Addressing an Urgent Housing Need in Brooklyn: Regions Bank Arranges Vital Financing for New Housing
15 Agosto 2022 - 3:00PM
Business Wire
HELP ONE Buildings A & B will provide housing solutions for
those faced with chronic homelessness in Brooklyn, N.Y.
Regions Bank on Monday formally announced the closing of two
transactions to support a transformational building initiative in
Brooklyn, New York. The initiative is led by HELP USA, a national
housing nonprofit dedicated to addressing the holistic needs of
individuals and families experiencing homelessness.
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“This collaboration with HELP ONE is a
direct reflection of how Regions Affordable Housing makes
meaningful investments in communities across the country.”–Victor
Sostar, Executive Vice President and Origination Team Manager,
Regions Affordable Housing (HELP USA/HELP ONE Rendering by Curtis +
Ginsberg Architects)
Financing from the transactions is aiding in the development of
HELP ONE Buildings A & B. The buildings are part of what will
become a four-building development occupying an entire city block
along Blake Avenue in East New York. Regions’ Affordable Housing
Division supported the development by arranging $62 million in
equity, provided by BNY Mellon.
The development will help meet the need for both housing and
social services for people impacted by chronic homelessness. Many
of those served by HELP USA are also navigating mental health needs
or substance abuse disorders. HELP USA offers a range of services
that extend beyond shelter to help its clients achieve
independence.
Upon completion, Building A will consist of 184 apartments with
Building B comprising 71 apartments. Buildings A & B
collectively will have 154 apartments set aside for individuals who
meet the homeless and substance abuse criteria for housing. These
tenants will receive rental subsidies through a project-based NYC
15/15 Supportive Housing Initiative Rental Assistance Contract
(“RAC”) for 15 years.
Residents will also be offered supportive services provided by
HELP Social Services Corporation. Those services include
educational programs, job training, clinical supervision,
preventative health support groups, and community outreach to
ensure a connection to local service agencies.
“This collaboration with HELP ONE is a direct reflection of how
Regions Affordable Housing makes meaningful investments in
communities across the country,” said Victor Sostar, Executive Vice
President and Origination Team Manager, Regions Affordable Housing.
“This unique property addresses chronic homelessness and aligns
with two of Regions’ core values: Put People First and Do What is
Right. Here at Regions, we are committed to creating shared value
and inclusive prosperity in the communities we serve, and this
development in Brooklyn is an example of those values in action. We
are ecstatic to be a part of such an impactful opportunity.”
The new development will replace HELP USA’s previous East New
York Shelter, which met the needs of individuals and families for
over 30 years. The modern HELP ONE buildings are designed to
further advance the organization’s mission of fighting homelessness
through high-quality, strategic solutions.
“HELP ONE is the most important permanent housing project our
organization has done – so far. We started this process in 2016
when it was clear that the existing family shelter was beyond
repair,” added David Cleghorn, President, HELP Development Corp.
“In collaboration with my colleagues on the supportive housing side
of our business, securing financing for Buildings A and B
represents the 16th and 17th new supportive and permanent housing
units we have done in that time encompassing almost 1,200 new homes
in five states.”
Regions Affordable Housing LLC is a national Low-Income Housing
Tax Credit (LIHTC) 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 MAH
Lender, HUD/FHA Affordable Lender, and Freddie Mac Optigo TAH
lender.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $161 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, 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 an Equal
Housing Lender and Member FDIC. Additional information about
Regions and its full line of products and services can be found at
www.regions.com.
About HELP USA
HELP USA is one of the nation’s largest homeless service
providers and low-income housing developers serving at-risk
populations, including families, veterans, and victims of domestic
violence. HELP USA currently serves more than 8,000 people every
day through over 50 programs and residences across five states.
Since its founding in 1986, HELP USA has served more than 500,000
men, women, and children and developed more than 2,500 units of
housing. For more information, visit www.helpusa.org. HELP USA
Media Contact: Samantha Conlan, 212-400-8284;
sconlan@helpusa.org.
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Media Contact: Alicia Anger Regions Bank 205-264-4551
Regions News Online: regions.doingmoretoday.com Regions News on
Twitter: @Regions News
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