Looking to meet current and future residential needs in central Mississippi, Regions Bank is largely financing a major affordable housing project in Jackson.
The bank’s affordable housing group is funding developer Vitus Group’s acquisition and updating of three existing affordable housing properties in the capital city. Village Apartments, Commonwealth Village Apartments, and Madonna Manor are now part of “Jackson Trio,” a collection of townhomes, garden-style apartments, and a 13-story high-rise apartment for senior citizens.
The properties encompass 77 buildings and 613 units, and sit roughly eight miles apart near the intersection of I-20 and I-220 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,” Regions Affordable Housing relationship manager Andrew Romero said.
“Our entire team at Regions is proud to create solutions for clients that help people, families, and seniors with modern, safe, and affordable housing. We appreciate Vitus Group turning to Regions to support their business growth and finance their vision for Jackson Trio.”
Per a press release, Jackson Trio will use the Affordable Housing Payment-in-Lieu-of-Taxes, a tax incentive program to encourage mixed-income and affordable multi-unit rental development. The project will provide access to affordable housing opportunities to people between 50% and 80% of area median income, which is currently just north of $43,000.
In addition, 149 of the 613 (or 24%) of the units are restricted to people aged 62 and older to provide additional support for seniors. Properties are a mix of one, two, three, and four-bedroom apartments with amenities including an exercise room, on-site property management and maintenance, and kitchen appliances.
The Village and Commonwealth Village developments also include playgrounds for children, while Madonna Manor includes free lunch provided by the city of Jackson for senior residents.
Regions Affordable Housing provided approximately $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 facilitate the acquisition and facelift of the Jackson Trio project.
