LINDALE, Texas – February 8, 2019: Regions Affordable Housing has partnered with three developers for the construction of Legacy Trails of Lindale, an apartment complex dedicated to seniors in Lindale, Texas, that will provide affordable housing through the Low Income Tax Credit (“LIHTC”) program.
The transaction brings together co-developers Dharma Development, LKC Development, and Hill Tide Development. Legacy Trails of Lindale will be built on an undeveloped 5 acre parcel and consist of nine residential buildings containing a total of 76 units for senior and mixed income tenants.
The site will offer tenants use of a clubhouse with fitness center, furnished community room, Wi-Fi and a gazebo. LIHTC equity provided by Regions Affordable Housing totaled $7,874,075.
Regions Bank provided the construction and equity bridge loans and secured Fannie Mae permanent financing. Regions Affordable Housing is pleased to partner with these three developers for the first time and is proud to be a part of this impressive housing development. Construction is expected to be completed by fall 2019.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $126 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.