Regions Affordable Housing announced the closing of a $107 million low-income housing tax credit (LIHTC) equity fund.
RAH Corporate Partners Fund 56 will invest in 15 affordable housing properties financed through the LIHTC program. The developments are in 10 states—Arkansas, Colorado, Georgia, Louisiana, Mississippi, New Mexico, New York, North Carolina, Oklahoma, and Texas.
Eleven properties are being built for families, and four are being built for seniors. Nine developments will set aside units to provide services to populations such as veterans, survivors of domestic violence, and those requiring health and social services.
Five institutional investors participated in the fund, including Regions Bank as co-investor, which will provide over 1,100 units of affordable housing.
“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, a division of Regions Bank. “Fourteen of the 15 properties syndicated in Fund 56, or more than 90%, are with repeat developer clients. Since Regions Bank’s acquisition of First Sterling nearly four years ago, we have been gratified by developer and investor response to our full-service national platform.”
Regions Affordable Housing is a national LIHTC investor, syndicator, and leader in affordable housing. Regions Bank is one of the nation’s largest participants in affordable housing finance through the LIHTC program and is also a Fannie Mae DUS multifamily affordable lender and a Department of Housing and Urban Development/Federal Housing Administration affordable lender.