Richman Group Affordable Housing Corp, a top equity fund sponsor for housing, closed a USD 166 million fund that includes a portfolio of properties scattered in 18 states and USD 125 million fund in New York, bringing up the total to USD 291 million.
U.S.A. Institutional Tax Credit Fund LXXXIX L.P or Fund 89 is the joint fund of eleven institutional investors composed of banks and insurance companies.
Richman Corp also closed U.S.A/ Institutional Tax Credit Fund XCV, L.P., a USD 125 million fund specifically created for projects on affordable housing tax credit in New York City.
Fund 95 investors comprised of four banking institutions.
Richman announced earlier that all proceeds acquired will be used to provide affordable housing families, senior citizens and special needs tenants.
The additional 3,000 units acquired will also bring up Richman's current property portfolio to more 105,000 units.
"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," said Richman Executive Vice-President, Stephen M. Daley.
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