By Jennifer Elmore
Construction underway on 56-unit senior affordable housing development with special accommodations.
MONTGOMERY, AL / ACCESSWIRE / January 24, 2024 / Regions Bank on Thursday announced it has facilitated an equity investment that will expand access to affordable housing for seniors in Montgomery.
Freedom Village is under construction on Edgar D. Nixon Avenue near downtown. Developed by the Community Action Partnership of North Alabama (CAPNA), with consultation and additional services provided by the Bennett Group, Freedom Village will consist of 56 two-bedroom units in a three-story, elevator-serviced building. The development is specifically designed to help meet the housing needs of people aged 55 and over.
Within the development, 44 apartments are reserved for seniors earning 60% or less of the area median income (AMI), and the remaining 12 apartments are reserved for seniors earning 50% AMI or less. Four are specifically set aside for seniors who are homeless or who have a documented disability. Carastar Health, formerly known as the Montgomery Area Mental Health Authority Inc., will provide resident referrals, act as a liaison between residents and the property management, and provide other health and wellness services for tenants.
Regions Bank's Affordable Housing group facilitated the $13.5 million in federal Low-Income Housing Tax Credit (LIHTC) equity with a large institutional investor to support the development. Since 2016, Regions Affordable Housing has completed six similar transactions with the developer, most recently the Trinity Ridge development, a 56-unit senior housing facility in Phenix City.
Affordable housing provides hope and opportunity.
Phillip Mullins, Affordable Housing relationship manager for Regions Bank
"Affordable housing provides hope and opportunity. It's crucial for the success of any community, and it's another area where Regions Bank can leverage the financial experience and insights of our teams to make a meaningful difference for others," said Phillip Mullins, Affordable Housing relationship manager for Regions Bank. "Regions Affordable Housing works closely with developers, community leaders and others to provide funding for developments so more people can have a safe and affordable place to call home. At a time when the senior population continues to grow, Freedom Village provides the foundation needed to help seniors through the next stage of life."
Regions Affordable Housing LLC is a national Low-Income Housing Tax Credit 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, HUD/FHA Affordable Lender, and Freddie Mac Targeted Affordable Housing lender.
These affordable housing units are a capstone to a master-planned development of this neighborhood, and we are thrilled to have Regions Bank, the City of Montgomery, the Alabama Housing Finance Authority and the Bennett Group as key supporters.
Aron Boldog, director of Real Estate Development at the Community Action Partnership of North Alabama
"These affordable housing units are a capstone to a master-planned development of this neighborhood, and we are thrilled to have Regions Bank, the City of Montgomery, the Alabama Housing Finance Authority and the Bennett Group as key supporters," said Aron Boldog, director of Real Estate Development at the Community Action Partnership of North Alabama. "This 56-unit development will complement the existing affordable housing that has already been developed over the last eight years in this neighborhood very nicely. This has been a long time coming, and it feels good to see the master plan being finished out with this beautiful development."
Robert Birmingham, Montgomery and Central Alabama market executive for Regions Bank, said affordable housing opportunities like Freedom Village reflect how a bank can collaborate with other organizations to produce a shared community benefit.
"At Regions Bank, our mission is to make life better, and we live our mission daily in the transactions our bankers facilitate, as well as our community engagement with organizations meeting a number of needs," Birmingham said. "Our teams in Montgomery and beyond carry great pride in seeing developments like Freedom Village come together, and we appreciate the Community Action Partnership of North Alabama for leading the way in making another affordable option available for Montgomery residents."
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $154 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 1,250 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.
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SOURCE: Regions Bank