The Richman Group Raises $165M Equity Fund for Affordable Housing Developments

by Jeff Shaw

GREENWICH, Conn. — The Richman Group Affordable Housing Corp. has raised $165 million in equity for U.S.A. Institutional Tax Credit Fund CXI L.P. The fund will provide equity financing for the acquisition, rehabilitation and new construction of affordable housing properties for seniors and families.

The fund’s portfolio includes 28 affordable housing tax credit properties located in 15 states totaling nearly 2,500 units, though details on the specific properties were not released. Nine institutional investors, representing insurance and banking institutions, contributed the $165 million in equity for the fund.

Richman is one of the largest affordable housing owners developers in the country, with a portfolio of more than 115,000 units.

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