Richman Raises $535M Across Two Affordable Housing Tax Credit Funds
The Richman Group Affordable Housing Corporation, an affiliate of The Richman Group, has closed on $535 million of equity across two affordable housing tax credit multi-investor funds. The funds will finance the acquisition, rehabilitation, and new construction of nearly 50 properties across 27 states, representing a total development cost of more than $1.5 billion. Investors include the nation’s leading banks and insurance companies.
The funds will serve families, seniors, veterans and formerly homeless individuals nationwide, with more than 40% of units targeting households earning less than 50% of the local area median income. All units will incorporate energy-efficient features, and the developments are expected to generate jobs and increase the stock of affordable housing in each community they enter.
“With these latest closings, The Richman Group raised over $1.4 billion in equity across both multi- and single investor funds in the past year,” said Stephen M. Daley, EVP, who led the effort from the firm’s Charleston, SC office. “Institutional investors are attracted to Richman funds because of the firm’s extensive experience in the affordable housing industry, conservative underwriting, and track record of delivering results.”
Pictured: A representative Richman affordable development in Lake Worth, FL.
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Jared Ennis
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Rick Recckio
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Josh A
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Bob Tuteur
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Andrew Schildcrout