Across the United States, older adults face a significant shortage of affordable housing. According to the National Low Income Housing Coalition, the country has a shortage of 7.1 million affordable homes for extremely low‑income renters, with only 35 affordable units available for every 100 households in need. Rising rents create even more pressure for seniors living on fixed incomes.
That trend is evident in Mobile, Alabama. Aging housing stock and higher market rates have outpaced what many seniors can afford. In response, the opening of Live Oak Trace—a new, 56‑unit affordable housing community designed for older residents—brings meaningful progress and renewed hope.
Collaborating to Build a Long‑term Solution
Live Oak Trace is the result of a strong public‑private collaboration developed by Aletheia House and the Morrow Companies, financed by the City of Mobile, Regions Bank, the Alabama Housing Finance Authority and Hope Credit Union. Together, these organizations helped create quality, affordable homes for residents 55 and older.
Bob Morrow Construction Company, one of Alabama’s most experienced builders of affordable housing, was the general contractor.
David Payne, head of Originations for Regions Affordable Housing, said Live Oak Trace reflects Regions’ commitment to strengthening communities through long-term, purpose‑driven investments.
“At Regions, we see firsthand how the affordable housing shortage affects seniors across the markets we serve,” Payne said. “Live Oak Trace demonstrates the power of working with local leaders and working to expand access to high‑quality, affordable homes. We’re proud to support a community where seniors in Mobile can live with comfort, confidence and dignity.”
Located in west Mobile, Live Oak Trace includes two residential buildings designed to meet the needs of older adults. Fifty‑five two‑bedroom apartments are reserved for income‑restricted residents, with several units specially equipped for those with mobility or sensory impairments.
Beyond housing, Live Oak Trace offers amenities that help foster connection and community. Features include a clubhouse, computer center, fitness room, covered picnic pavilion and gazebo. Residents will also have access to activities such as arts and crafts, movie nights, holiday events and a community newsletter. It is managed by Morrow Realty Companies.
We’re proud to support a community where seniors in Mobile can live with comfort, confidence and dignity.
Connecting capital to community needs
Developments like Live Oak Trace are made possible in large part through the Low‑Income Housing Tax Credit (LIHTC) program—the nation’s primary federal tool for financing affordable rental housing. Since 1986, LIHTC has supported the creation of more than 2.5 million affordable apartments by providing a 10‑year, dollar‑for‑dollar tax credit to investors.
Regions offers extensive experience structuring LIHTC investments to support developments across the country.
“We work carefully to build the right financial structure—whether that includes LIHTC equity, construction financing or bridge loans,” Payne said. “Our goal is to provide the resources needed to make communities like Live Oak Trace successful, sustainable and accessible.”
By drawing on Regions’ long‑standing experience in LIHTC, more seniors in Mobile now have access to homes that are safe, stable and thoughtfully designed.
As Live Oak Trace welcomes its first residents, the community stands as a strong example of what can be achieved when organizations come together with a shared purpose. Regions Affordable Housing remains committed to supporting solutions that help seniors thrive and continue calling their communities home.
