The Richman Group Closes Two Institutional Affordable Housing Tax Credit Funds Totaling $291 Million In Equity
GREENWICH, Conn., July 23, 2013 /PRNewswire/ -- The Richman Group Affordable Housing Corporation, the nation's leading sponsor of equity funds for affordable housing, announced it closed a $166 million fund, U.S.A. Institutional Tax Credit Fund LXXXIX L.P. Fund 89 will include a diversified portfolio of properties located in 18 states. Investors in Fund 89 included eleven (11) institutional investors comprised of insurance companies and banks. Richman also closed a $125 million fund, U.S.A. Institutional Tax Credit Fund XCV, L.P. Fund 95 had four (4) banking institutions as investors and will specifically target for acquisition affordable housing tax credit projects in the five boroughs of New York City.
Richman is the eighth largest owner of affordable and market rate rental property in the U.S. The properties acquired by Funds 89 and 95 will provide high-quality affordable housing for family, senior and special needs tenants and will add over 3,000 units to Richman's current portfolio which exceeds 105,000 units.
According to Stephen M. Daley, executive vice president of Richman, "Fund 89 was a nationally diversified fund while Fund 95's targeted acquisitions were limited to New York City. Richman's lengthy experience in the affordable housing industry and its acquisitions capability throughout the U.S. and its territories allows it to custom tailor funds which match the differing needs of institutional investors seeking to invest in affordable housing tax credit properties."
In addition to being a sponsor of affordable housing tax credit funds, Richman is also a leading developer of affordable, market-rate and luxury rental housing, an asset and property manager and, more recently, a mortgage lender. Richman and its affiliates have developed more than 19,000 residential units, provide asset management services to nearly 100 public, private and institutional investment funds which own approximately 120,000 housing units, and have capital under management approaching $10 billion. RICHMAC Funding LLC, an affiliate of Richman, is a mortgage lender with a deep bench of talent and resources to underwrite and place loans for market rate and affordable multifamily properties and healthcare facilities. RICHMAC Funding LLC is an approved FHA MAP and LEAN lender and a designated Fannie Mae Affordable lender.www.therichmangroup.com SOURCE The Richman Group Affordable Housing Corporation
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