Birmingham-based Regions Bank recently announced two financing transactions to support a transformational building initiative in Brooklyn, N.Y.
The national housing nonprofit, led by HELP USA, is geared to address the holistic needs of individuals and families experiencing homelessness, according to Regions.
The four-building development will occupy an entire city block along Blake Avenue in East New York. Housing in this development will help meet the need for both housing and social services for people impacted by chronic homelessness, advised a release.
Many tenets 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.
Collectively, buildings A and B 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.
Additionally, HELP USA will provide educational programs, job training, clinical supervision, preventative health support groups and community outreach to ensure a connection to local service agencies.
Victor Sostar, executive vice president and origination team manager for Regions Affordable Housing, asserted that the financing demonstrated the institution’s commitment to “inclusive prosperity.”
“This unique property addresses chronic homelessness and aligns with two of Regions’ core values: Put People First and Do What is Right,” noted Sostar. “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 buildings in New York represent the 16th and 17th new supportive and permanent housing units HELP USA have secured, encompassing nearly 1,200 new homes in five states.
David Palmore is a contributing writer to Yellowhammer News
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