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By Jennifer Elmore
The Bottom Line
Affordable housing is crucial.
But in many places, it’s getting harder to find.
So, the timing couldn’t be better for Regions Bank’s Affordable Housing group to work with developers on opportunities like this.
What’s New:
It’s called Tobias Place – a development where hundreds of individuals and families will soon find their home.
But this is not an ordinary apartment complex. Yes, it features one-to-three-bedroom units. There’s the community garden, pond, playground and more.
What’s different is how it’s all designed to help people who call Fort Worth, Texas, home … to continue calling Fort Worth home.
Tobias Place is in the Hemphill neighborhood south of downtown. Community leaders are concerned about gentrification displacing longtime residents of the area, which is rich with Hispanic heritage. At the same time, there’s a need for more modern housing for elderly residents, recent college graduates and others.
With rents ranging from $400 to $1,000 per month, Tobias Place will fill the gap thanks, in part, to some collaboration from Regions Bank.
Why it matters:
People need access to high-quality, safe affordable housing. Communities need affordable developments to maintain the quality of life and support long-term growth.
Tobias Place is financed through federal housing tax credits, loans, grants and partnerships with the City of Fort Worth and Tarrant County entities. Regions provided an equity investment, a construction loan and a bridge loan. In addition, Regions Real Estate Capital Markets supported the development with a permanent loan. Ojala Partners is the developer.
“Tobias Place is an example of what can be done when local government and the private sector work together to address a need,” said Rachel Thomas Phillips, a Regions Affordable Housing relationship manager. “We know affordable housing is critical to economic and community development, and the benefits are making a real impact in people’s lives. Our commitment to strengthening communities from the ground up is strong.”
Through collaboration with the bank’s Affordable Housing and Real Estate Capital markets teams, we’re delivering incredible results.”
Brian Happel, Fort Worth market executive for Regions Bank
Phillips and her team attended the development’s recent groundbreaking. So, too, did Brian Happel, Fort Worth market executive for Regions Bank. Happel said the variety of financial solutions Regions made available to support Tobias Place reflects how the company takes a holistic approach toward meeting clients’ needs.
“Through collaboration with the bank’s Affordable Housing and Real Estate Capital markets teams, we’re delivering incredible results,” Happel said. “Communities in South Fort Worth are experiencing strong revitalization and population growth, and that make access to affordable housing more important now than ever. Our team carries great pride in seeing developments like Tobias Place come together.”
“This transaction represented a monumental effort by all parties involved, including our capital partners, elected officials at the city and county, city staff, and a coalition of actively engaged neighborhood groups and organizers,” said Daniel Smith, managing director at Ojala Partners. “We could not have pulled this off without the help of so many committed parties.”
For more on Regions Bank’s work in affordable housing, see links below.
