JACKSON, MISS. — Regions Affordable Housing has provided $117.3 million in financing to Vitus Group, an affordable housing developer, investor and owner with offices in Seattle and New York City. With the financing package, Vitus will acquire and rehab three affordable housing properties in Jackson: Village Apartments, Commonwealth Apartments and Madonna Manor, which are now known as the Jackson Trio portfolio. The properties are a mix of townhomes, garden-style apartments and a 13-story high-rise building for seniors. Altogether, the properties total 77 buildings and 613 units.
Regions’ financing package included approximately $36.6 million in federal Low-Income Housing Tax Credit (LIHTC) equity, a $19.7 million bridge loan, and a $61 million Fannie Mae mortgage loan.
Jackson Trio will provide rental housing to people earning between 50 and 80 percent of area median income. In addition, of the 613 units, 149 are restricted to renters aged 62 and older. Properties are a mix of one-, two-, three- and four-bedroom apartments with amenities that include an exercise room and on-site property management and maintenance. Two communities also include playgrounds for children, and Madonna Manor includes free lunch by the City of Jackson for its senior residents.