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- Regions Bank and Vitus Group have partnered to acquire and renovate three affordable housing properties in Jackson, Mississippi, creating “Jackson Trio.”
- The Jackson Trio project includes 613 units across 77 buildings, offering a mix of townhomes, garden-style apartments, and senior housing.
- Financing for the project includes Low-Income Housing Tax Credits, a bridge loan, and permanent debt placement, totaling over $117 million.
- The development aims to provide affordable housing for individuals and families earning between 50% and 80% of the area median income, with dedicated units for seniors.
Regions Bank, along with developer Vitus Group, have combined to acquire, for the sake of updating, three existing affordable-housing properties in Jackson.
According to a statement from Regions Bank, Village Apartments, Commonwealth Apartments and Madonna Manor are now part of what is being called Jackson Trio, a collection of townhomes, garden-style apartments and a 13-story high rise apartment building for seniors. In total, the properties encompass 77 buildings and 613 units and are just over 8 miles apart near the intersection of I-20 and I-220 in Jackson.
Village apartments are on Raymond Road in Jackson. Commonwealth Apartments are on Skyview Drive in Jackson and Madonna Manor is a 13-story assisted living facility on Houston Avenue in Jackson.
“Regions Affordable Housing has provided affordable housing opportunities across Metro Jackson for the last 30 years, and Jackson Trio is an expansion of our work to create more meaningful housing opportunities for people long term,” Andrew Romero, Regions Affordable Housing relationship manager, said in a statement.
Regions Bank and Vitus Group will use the Affordable Housing Payment-in-Lieu-of-Taxes to help finance the project. The project, Regions said, will provide access to affordable housing opportunities to people between 50% and 80% of area median income. In addition, of the 613 units, 149 will be restricted to people aged 62 and older to provide additional support for seniors, according to the statement.
The statement reported that Regions Affordable Housing will provide nearly $36.6 million in federal Low-Income Housing Tax Credit equity, $19.7 million in a bridge loan and a $61 million Fannie Mae MTEB permanent debt placement to fund Jackson Trio.
Regions and Vitus Group said the apartments will be a mix of one-, two-, three- and four-bedroom properties with amenities that include an exercise room, on-site property management and maintenance, and kitchen appliances. Two developments also include playgrounds for children, and Madonna Manor includes free lunch by the City of Jackson for senior residents.
Regions has history of funding projects
The Jackson Trio project is the 14th development for which Regions has provided affordable housing finance solutions to Vitus, with the first starting in 2018.
“This was a unique transaction that enabled us to protect and revitalize three properties in Jackson, Mississippi, under a single financing,” Stephen Whyte, Vitus Group president and chief executive officer, said in the statement. “We are grateful for our partnership with the Jackson Housing Authority, the support of our bond issuer the Mississippi Home Corporation, as well as Regions’ participation through both debt and equity.”
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.
Ross Reily is a writer for the Clarion Ledger, part of the USA TODAY Network. He can be reached at [email protected] or 601-573-2952. You can follow him on the X platform, formerly known as Twitter @GreenOkra1.
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