GREAT NECK, N.Y. – July 25, 2019 – Regions Affordable Housing announced the closing of RAH Corporate Partners Fund 55 LLC (“Fund 55”), a $104 million tax credit equity fund. The fund will invest in 12 affordable housing properties financed through the Low-Income Housing Tax Credit program, geographically diversified across 10 states including New York, Connecticut, Indiana, Texas, Michigan, Louisiana, Arkansas, South Carolina, Georgia and Alabama.
Nine properties are being built for families, and three properties are being built for seniors. Five of the properties will set aside units to provide services to populations such as the homeless, special needs homeless, and those requiring health and social services.
Six institutional investors participated in the Fund, which will provide over 1,000 units of affordable housing. Three of the investors were Community Reinvestment Act-motivated investors.
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. Ten of the 12 properties syndicated in Fund 55, or more than 80%, are with repeat developer clients. Since Regions Bank’s acquisition of First Sterling nearly three years ago, we have been gratified by developer and investor response to our full-service national platform.”
Regions Affordable Housing LLC is a national LIHTC fund syndication firm and a leader in affordable housing finance. Regions Bank is one of the nation’s largest participants in affordable housing finance through the LIHTC program and provides comprehensive real estate banking and capital management 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 $128 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 1,500 banking offices and 2,000 ATMs. Additional information about Regions and its full line of products and services can be found at www.regions.com.