Richman Group Raises $172M Affordable Housing Tax Credit Fund

The Richman Group Affordable Housing Corporation, headquartered in Greenwich, CT, has successfully raised $171.5 million in equity for a multi-investor affordable housing tax credit fund. The fund will facilitate the acquisition, rehabilitation and construction of 15 properties across 15 states in the U.S.

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 more than $17 billion in equity that Richman has raised to finance the production and preservation of affordable housing.

“Richman aims to raise over $1 billion in both multi-investor and single-investor funds in 2024,” said EVP Stephen M. Daley, who led the fund’s development from the firm’s Charleston, SC office. “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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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