THE RICHMAN GROUP CLOSES THREE AFFORDABLE HOUSING TAX FUNDS TOTALING $450 MILLION IN EQUITY

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The Richman Group Affordable Housing Corporation

Dec 12, 2022, 13:33 ET

GREENWICH, Conn., Dec. 12, 2022 /PRNewswire/ -- The Richman Group Affordable Housing Corporation announced it raised $450 million in equity financing across three separate institutional, multi-investor affordable housing tax credit funds. Collectively, these funds will acquire, rehabilitate and/or newly construct over 50 properties and provide safe, quality, affordable rental units to more than 4,300 households. Institutional investors in these funds include the nation's leading banks and insurance companies.

Richman has the seventh-largest portfolio of rental apartments in the U.S. The properties acquired by these three funds will add to Richman's existing portfolio of more than $13 billion of equity under management, invested in almost 1,300 properties with more than 115,000 units located throughout the U.S. and its territories.

"Each fund offered a unique investment opportunity to our investors," said Stephen M. Daley, executive vice president, who leads Richman's equity-raising activities. "The largest of three funds offered a diversified pool of properties located throughout the U.S. The second fund will acquire properties located in the western states and was an ideal vehicle for investors with a targeted geographic focus. The third fund will acquire properties located exclusively in Puerto Rico. This was Richman's second Puerto Rico-focused fund and will provide much-needed housing for the island's residents."

Richman has a successful track record of 30+ years of sponsoring affordable housing tax credit funds that have provided quality investment opportunities for institutional investors. Richman also conducts a wide range of development, equity investment asset and property management activities in the luxury, mixed-income and affordable rental housing markets.

SOURCE The Richman Group Affordable Housing Corporation