The Richman Group Affordable Housing Corporation, an affiliate of The Richman Group, announces the closing of $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 — delivering safe, quality affordable housing to more than 4,000 households. Investors include the nation’s leading banks and insurance companies.

The funds will serve families, seniors, veterans, and formerly homeless individuals across the country, 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 last year,” said Stephen M. Daley, Executive Vice President, 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. These funds offer Community Reinvestment Act-qualified investments while providing a highly attractive, risk-adjusted return.”

The closings build on a 40-year foundation: to date, The Richman Group has raised approximately $20 billion in equity to finance affordable housing production across the country. The firm’s current portfolio spans nearly 1,200 properties and more than 102,000 units nationwide, ranking its portfolio among America’s seven largest.

In addition to its investment banking activities, The Richman Group develops and manages luxury, mixed-income, and affordable housing across the U.S.