GREENWICH, CT-Richman Group Affordable Housing Corp. said Tuesday it has closed on a pair of tax-credit funds totaling nearly $300 million. The larger of the two funds, the $166-million USA Institutional Tax Credit Fund LXXXIX LP, will target a diversified portfolio of multifamily, senior and special needs properties located in 18 states.

Richman EVP Stephen Daley tells GlobeSt.com that Fund 89's reach will be “all over the US—east, west, north and south.” Eleven insurance companies and banks invested in Fund 89.

Four banks invested in the $125-million USA Institutional Tax Credit Fund XCV LP, which also closed Tuesday. Fund 95 will go toward the acquisition of affordable housing tax credit projects in the five boroughs of New York City.   

Richman is reportedly the nation's eighth largest owner of affordable and market rate rental properties. The properties acquired through Funds 89 and 95 will add more than 3,000 units to Richman's current portfolio of 105,000-plus units.

Last November, Richman closed on the $186.5-million Fund 88, fueled by equity from 10 banking institutions. In January 2012, the company closed on its $257-million Fund 87, comprised of 32 properties in 13 states across the country, which similarly involved 10 institutional investors. The previous June, the company wrapped up another multi-investor fund for $250 million, which included a portfolio of 28 properties.

Along with sponsoring tax credit funds, Richman is also in the development business. Richman and its affiliates have developed more than 19,000 residential units; provide asset management services to nearly 100 public, private and institutional investment funds which own approximately 120,000 housing units; and have capital under management approaching $10 billion.