ST. PAUL, Minn., Sept. 11, 2014 (GLOBE NEWSWIRE) -- via PRWEB - RICHMAC Funding LLC (RICHMAC), an affiliate of The Richman Group of Companies (Richman), has been approved by HUD by HUD to be a Low-Income Housing Tax Credit Pilot Program Lender ("Pilot Program"). The Pilot Program, among other things, provides a streamlined approval process for FHA-insured mortgage loans on affordable housing projects that utilize Low-Income Housing Tax Credits.
As a Pilot Program Lender, as well as a Freddie Mac TAH Seller/Servicer, a Fannie Mae Affordable Lender, a FHA MAP and LEAN Lender and a Ginnie Mae Issuer/Servicer, and other relationships RICHMAC has access to a full suite of multifamily loan products from affordable to market rate. Additionally, RICHMAC has the ability to work in conjunction with the Richman tax credit equity group to streamline efficiencies associated with affordable debt and equity.
Over the last quarter-century, Richman has thrived and grown into one of the nation's seventh largest residential property owners. Richman and its affiliates have structured and sponsored real estate investment funds that have surpassed 1,300 properties acquired. Through public and private offerings, the firm has raised over $10 billion of equity dollars that have been invested in multifamily real estate transactions located across the country.
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