GREENWICH, CT-The Richman Group Affordable Housing Corp. has closed USA Institutional Tax Credit Fund 87, which is a $257-million fund comprised of 32 properties in 13 states across the country. A recent company statement highlighted the deal, which involved 10 institutional investors across leading banking and insurance institutions.

The 2,241 units incorporated in the fund will be used to provide affordable housing for families, seniors and individuals with special needs.

Stephen M. Daley, executive vice president of Richman, says, “Fund 87 was our second multi-investor offering in 2011 and provided investors with a diversified portfolio of properties in strong markets throughout the US. More than 80% of the properties in the fund will be sponsored by developers whose other properties were acquired by funds previously sponsored by our firm.”