Regions Affordable Housing announced the financial closing of RAH Corporate Partners Fund 55.
The $104 million fund will invest in 12 affordable housing properties financed through the low-income housing tax credit (LIHTC) program and located in 10 states—Alabama, Arkansas, Connecticut, Georgia, Indiana, Louisiana, Michigan, New York, South Carolina, and Texas. Nine properties are being built for families and three properties for seniors, with five of the properties setting aside units to provide services to populations such as the homeless, special-needs homeless, and those requiring health and social services.
Six institutional investors participated in Fund 55, which will provide over 1,000 units of affordable housing. Three were Community Reinvestment Act-motivated investors.
“Regions Affordable Housing is very pleased to be able to provide institutional capital to our affordable housing developers,” said Rob Chiles, president of Regions Affordable Housing. “Ten of the 12 properties syndicated in Fund 55, or more than 80%, are with repeat developer clients. Since Regions Bank’s acquisition of First Sterling nearly three years ago, we have been gratified by developer and investor response to our full-service national platform.”
Regions Affordable Housing is a leading national LIHTC fund syndication firm. It is part of Regions Bank, one of the nation’s largest participants in affordable housing finance through the LIHTC program and provides comprehensive real estate banking and capital management services for developers and investors. The bank is also a Fannie Mae DUS Multifamily affordable lender and Federal Housing Administration affordable lender.
