BIRMINGHAM, Ala.--(BUSINESS WIRE)--
Regions
Bank today announced the integration of its affordable housing
businesses into one division. Regions Community Investment Capital and
Regions First Sterling (formerly First Sterling) have combined to become
Regions Affordable Housing, a national Low Income Housing Tax Credit
(LIHTC) syndication firm and leader in affordable housing.
Regions Affordable Housing offers LIHTC syndication, financing and asset
management to new and existing 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.
“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 to
provide our clients with one integrated team to meet their broad
financial needs.”
Regions Bank acquired the LIHTC corporate fund syndication and asset
management businesses of First Sterling Financial, Inc. in October of
2016. Regions 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 U.S. Department of
Housing and Urban Development and is also a Fannie Mae Delegated
Underwriting and Servicing Multifamily Affordable Lender.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $123 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, mortgage, and insurance products and services. Regions
serves customers across the South, Midwest and Texas, and through its
subsidiary, Regions Bank, operates approximately 1,500 banking offices
and 1,900 ATMs. Additional information about Regions and its full line
of products and services can be found at www.regions.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180427005087/en/
Regions Bank
Evelyn Mitchell, 205-264-4551
regions.doingmoretoday.com
Regions
News on Twitter: @RegionsNews
or
Regions
Affordable Housing
Nina Galluzzo, 516-869-7401
Source: Regions Financial Corporation