GREAT NECK, N.Y. – June 17, 2020 – Regions Affordable Housing, a division of Regions Bank, on Wednesday announced the closing of RAH Corporate Partners Fund 56 LLC (“Fund 56”), a $107 million tax credit equity fund.
The fund will invest in 15 affordable housing properties financed through the Low Income Housing Tax Credit program, geographically diversified across 10 states including Arkansas, Colorado, Georgia, Louisiana, Mississippi, New Mexico, New York, North Carolina, Oklahoma and Texas.
Eleven of the properties are being built for families, and four properties are being built for seniors. Nine of the properties will set aside units to provide services to populations such as veterans, survivors of domestic violence, and those requiring health and social services.
Regions Affordable Housing is very pleased to be able to provide institutional capital to our affordable housing developers.
Rob Chiles, President, Regions Affordable Housing
Five institutional investors participated in the Fund, including Regions Bank as co-investor, which will provide over 1,100 units of affordable housing. Regions’ investment in the Fund is another example of its commitment to the communities it serves.
Rob Chiles, President of Regions Affordable Housing, said, “Regions Affordable Housing is very pleased to be able to provide institutional capital to our affordable housing developers. Fourteen of the 15 properties syndicated in Fund 56, or more than 90%, are with repeat developer clients. Since Regions Bank’s acquisition of First Sterling nearly four years ago, we have been gratified by developer and investor response to our full-service national platform.”
Regions Affordable Housing LLC is a national Low Income Housing Tax Credit (“LIHTC”) 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 and HUD/FHA Affordable Lender.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $133 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 1,400 banking offices and 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.