Owning a home has long been associated with the American Dream and is an important financial milestone for many people.
Homeownership offers many benefits, both practical and personal. It provides the opportunity to build equity, make use of tax advantages and boost credit scores, and it can be a significant investment opportunity when home values increase.
But for many in our communities, this dream is only a distant hope. Factors such as rising housing costs, limited supply, access to credit and difficulty saving for a down payment can create barriers to homeownership.
“At Regions, promoting and enabling homeownership is part of our community engagement strategy to foster inclusive prosperity,” said Leroy Abrahams, head of Regions Bank Community Engagement.
“Buying a home is an important step toward building generational wealth. Beyond the immediate benefits to families, homeownership also has far-reaching advantages by creating more stable communities and boosting the economies of our neighborhoods and cities. Regions is committed to helping more people reach the goal of owning a home and we have many resources available to assist current and future homeowners.”
Each June, National Homeownership Month offers a platform for Regions Bank associates to educate prospective buyers about homeownership opportunities and share advice, guidance, products and services to help those who may be interested in entering the market.
Regions Bank and the Regions Foundation® observed National Homeownership Month in a variety of ways this year, including hosting volunteer activities, sponsoring community events and providing support for organizations that help individuals and families purchase a home.
The Regions Foundation is a nonprofit funded primarily by Regions Bank and supports community investments that positively impact communities served by the bank. The foundation engages in a grantmaking program focused on economic and community development, education and workforce readiness, and financial wellness.
Building a Bright Future
On June 5, Regions Bank’s Enterprise Compliance Fair and Responsible Banking team spearheaded a Habitat for Humanity build in Bessemer, Alabama.
Team members assisted with the installation of cabinets, application of siding and exterior trim, and removal of sheetrock dust from walls, windows and the floors. The experience was especially meaningful for this Compliance team whose careers are dedicated to promoting equitable access to credit and advancing community development.
“Supporting affordable housing initiatives helps lay the groundwork for long-term financial stability, generational wealth and personal dignity,” said Shontá Ezell, Fair Lending Compliance team lead.
Contributing to this effort firsthand was a powerful reminder of the important role we can play—both inside and outside the office—in strengthening the communities we are privileged to serve.
Shontá Ezell, Fair Lending Compliance team lead
A few weeks later, 20 Nashville associates from Consumer Banking, Commercial Banking, Commercial Credit Products and Enterprise Solutions gathered for a homebuilding project benefiting Habitat for Humanity of Greater Nashville. The Regions team spent the day building interior and exterior walls that will soon be part of a newly constructed home for a family of six.
Jonathan Tamminga, Commercial Credit Products leader, is no stranger to these kinds of volunteer homebuilding projects and speaks passionately about their impact to the community.
“Homeownership remains an important goal for individuals working to gain greater financial security and Habitat works to make this goal a reality for many deserving families,” Tamminga said. “I especially appreciate supporting their work in Nashville, given our ever-increasing need for affordable and secure housing.”
Tamminga noted that Habitat also provides classes and training to prepare families for the reality of homeownership and equip them with the tools to establish and maintain financial stability.
Sharing Knowledge and Resources
Regions’ Baton Rouge Mortgage Loan Officer Deeann Polk and Branch Manager Melita Hatch didn’t wield hammers and saws, but they had their own special toolkit handy for the June 24 Own It! A Homeownership Forum, hosted by Bank On Baton Rouge. Polk and Hatch, along with realtors, inspectors and other specialists, were on hand to talk with prospective homebuyers about navigating the buying process.
“Our homeownership forum was created to reach the unbanked and underbanked communities, or anyone who has a goal of homeownership,” said Crystal Ward, community impact senior operations director at Capital Area United Way. “Experienced professionals were on hand to provide education and answer questions from potential homeowners. We were so proud to have Regions Bank as a community partner in this successful event.”
Marching For Mortgages
What better way to celebrate National Homeownership Month than a Homeownership Parade?
The Regions St. Louis-area Mortgage team will be participating in the Black Wall Street 314 Festival on June 28. The event is dedicated to uplifting the community through cultural celebration, economic empowerment and educational initiatives. It commemorates the once-vibrant economic activity of the Historic Wellston Loop in North St. Louis and brings more than 5,000 attendees to the area to encourage business activity and economic development.
“Regions is proud to be a supporter of this historic area and a sponsor of the festival” said Jeff Fothergill, Mortgage Production manager in Clayton, Missouri. “Our branch in Wellston delivers advice, guidance and education that helps families get ahead financially, while our financial support of local initiatives like the Gateway Neighborhood Fund helps homeowners realize their dreams.”
Our branch in Wellston delivers advice, guidance and education that helps families get ahead financially, while our financial support of local initiatives like the Gateway Neighborhood Fund helps homeowners realize their dreams.
Jeff Fothergill, Mortgage Production manager in Clayton, Missouri
Opening Up Opportunities through Lending and Investment
A snapshot of Regions’ National Homeownership Month activities would not be complete without a nod to the ongoing work of Regions Community Development Corporation® (RCDC). This wholly owned subsidiary of Regions Bank provides financing for projects, initiatives and organizations that serve community development purposes, which includes loans and investments for programs that are economically viable but may not qualify for conventional commercial bank underwriting.
Recently, the RCDC finalized a $5 million loan to the Housing Assistance Council, a community development financial institution that supports affordable housing efforts in rural America. Rural communities face unique challenges when it comes to housing, with potential homeowners often experiencing higher construction costs and fewer opportunities to access credit.
“The Regions Bank footprint covers a significant number of rural communities, and we are keenly aware of the unique needs that many people in those areas face when it comes to affordable housing,” said David Christian, chief operating officer of RCDC. “I’m pleased that we can collaborate with organizations such as the Housing Assistance Council to help increase homeownership opportunities in less populated areas.”
Conversely, RCDC understands homeownership challenges in urban areas, as well. It recently increased an existing commitment to the Atlanta Neighborhood Development Partnership (ANDP), a nonprofit that acquires and rehabs single family homes in the metro Atlanta area and sells them back to community residents.
The Regions Foundation is also a supporter of ANDP, as well as many other community organizations that enable homeownership. Recently the foundation finalized a $200,000 grant for Navigate Affordable Housing Partners, specifically their Fortis Program, which creates homeownership opportunities in low- and moderate-income neighborhoods. This funding will create new high-quality, energy efficient homes for four families in Birmingham’s Woodlawn neighborhood.
Another organization in Regions’ headquarters city, Neighborhood Housing Services of Birmingham, is leveraging Regions Foundation funding to assist homeowners. A recent $150,000 grant will allow the organization’s Healthy Housing Initiative to provide housing rehabilitation, energy-related upgrades and weatherization repairs and improvements for low-income homeowners, many who are seniors.
National Homeownership Month is a great opportunity to highlight this important investment, but Regions is committed to supporting and empowering homeowners throughout the year. Free guidance, tools and resources are available at the Regions Next Step® Homeownership Resource Center.
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