The Richman Group Affordable Housing Corp. announced that it has closed a $250 million low-income housing tax credit (LIHTC) fund.
The company’s latest fund, U.S.A. Institutional Tax Credit Fund LXXXIV L.P., also known as Fund 84, has a diversified portfolio of 28 properties in 15 states.
The developments will serve families, seniors, and special-needs residents. They will add 2,325 units to Richman’s portfolio, which exceeds 110,000 units.
Eight institutional investors, representing many of the nation’s leading insurance, financial, and banking institutions, contributed equity in the fund, according to Richman officials.
“Fund 84 was oversubscribed by almost $100 million,” said Stephen M. Daley, executive vice president of Richman, in a statement. “More than 70 percent of the properties in the fund will be sponsored by developers whose other properties were acquired by funds previously sponsored by our firm.”
Richman is one of the nation’s largest LIHTC syndicators.