Regions Bank has integrated its affordable housing businesses into a single new division—Regions Affordable Housing.
The new group brings together Regions Community Investment Capital and Regions First Sterling (formerly First Sterling).
“Over the past 18 months, Regions has expanded its affordable housing platform to provide comprehensive lending, capital raising, and equity investment solutions to developers nationwide,” said Rob Chiles, president of Regions Affordable Housing. “Following the full integration of First Sterling Financial businesses and experienced associates, we are rebranding our combined business as Regions Affordable Housing toprovide our clients with one integrated team to meet their broad financial needs.”
Regions Affordable Housing offers low-income housing tax credit (LIHTC) syndication, financing, and asset management to developer and investor clients. With a nationwide sales team and comprehensive asset management platform, the business has originated $4.4 billion in equity investments in 1,200 assets located in 45 states, the District of Columbia, and Puerto Rico.
Regions Bank acquired the LIHTC corporate fund syndication and asset management businesses of First Sterling Financial in October 2016.
The bank is 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 to meet the debt and capital needs of developers and investors. Regions Bank originates and places agency debt with the Department of Housing and Urban Development and is also a Fannie Mae Delegated Underwriting and Servicing multifamily affordable lender.
