It’s an urgent need nationwide.
And it’s why you’ll find developers in places like Dallas, Nashville, Orlando, Atlanta, Charlotte and beyond working overtime to create more affordable housing. It’s not just a business. Far from it. It’s a lifeline for people and families searching for solutions.
Regions Bank is helping, too.
Regions’ Affordable Housing group works with developers of all sizes to provide financial support for opportunities that enhance a community’s growth.
“Affordable housing is one of the ways the banking industry can make a real impact,” said Rob Chiles, head of Regions’ Affordable Housing team. “You’ve heard us share how Regions’ mission is to make life better. Affordable housing is one of the best examples of how Regions truly can, and should, make life better for others. In addition to helping people access much-needed quality housing, affordable housing creates family-wage construction jobs, contributing to the economy of communities across the country.
Here are three recent grand openings.
Kirkwood Grove Apartments – Hudson, North Carolina
You’ll find it nestled in the foothills of western North Carolina – an idyllic setting, to be sure. What’s more, Kirkwood Grove is specifically designed for people ages 55 and better.
This 70-unit complex offers one-level living, covered front porches, and attractive façades. There’s a community center featuring a screened porch and computer room, as well as a gazebo and picnic shelter.
Regions’ David Payne, co-head of Originations for Regions Affordable Housing, spoke at the ribbon cutting.
“Hearing from tenants about the benefits Kirkwood Grove brings to them is a real testament to the power our team and the dedication of every company that comes together to support opportunities like this,” Payne said. “Greystone Affordable Development and Weaver Kirkland Development can be extremely proud of this community, and Regions is ready to support more opportunities just like this one.”
To fund the development, Regions Bank provided $6.6 million in federal Low-Income Housing Tax Credit equity and a $7 million equity bridge loan.
Morgan City Senior Apartments – Morgan City, Louisiana
Roughly 800 miles from Hudson, North Carolina, is Morgan City, Louisiana, where seniors are moving to Morgan City Senior Apartments.
This 44-unit facility offers one- and two-bedroom living, plus studios. There’s a welcoming courtyard, too, and leisure and gardening activities. The complex is designed for ages 62-plus.
Also, the modern complex is energy efficient, helping with utility costs.
Regions Bank’s Rachel Thomas-Phillips joined Renaissance Property Group, community leaders, and others for the grand opening. The bank provided $7.6 million in federal Low-Income Housing Tax Credit equity and $5.6 million via bridge loan funding to support the development.
“As people age, housing needs are one of the top issues of importance to them and their families,” Thomas-Phillips said. “Morgan City Senior Apartments are designed to help seniors stay active and social while keeping the cost of living low.”
Motor City Apartments — Baton Rouge, Louisiana
An hour-and-a-half away, you’ll find Motor City Apartments, part of the historic Motor Exchange Building in Baton Rouge. These homes offer a welcoming environment for families, seniors and people with disabilities.
The 110-unit complex includes a resident activity area with a fitness room, pool, community lounge and kitchen. Its convenient location provides easy access to grocery stores, pharmacies, schools and more.
Renaissance Neighborhood Development Corporation, a subsidiary of Volunteers of America Southeast Louisiana, developed the complex, and Regions Bank provided an equity investment of $10.7 million, a construction loan of $7.3 million, and a bridge loan of $8.6 million.
“Seeing the development take shape with the historic elements of the old Motor Exchange Building really helps connect the old neighborhood with a new opportunity,” Thomas-Phillips said. “It’s a win-win for our team when we get to work with developers like Renaissance Neighborhood Development Corporation to create a special place for people to call home.”
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.
Learn more about Regions Affordable Housing