THE RICHMAN GROUP CLOSES AFFORDABLE HOUSING TAX FUND TOTALING $171.5 MILLION IN EQUITY
Summary
Institutional investors include some of the countrys leading banks and insurance companies.As one of the largest owners of rental apartments in the U.S., Richman asset manages nearly 1,200 properties with more than 102,000 units nationwide and in U.S. territories. This latest fund adds to the over $17 billion in equity that Richman has raised to finance the production and preservation of affordable housing. "Affordable housing tax credit investments not only provide banks with Community Reinvestment Act-qualified options but also deliver attractive risk-adjusted returns. "Institutional investors are drawn to Richman funds due to the firms extensive experience in the affordable housing sector, conservative underwriting practices, and proven track record of results.With a successful history spanning over 40 years, Richman has sponsored affordable housing tax credit funds that offer valuable investment opportunities for institutional investors. TRGAHC has provided approximately $17 billion of equity for the construction and rehabilitation of over 1,850 affordable multifamily properties for low-income households.