GREENWICH, CT - The Richman Group Affordable Housing Corporation, the nation's leading sponsor of equity funds for affordable housing, announced it will raise $474 million in three separate transactions to close before year-end. Richman estimates total equity commitments of $240 million for U.S.A. Institutional Tax Credit Fund 98 L.P. which will be a diversified portfolio of more than 30 properties located in 21 states and U.S. Territories. The Fund's twelve institutional investors include the nation's leading insurance companies and banks.
Richman will also close U.S.A. Institutional Tax Credit Fund 100, L.P. which will have geographically targeted acquisitions and ultimately $121 million in equity from several bank investors. The third transaction is a proprietary fund with a single insurance company investing $113 million in a diverse pool of assets.
Richman is the seventh largest owner of affordable and market rate rental property in the U.S. The properties which will be acquired by these funds will provide high-quality affordable housing for family, senior and special needs tenants and will add almost 6,000 units to Richman's current portfolio which exceeds 100,000 units.
According to Stephen M. Daley, executive vice president of Richman, "Fund 98 will be a nationally diversified fund while Fund 100's acquisitions will target properties in New York City. The insurance company proprietary Fund includes a large investment in a single property with both affordable and historic tax credits as well as other interests. With this recent activity, combined with the equity raised for other funds throughout the year, Richman will raise over $700 million in equity in 2014."
In addition to being the nation's pre-eminent 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 a mortgage lender. Richman and its affiliates have developed more than 20,000 residential units, provide asset management services to over 100 public, private and institutional investment funds which own over 100,000 housing units, and have over $10 billion in capital under management. RICHMAC Funding LLC, is a Fannie Mae Affordable Lender, a Freddie Mac Targeted Affordable Housing (TAH) Seller/ Servicer, a Federal Housing Administration (FHA) MAP, LEAN and LIHTC Pilot Lender, and a Ginnie Mae Issuer/ Servicer.