The Richman Group Affordable Housing Corp. announced it has raised $450 million in equity financing across three separate multi-investor affordable housing tax credit funds. Collectively, these funds will construct or acquire and rehabilitate over 50 properties and provide safe, quality, affordable rental units to more than 4,300 households.The institutional investors in these funds include the nation’s leading banks and insurance companies.
“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.”
To learn more about Richman’s fund, read on at Affordable Housing Finance.