The Richman Group Raises $171.5M for Affordable Housing Tax Fund
The Richman Group Affordable Housing Corporation raised $171.5 million in equity for a multi-investor affordable housing tax credit fund to facilitate the acquisition, rehabilitation, and construction of 15 properties across 15 states. The equity will deliver rental housing units for over 1,400 households.
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. The latest fund adds to the more than $17 billion in equity that the firm 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,” said Stephen M. Daley, EVP. “Affordable housing tax credit investments not only provide banks with Community Reinvestment Act-qualified options but also deliver attractive risk-adjusted returns.”