Affordable Housing. Stronger Communities. Regions Foundation Announces Major Investment Benefiting Southeastern Cities

BIRMINGHAM, Ala .– (BUSINESS WIRE) – The Regions Foundation, a nonprofit organization funded primarily by Regions Bank, on Thursday announced a $ 5 million Mission Related Investment (MRI) in Center Creek Capital Group, the organization that focuses on affordable housing needs across the Southeast.

“Connecting Leroy Abrahams, president of the Regions Foundation and head of Community Affairs for Regions Bank” . “Cities are growing and thriving in the Southeast, but for our communities to truly succeed, we need to ensure everyone has the opportunity to take part in that success. The Regions Foundation is proud to support Center Creek Capital Group as it takes the innovative approach to creating more affordable housing while strengthening the quality of life across the communities we serve. ”

Center Creek’s approach significantly expands high-quality affordable housing options for traditionally underserved low- or moderate-income residents. The company is revitalizing existing housing stock in metro areas including Birmingham, Atlanta, Tampa, and Jacksonville. Center Creek acquires single-family properties that have been neglected or in need of substantial repairs and then performs extensive renovations to create comfortable and energy-efficient homes. The homes include broadband internet access, helping the digital divide between those who are connected to advanced technology and those who are not.

Center Creek is able to accomplish its work thanks to funding from various investors. With the $ 5 million from the Regions Foundation being in the form of a Mission Related Investment, the foundation is able to allocate funding in a way that is designed to produce both a community benefit and a financial return in support of the foundation’s ongoing work.

“By making a mission-oriented investment into our fund, the Regions Foundation is using its capital in a creative way that will drive the acquisition and rehab of 100 affordable units – and at the end, the Foundation will get its money back, which Dan Magder, managing partner of Center Creek Capital Group, said. “We are excited to work with the Regions Foundation to expand our mission to bring quality and affordable housing and our specialized resident programs to renters in Birmingham and other cities in the Southeastern US”

Center Creek’s Pathway to Homeownership program, which offers financial wellness initiatives, credit counseling, and savings match program. The focus is to provide renters with tools and opportunities to become eligible to purchase the homes they rent. Center Creek’s resident programs promote greater economic equity and economic inclusion by connecting more people with opportunities to build generational wealth, own their own home, and reach additional financial goals.

Marta Self, executive director of the Regions Foundation, said: “Residents who make up a total of $ 2,500, which helps to build up a funding or fund that can serve as a financial safety net.”

The $ 5 million Mission Related Investment from the Regions Foundation directly complements the foundation’s focus on creating more inclusive prosperity. Center Creek Housing Fund III represents the $ 30 million of capital secured by Center Creek. The fund has reached $ 150 million in capital to support additional affordable housing opportunities over the next year.

The announcement of the Regions Foundation’s $ 5 million investment took place at a newly renovated house in Fairfield, Alabama, just west of Birmingham. Visitors see how the existing home has been transformed through a renovation that will create a welcoming environment for its future residents. Center Creek in the Birmingham area and beyond.

“I often call metro Birmingham and the Brother’s Keepers community because of people here,” said Alan Register, Birmingham market executive for Regions Bank. “That same generosity and teamwork is behind our colleagues at the Regions Foundation and the team at Center Creek Capital Group. This is a community partnership that will benefit people and families throughout the Southeast, and we are excited to see more houses coming online – and more people impacted – as additional organizations join forces to support this initiative. ”

About Regions Foundation

Regions Foundation supports community investments that have a positive impact on the communities served by Regions Bank. The Foundation engages in a grantmaking program focused on priorities including economic and community development; education and workforce readiness; and financial wellness. The Foundation is a nonprofit 501 (c) (3) corporation funded primarily through contributions from Regions Bank.

About Regions Financial Corporation

Regions Financial Corporation (NYSE: RF), with $ 164 billion in assets, is a member of the S&P 500 Index and one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,300 banking offices and more than 2,000 ATMs. Regions Bank is the Equal Housing Lender and FDIC Member. Additional information about Regions and its full line of products and services can be found at www.regions.com.

About Center Creek Capital Group

Center Creek is a mission-oriented investment and development firm. The Center Creek Housing Funds use a market-driven approach to bring new capital into low / moderate income communities, improve the housing stock, and expand the availability of affordable housing. Center Creek offers resident services like its Pathway to Homeownership and Internet Connections programs that provide financial literacy education, credit counseling, and savings match, and broadband internet to its residents. Center Creek provides to market-rate financial returns to investors.

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