Housing costs, for both renters and buyers, remain a challenge for many, and low- and moderate-income individuals and families are especially impacted. Across the Regions Bank footprint, demand continues to outpace supply in many communities. Regions is helping address that need through a combination of lending, investments, philanthropic support, volunteerism and a deep understanding of the communities it serves.
Community development lending is most effective when associates across the bank come together around a common goal.” Wendi Boyen, Head of Regions Community Development Lending and Investments (CDLI) Center of Excellence
One Regions Bank team is especially focused on the housing issue. The Community Development Lending and Investment (CDLI) Center of Excellence, with leadership from Wendi Boyen, works closely with Regions bankers to identify and fund opportunities in affordable housing, and also neighborhood revitalization, small-business growth, job creation and other initiatives that strengthen communities.
“Community development lending is most effective when associates across the bank come together around a common goal,” Boyen said. “The Center of Excellence was created to help connect teams, resources and relationships across Regions so we can better support organizations that are expanding affordable housing opportunities and creating stronger communities.”
Delivering the Full Bank
The Community Development Lending and Investment Center of Excellence connects community organizations with resources from across Regions Bank, including Commercial Banking, Regions Affordable Housing, Community and Market Engagement. Working alongside these teams, as well as the Regions Community Development Corporation, or RCDC, which is part of the Center of Excellence, the group identifies opportunities, structures financing solutions and supports projects that create lasting community impact.
Creating a Path to Homeownership in Charlotte
Charlotte is a good example of a rapidly growing metropolitan area where rising home prices and limited inventory continue to make homeownership more challenging. It’s an important market for Regions, and the CDLI team saw an opportunity to build on an existing community relationship while helping expand access to affordable housing.
Regions Bank has maintained a longstanding relationship with Habitat for Humanity of the Charlotte Region, through financial contributions, volunteer service, financial education programs and leadership representation on the organization’s board. Over the years, associates have participated in home builds, supported fundraising efforts and helped prepare future homeowners through financial education initiatives.
As the relationship evolved, RCDC recently provided a $1 million line of credit to Habitat Charlotte to support development of the Mystic Pines community. Located in Charlotte’s Hidden Valley neighborhood, the project will create 11 affordable homes, including a mix of single-family detached homes and duplexes.
“Mystic Pines reflects the type of project we’re looking to support because it expands access to affordable homeownership while strengthening an established community,” said Brandon Sherman, Community Development Lending and Investment partner, who along with former Commercial Banking relationship manager Kelly Love, facilitated the deal.
“The project also demonstrates how different teams across Regions can work together to help organizations advance their mission,” Sherman said.
Mystic Pines reflects the type of project we’re looking to support because it expands access to affordable homeownership while strengthening an established community.” Brandon Sherman, Community Development Lending and Investment partner
Helping Expand Affordable Housing Across the Gulf Coast
Gulf Coast Housing Partnership, Inc. (GCHP) was founded in 2006 to support rebuilding efforts following Hurricanes Katrina and Rita. Today, the organization works with developers, neighborhood-based organizations and government agencies to advance affordable housing and community development projects across Louisiana, Texas, Mississippi and Alabama.
Affordable housing projects often rely on multiple funding sources that become available at different stages of development.”Cal Horton, CDLI partner at Regions Bank
Regions Bank and Regions Foundation have worked closely with GCHP over the years, through Regions Affordable Housing investments, Commercial Banking relationship and Regions Foundation support. Regions Foundation is a nonprofit funded primarily by Regions Bank that provides grants and investments to support economic and community development, education and workforce readiness and financial wellness.
To help advance future projects, RCDC recently provided a $3 million revolving line of credit that can be used for acquisition, infrastructure, repairs and construction costs related to affordable housing developments.
“Affordable housing projects often rely on multiple funding sources that become available at different stages of development,” said Cal Horton, CDLI partner at Regions Bank who facilitated the deal. “This financing provides flexibility to help projects continue moving forward while long-term funding is assembled, allowing GCHP to create even greater impact across the Gulf Coast region.”
Affordable housing development is a complex process that often requires creative financing solutions and strong partnerships.” David Payne, head of Originations for Regions Affordable Housing
While every affordable housing project follows a different path, access to flexible financing is often essential to keeping developments on track. David Payne, head of Originations for Regions Affordable Housing, said partnerships like this help community organizations advance projects that might otherwise face delays as additional funding sources are secured.
“Affordable housing development is a complex process that often requires creative financing solutions and strong partnerships,” Payne said. “In this case, the line of credit provides important support as GCHP moves projects through the development process, helping cover predevelopment expenses. By providing access to capital before construction financing is in place, this type of funding helps projects maintain momentum and move more efficiently toward closing.”
What began with a single loan request has evolved into a comprehensive banking relationship encompassing support from several areas of Regions, all focused on helping GCHP to strengthen its organization, expand its reach and create more affordable housing opportunities for the individuals and communities it serves.”Mike Scott, Community Development manager at Regions Bank
The transaction also reflects the value of a relationship that spans multiple areas of Regions, creating opportunities to support GCHP’s mission through banking services, investments and community development financing.
“What began with a single loan request has evolved into a comprehensive banking relationship encompassing support from several areas of Regions, all focused on helping GCHP to strengthen its organization, expand its reach and create more affordable housing opportunities for the individuals and communities it serves,” said Mike Scott, Community Development manager at Regions Bank.
Building Pathways to Homeownership in Tennessee
Regions Bank has been working with The Housing Fund, a Community Development Financial Institution based in Nashville, for more than 17 years. The organization has assisted more than 4,400 first-time homebuyers, delivered more than $100 million in development financing, and supported more than 7,600 affordable housing units across Tennessee.
The Housing Fund’s mission aligns closely with our commitment to expanding affordable housing opportunities.”Durham Pettigrew, Commercial Relationship manager at Regions Bank
The most recent collaboration is a $2 million loan that will support affordable housing construction and work with Regions Mortgage to provide down payment assistance for low- and moderate-income homebuyers.
“The Housing Fund’s mission aligns closely with our commitment to expanding affordable housing opportunities,” said Durham Pettigrew, Commercial Relationship manager at Regions Bank. “This relationship demonstrates how different teams across Regions work together to support organizations that are making a meaningful impact in the communities we serve. By partnering with organizations like The Housing Fund, we help create pathways to homeownership and strengthen communities across our region.”
The success of these transactions reflects strong collaboration across Regions and a shared commitment to supporting organizations that are expanding access to affordable housing and creating stronger communities throughout our footprint.” Brian Carman, CDLI partner at Regions Bank
These deals demonstrate the continued growth of the Community Development Lending and Investment strategy and how teams across Regions are helping community organizations expand affordable housing opportunities.
“No single team delivers these outcomes alone,” said Brian Carman, CDLI partner at Regions Bank. “The success of these transactions reflects strong collaboration across Regions and a shared commitment to supporting organizations that are expanding access to affordable housing and creating stronger communities throughout our footprint.”