Tax credit advisors

Monetizing Low Income Housing Tax Credits from Mixed Income Projects Through Our Proprietary Structure

An affiliate of The Richman Group Of Companies

RKCM is the premier syndicator of Low Income Housing Tax Credits generated by mixed income real estate, financed with tax exempt bonds. Our proprietary structure has led to the successful syndication of Low Income Housing Tax Credits from projects with total development costs in excess of:


in total development costs


mixed income properties

New York City, Washington DC, & the Los Angeles Metro Area

Specializing in 80/20 and 50/30/20 transactions

Successfully Syndicating tax credits generated by mixed income – tax exempt bond financed real estate since 2006

Previously, due to numerous impediments related to the complexities of mixed income-tax exempt bond financed real estate, it was viewed as impossible to efficiently syndicate the accompanying tax credits.

RKCM is the solution - enabling developers to monetize this valuable source of financing which would otherwise be underutilized and in some instances completely lost.

With evolving affordable housing policies focused on sustainable mixed income communities, the RKCM syndication structure will become increasingly vital for developers wishing to maximize the economics of these specialized transactions.

Our Proprietary Structure

Licensed by RKCM – Patent Pending

Building Highlights Building Chart Arrow
  • KeyMarket rate Condo owned by Developer
  • KeyLIHTC Condo

Bifurcating the subject mixed-income project (a “Project”) by implementing a condominium regime whereby the low-income units (on the one hand) and the market-rate and moderate-income units (on the other hand) are organized into separate condominium units allows for the syndication to investors of LIHTC from the affordable-units without sacrificing ownership, control, depreciation deductions, or the economics of the remainder of the Project. RKCM’s proprietary structure has been approved by most major multifamily lenders and many of the largest housing agencies, and will not disrupt financing, tax abatements, or regulatory restrictions.

An investment partnership sponsored by RKCM (the “Investment Partnership”) will acquire a membership interest in the LIHTC Syndication Entity. The Investment Partnership will contribute cash in exchange for a 99.99% share of the LIHTC and losses generated by the LIHTC Syndication Entity.

Meet The Team

Richard Paul Richman is the Chairman and Founder of The Richman Group, Inc. and its Affiliates. Mr. Richman is nationally active in the fields of housing and urban development. Mr. Richman is a frequent speaker nationally and has appeared in a variety of venues; business, governmental and educational, including Yale University, Columbia University, the University of Pennsylvania and New York University; and on ABC's Nightline and National Public Radio. He has been a member of various national and local housing organizations. Mr. Richman is a member of the Dean’s Council of Columbia Law School, the Board of Overseers of the Columbia University Graduate School of Business, the University of Pennsylvania’s Urban Research Institute and has been a member of the University of Pennsylvania Parents’ Leadership Board. In addition to numerous honors and awards, Mr. Richman was recognized by The National Housing Conference as “Developer of the Year.” Mr. Richman graduated from the Columbia University Law School with a Juris Doctor (JD) degree, the Columbia University Graduate School of Business Administration with a Master of Business Administration (MBA) degree, and Syracuse University with a Bachelor of Arts (BA) degree in Political Science. Before founding The Richman Group, Inc., Mr. Richman was a principal of The Related Companies, Inc. After graduating from the JD/MBA program at Columbia, Mr. Richman practiced corporate law in New York City.
David A. Salzman has been with The Richman Group, Inc. and its Affiliates since 1986 and serves as its President. Mr. Salzman is responsible for all real estate acquisition and syndication activities of the firm. From 1984 to 1986, Mr. Salzman was engaged in the development and rehabilitation of residential property in New York City. Mr. Salzman has been a frequent speaker at major national seminars on real estate syndication. He received an M.B.A. in Finance from New York University and a B.B.A. in Accounting from Emory University.
Matthew Iacopetta - Vice President, joined The Richman Group in 2008 and primarily focuses on debt and equity originations. Matthew specializes in the syndication of LIHTCs generated from mixed income developments financed with tax exempt bonds (“80/20” and “50/30/20” projects primarily located in NYC) and has participated in the syndication of over $200million in LIHTCs at 21 mixed income projects. Matthew also structures construction and permanent debt financing on affordable housing developments throughout the nation utilizing Richman’s wide range of funding platforms as an approved FHA MAP lender, a FHA LEAN lender (healthcare), a Ginnie Mae Issuer/Servicer, a Fannie Mae Affordable/Risk Sharing Housing Lender and a Freddie Mac TAH (affordable) lender. Previously at the Richman Group, Matthew worked as an associate with Richman Asset Management, Inc., responsible for the Company’s NYC and Puerto Rico portfolios. Matthew received his B.A. in business administration from The American University with a double specialization in finance and real estate.
Peter Kelly is co-founder and President of Clover Capital Corporation. Clover provides investment banking and financial advisory services to financial institutions and both public and privately held real estate development firms participating in tax exempt multifamily bond and 4% LIHTC markets. Prior to founding Clover, Mr. Kelly was a Managing Director in charge of public finance activities for the western United States for Bankers Trust Company.

Since founding Clover Capital Corporation, Mr. Kelly has acted as advisor on, and/or assisted in negotiating and arranging tax-exempt multifamily bond issues and low income housing tax credits totaling more than $3.5 billion.

Mr. Kelly also is a co-founder and Co-Manager of Richman-KCM Tax Credit Advisors LLC ("RKCM") and of Credit Capital Holdings, LLC ("CCH"), affiliates of Clover that are leading innovators in the structuring and syndication of 4% LIHTC for mixed income "80-20" multifamily projects.
Daniel Wiehler is the managing member of Wiehler Consulting LLC, a boutique affordable housing consulting firm he founded in 2011. Daniel has worked on numerous development projects over the past fifteen years, assisting developers and working closely with accountants and tax professionals. He is specialized in low income housing tax credit (LIHTC) syndication deal structuring, the quantification and qualification of 80-20 tax exempt bond issuances, LIHTC issuances, cost segregation studies, cost allocation studies, integrated development modeling and partnership investment & tax modeling. He has worked on several industry-changing projects including 80-20 LIHTC syndication structuring and pricing models. Facets of this include condominium structures, lease structures, risk quantification & mitigation, escrow structures, guaranty structures, analysis of structural risk, recapture risk, and pay-as-you-go equity pricing. Daniel is a licensed professional engineer and received his undergraduate civil engineering degree from Cornell University, and an MBA in Finance from Baruch’s Zicklin School of Business.`


Is on the forefront of these evolving transactions


Contact us below to find out more.

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340 Pemberwick Road | Greenwich, CT 06831 | 203.869.0900 |