The Richman Group Affordable Housing Corporation, based in Greenwich, CT, has successfully secured $171.5 million in equity for a tax credit fund dedicated to affordable housing. This fund will support the acquisition, rehabilitation and construction of 15 properties across 15 states in the United States.
As one of the largest owners of rental apartments nationwide and in U.S. territories, Richman manages nearly 1,200 properties with over 102,000 units under its portfolio. With this latest addition to their funds totaling more than $17 billion raised for affordable housing projects.
According to EVP Stephen M. Daley who spearheaded this project from their Charleston office: “Richman’s goal is to raise over $1 billion by 2024 through both multi-investor and single-investor funds.” These investments not only provide banks with Community Reinvestment Act-qualified options but also offer attractive risk-adjusted returns.
