive Vice President, who led the fund's development from the firm's Charleston, S.C. office. "Affordable housing tax credit investments not only provide banks with Community Reinvestment Act-qualified options but also deliver attractive risk-adjusted returns."

Institutional investors are drawn to Richman funds due to the firm's extensive experience in the affordable housing sector, conservative underwriting practices, and proven track record of results.

With a successful history spanning over 40 years, Richman has sponsored affordable housing tax credit funds that offer valuable investment opportunities for institutional investors. The firm also engages in a broad range of activities, including development, equity investment, asset management, and property management in the luxury, mixed-income, and affordable rental housing markets.

About The Richman Group Affordable Housing Corporation
The Richman Group Affordable Housing Corporation (TRGAHC), together with its affiliates, serves as tax credit equity syndicator, asset manager, multifamily developer, and property manager in both the affordable and market-rate housing sectors. TRGAHC has provided approximately $17 billion of equity for the construction and rehabilitation of over 1,850 affordable multifamily properties for low-income households. TRGAHC has accomplished this with partnerships with over 100 institutional investors and more than 600 developers.

For further information please contact:
Stephen M. Daley
(203) 413-0387
[email protected]

SOURCE The Richman Group Affordable Housing Corporation