GREENWICH, Conn.--(BUSINESS WIRE)--The Richman Group Affordable Housing Corporation, the nation’s leading sponsor of equity funds for affordable housing, announced it has raised $165 million in equity for U.S.A. Institutional Tax Credit Fund CXI L.P. The Fund will provide the equity financing for the acquisition, rehabilitation and/or new construction of a diversified portfolio of 28 affordable housing tax credit properties located in 15 states throughout the U.S. Nine institutional investors, representing the nation’s leading insurance and banking institutions contributed the $165 million in equity for the fund.
The properties acquired by the fund will provide high-quality affordable housing for seniors and families and will add almost 2,500 units to Richman’s portfolio, which exceeds 115,000 units.
“Access to affordable housing continues to be a critical need for some of the country’s lowest income households and one that we have long been committed to tackling,” said Stephen M. Daley, Executive Vice President and head of the Richman’s equity raising activities. “Institutional investors continue to be attracted to Richman funds because of the company's lengthy experience in the affordable housing industry, its conservative underwriting and track record of delivering results."
In addition to being the nation’s pre-eminent sponsor of affordable housing tax credit funds, Richman conducts a wide range of development, equity investment assets and property management activities in both the luxury and affordable rental housing markets.
About The Richman Group
Founded in 1987, The Richman Group has grown into one of the nation’s largest privately owned residential real estate investment, development and asset management firms. It has developed nearly 20,000 residential units and owned or asset managed over 100,000 units. Furthermore, it offers every expertise in-house, from architects to property managers. The company is headquartered in Greenwich, Connecticut, and has 15 regional offices, serving communities in 49 states, Washington D.C., Puerto Rico, the Virgin Islands and Guam.
For more information visit, www.therichmangroup.com