The Richman Group Affordable Housing Corporation, based in Greenwich, CT, has successfully secured $171.5 million in equity for a tax credit fund that will support the acquisition, renovation and construction of 15 properties across 15 states in the U.S.
As one of the largest owners of rental apartments nationwide and in U.S. territories, Richman currently manages nearly 1,200 properties with over 102,000 units. This latest fund adds to their impressive track record of raising more than $17 billion to finance affordable housing developments.
According to EVP Stephen M. Daley who oversaw the development from their Charleston office: “Richman’s goal is to raise over $1 billion through both multi-investor and single-investor funds by 2024.” He also noted that these investments not only fulfill banks’ Community Reinvestment Act requirements but also offer attractive risk-adjusted returns.
This successful fundraising effort showcases Richman’s commitment towards providing quality affordable housing options while delivering strong financial results for investors.
