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GREENWICH, CT-The Richman Group Affordable Housing Corp., reportedly the nation’s leading sponsor of equity funds for affordable housing and its 10th largest owner of affordable and market rate rental property, has closed a $186.5-million fund fueled by equity from 10 banking institutions. USA Institutional Tax Credit Fund LXXXVIII LP will include a diversified portfolio of properties located in 16 states, the locally based company says in a release.

Richman says the properties acquired through Fund 88 will provide affordable housing for family and senior tenants. It will add 1,683 units to Richman’s portfolio, which exceeds 115,000 units under management for nearly 100 public, private and institutional funds.  

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