Regions Bank has closed a $126 million tax credit equity fund that will help provide affordable housing in 10 states.
The Regions Affordable Housing Corporate Partners Fund 57 LLC — known as Fund 57 — will finance 16 housing properties through the Low-Income Housing Tax Credit program. The properties are in Georgia, Tennessee, Texas, North Carolina, South Carolina, New York, Connecticut, Louisiana, Oklahoma and Wisconsin. The fund was created by four institutional investors and Regions Bank.
“Helping provide affordable housing is one of the most personal and powerful ways a bank can make a difference for the people and communities we serve,” said Rob Chiles, president of Regions Affordable Housing.
Of the 16 developments, 12 are being designed specifically for individuals and families and four are being constructed for seniors. In addition, five of the 16 properties will reserve units for veterans, survivors of domestic violence and those requiring health and social services. Fourteen of the 16 properties in the fund are with repeat developer clients.
“Regions’ investment in this fund is another example of our commitment to creating shared value and more inclusive prosperity in communities across the nation,” Chiles said.
Regions Financial Corp., parent company of Regions Bank and headquartered in Birmingham, has $156 billion in assets. Regions Bank is one of the largest participants in affordable housing finance through the Low-Income Housing Tax Credit program. It is also a Fannie Mae DUS Multifamily Affordable Lender, HUD/FHA Affordable Lender, and Freddie Mac Targeted Affordable Housing Lender. The bank serves customers across the South, Midwest and Texas and has approximately 1,300 banking offices.