The Richman Group Affordable Housing Corporation, a Greenwich, Connecticut-based developer and syndicator of affordable housing, announced that it raised $171.5 million in equity for a multi-investor affordable housing tax credit fund.
According to the company, the fund will facilitate the acquisition, rehabilitation, and construction of 15 properties across 15 states, with the goal of creating rental housing units for over 1,400 households. Institutional investors in the fund included some of the country’s leading banks and insurance companies, the company added.
“Richman aims to raise over $1 billion in both multi-investor and single-investor funds in 2024,” said Stephen M. Daley, the Richman executive vice president who led the fund’s development from the firm’s office in Charleston, South Carolina. “Affordable housing tax credit investments not only provide banks with Community Reinvestment Act-qualified options but also deliver attractive risk-adjusted returns.”
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