Stability for families. Independence for seniors. A way for individuals to get on their feet. In every case, manageable housing costs are the bedrock on which to rest a more optimistic future. For each dollar not spent on rent is a dollar that can go toward healthcare, education, transportation and savings.
That’s what motivates David Payne, head of originations at Regions Affordable Housing (RAH). “Creating affordable housing is about doing the right thing. It’s about building stronger neighborhoods, as well as lasting connection with people and their communities. It’s an impact that endures for generations, making it the kind of work that outlives us all.”
Further, the positive effects stretch far beyond the boundaries of a housing development, resonating throughout the surrounding area in ways large and small.
Creating affordable housing is about doing the right thing. It’s about building stronger neighborhoods, as well as lasting connection with people and their communities. David Payne, head of originations at Regions Affordable Housing (RAH)
Tims Ridge. Building a Stronger Pell City
The latest example is breaking ground at Tims Ridge, a new affordable housing development in Pell City, Alabama. With completion slated for early 2028, the new community will feature 56 two-bedroom, two-bath apartment homes for residents aged 55 and older, serving households earning between 50% and 60% of area median income.
RAH is providing construction lending in the amount of $15,233,000, as well as an equity investment of $16,274,148. Additionally, more support will come in the form of a soft loan from Community Action Partnership of North Alabama.
Relationships: Our Greatest Property of All
While Tims Ridge represents promise for its future residents, it also testifies to something deeper: the power of teamwork. Affordable housing projects require a deep and trusting collaboration between developers, lenders, contractors, property managers and community partners to achieve a common goal.
Another shining example is RAH’s collaboration with Bennett & Company, Tims Ridge’s developer. This development is just another chapter in the two organization’s twenty-year effort to create better lives.
The Ripple Effect of One Man’s Mission
A man is what a man does.
Take Fred Bennett, leader of The Bennett Group. Over his six-decade career, affordable housing has never been about buildings alone. It has always been about people.
Fred Bennett, the Bennett Group, has built more than 6,000 affordable housing units over his career. And Regions Bank is proud to play our part in his lifelong mission.
I’m inspired and motivated by my partners. My faith has blessed me to be working with some of the most capable and caring people in our business. Fred Bennett, leader of The Bennett Group
Evidence of that belief is found in Bennett’s office, in the form of a large bulletin board covered with photographs. He calls it his “photographic archaeological dig.” Family members, friends, colleagues and partners fill the display, one image layered atop another over the years. More than memories, it’s Bennett’s daily reminder of those who inspire him, and those relationships that have shaped his life.
“I’m inspired and motivated by my partners,” Bennett said. “My faith has blessed me to be working with some of the most capable and caring people in our business.”
Just the way he has done for almost 60 years. But Bennett is clear that success in affordable housing is about the team doing the work, not just an individual. That’s certainly in the case of the team he has assembled, people who share a common belief in the importance of their work.
“Nobody does this by themselves,” Bennett said. “It’s very complicated. It’s also a deep, meaningful thing and, in the process, you build genuine relationships. And for me, I really love to see our team as a family rather than as a group of people. I think that’s the primary thing. That’s why we celebrate when we finish a project and the families move in. Their lives are so changed and they are so grateful. It’s clear that we’re doing the right thing.”
In Bennett’s office, a bulletin board is filled with photos, reminding him every day that affordable housing is ultimately about people.
Upon graduating from college in the late 1960s, Bennett joined a self-help housing initiative in southwest Florida, working alongside low-income families seeking homeownership. During that time, he gained a firsthand understanding of the housing challenges faced by agricultural workers and their families.
To better understand the life of those he served, Bennett decided to spend a few days as a farm worker. One moment in particular changed the course of his life. He noticed a young family sleeping beneath the trailer of an 18-wheeler alongside a field of bell peppers. The image left a lasting impression, not to mention a sense of resolve.
“It really hit me how important this work really is,” Bennett recalled. “I wanted to help people facing such insecurity get a house they could afford.”
That experience created a lifelong passion. Over his career, he’s had a hand in developing more than 6,000 housing units. And Tims Ridge is just the latest chapter of this long and storied career.
In fact, his approach has earned the admiration of an entire industry, including relationship manager Chase Simpson and the Regions Affordable Housing team.
“Fred is a pillar in the affordable housing industry,” Simpson said. “He never loses sight of the human element behind any housing development and is always focused on ensuring that tenants can truly afford the communities he builds. He’s a very people-focused, mission-driven developer.”
Fred is a pillar in the affordable housing industry. He never loses sight of the human element behind any housing development and is always focused on ensuring that tenants can truly afford the communities he builds.
Two teams. One purpose
The longstanding relationship between Regions Affordable Housing and The Bennett Group has fostered mutual respect and admiration, built on a relationship of trust.
As Simpson puts it, the enduring collaboration benefits everyone, especially those future residents who will ultimately call communities such as Tims Ridge home.
“When you know each other and have a lot of mutual trust, there’s a lot of shorthand when it comes to communication,” Simpson said. “It’s really an all-around relationship project.
As Tims Ridge moves toward completion, it is more than a new housing community. For Regions Affordable Housing and The Bennett Group, it symbolizes a collaboration rooted in belief. Namely that affordable housing opens doors to opportunity and helps people build better lives – which is work worth doing.