The Richman Group Affordable Housing Corp. announced closing two low-income housing tax credit (LIHTC) funds, totaling $291 million in equity.
The LIHTC syndicator closed its $166 million USA Institutional Tax Credit Fund LXXXIX, which features a portfolio of properties in 18 states. Investors in Fund 89 included 11 insurance companies and banks.
The firm also reported raising $125 million for its USA Institutional Tax Credit Fund XCV. Fund 95 had four banking institutions as investors and will target acquisition projects in the five New York City boroughs.
The properties acquired by the funds will provide affordable housing for families, seniors, and special-needs residents. They will add more than 3,000 units to Richman’s portfolio, which exceeds 105,000 units.