The Richman Group Closes The Financing of $850 Million of Affordable Housing Tax Credit Properties

Greenwich, CT — The Richman Group Affordable Housing Corporation announced it closed financing of $850 million of affordable housing tax credit properties over the summer of 2021 through three multi-investor institutional funds. The funds will provide more than $400 million in equity for the acquisition, rehabilitation and/or new construction of over 50 properties located throughout the US.

The properties acquired by the three funds will provide high-quality affordable housing for seniors, families and special needs tenants and will add over 4,000 units to Richman’s existing portfolio, which exceeds 115,000 units.

“Each fund offered a unique investment opportunity,” said Stephen Daley, executive vice president who heads up Richman’s equity raising activities. “The largest of three funds offered a diversified pool of properties located throughout the country. The second fund will acquire properties located specifically in western U.S. states appealing to investors with targeted geographic needs. The third fund will provide financing to construct a 278-unit permanent supportive housing high-rise property to address the homeless housing crisis in downtown Los Angeles. The project will transform the existing neighborhood and include a number of infrastructure improvements to provide accessibility to the greater downtown area.”