JACKSON, Miss. – July 30, 2025 – Regions Bank on Wednesday announced the company’s Affordable Housing group is providing financing to veteran developer Vitus Group, LLC to acquire and update three existing affordable housing properties in Jackson, Mississippi, for current and future resident needs.
Village Apartments, Commonwealth Apartments, and Madonna Manor are now part of Jackson Trio, a collection of townhomes, garden-style apartments and a 13-story high rise apartment building for seniors. In total, the properties encompass 77 buildings and 613 units and are just over eight miles apart near the intersection of I-20 and I-220 in Jackson.
Our entire team at Regions is proud to create solutions for clients that help people, families and seniors with modern, safe and affordable housing. Andrew Romero, Regions Affordable Housing relationship manager
“Regions Affordable Housing has provided affordable housing opportunities across Metro Jackson for the last 30 years, and Jackson Trio is an expansion of our work to create more meaningful housing opportunities for people long term,” said Andrew Romero, Regions Affordable Housing relationship manager. “Our entire team at Regions is proud to create solutions for clients that help people, families and seniors with modern, safe and affordable housing. We appreciate Vitus Group turning to Regions to support their business growth and finance their vision for Jackson Trio.”
Jackson Trio will use the Affordable Housing Payment-in-Lieu-of-Taxes (PILOT), a tax incentive program to encourage mixed-income and affordable multi-unit rental development. Jackson Trio will provide access to affordable housing opportunities to people between 50% and 80% of area median income. In addition, of the 613 units, 149 are restricted to people aged 62 and older to provide additional support for seniors. Properties are a mix of one, two, three, and four bedroom apartments with amenities that include an exercise room, on-site property management and maintenance, and kitchen appliances. Two developments also include playgrounds for children, and Madonna Manor includes free lunch by the City of Jackson for senior residents.
Vitus continues to aid in producing successful affordable housing across the country. Jackson Trio is the 14th development Regions has provided affordable housing finance solutions to Vitus, with the first starting in 2018.
Regions Affordable Housing provided approximately $36.6 million in federal Low-Income Housing Tax Credit (“LIHTC”) equity, $19.7 million in a bridge loan, and a $61 million Fannie Mae M.TEB permanent debt placement to facilitate the acquisition and rehabilitation of Jackson Trio.
“This was a unique transaction that enabled us to protect and revitalize three properties in Jackson, Mississippi, under a single financing,” said Stephen Whyte, Vitus Group president and chief executive officer. “We are grateful for our partnership with the Jackson Housing Authority, the support of our bond issuer the Mississippi Home Corporation, as well as Regions’ participation through both debt and equity. The scale and complexity of this deal required deep collaboration, and we appreciate the commitment of all parties in making it possible.”
John Howie, Metro Jackson market executive for Regions Bank, said affordable housing opportunities like Jackson Trio reflect how a bank meets its mission to make life better in the communities it serves.
We are grateful for our partnership with the Jackson Housing Authority, the support of our bond issuer the Mississippi Home Corporation, as well as Regions’ participation through both debt and equity. Stephen Whyte, Vitus Group president and chief executive officer
“At Regions Bank, we live our mission daily in the transactions our bankers facilitate, as well as our community engagement with organizations meeting a number of needs, like affordable housing,” Howie said. “Our teams in Jackson and beyond carry great pride in seeing developments like Jackson Trio come together, and we appreciate Vitus Group for leading the way in making affordable housing an option for Jackson residents.”
Regions Affordable Housing LLC is a national Low-Income Housing Tax Credit investor, syndication firm, and leader in affordable housing. Regions Bank is one of the nation’s largest participants in affordable housing finance through the LIHTC program, providing comprehensive real estate banking and capital markets services to meet the debt and equity capital needs of developers and investors. Regions Bank is also a Fannie Mae DUS Multifamily Affordable Lender, HUD/FHA Affordable Lender, and Freddie Mac Targeted Affordable Housing lender.
At Regions Bank, we live our mission daily in the transactions our bankers facilitate, as well as our community engagement with organizations meeting a number of needs, like affordable housing.John Howie, Metro Jackson market executive for Regions Bank
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $159 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,250 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.