The Richman Group Affordable Housing Corp., a Greenwich-headquartered sponsor of equity funds for affordable housing, has raised $165 million in equity for U.S.A. Institutional Tax Credit Fund CXI LP. The money will be used to provide the equity financing for the acquisition, rehabilitation and new construction of 28 affordable housing tax-credit properties in 15 states.
According to Richman Group, nine institutional investors representing “the nation’s leading insurance and banking institutions” contributed the $165 million in equity for the fund. The properties acquired by the fund will be aimed at seniors and families while adding approximately 2,500 units to Richman’s portfolio, which is about 115,000 units.
“Access to affordable housing continues to be a critical need for some of the country’s lowest income households and one that we have long been committed to tackling,” said Stephen M. Daley, executive vice president and head of the Richman’s equity raising activities. “Institutional investors continue to be attracted to Richman funds because of the company’s lengthy experience in the affordable housing industry, its conservative underwriting and track record of delivering results.”