JACKSON, Miss. (WJTV) – Regions Bank announced their plans to help renovate several affordable housing units in the Jackson area.
The company’s Affordable Housing group will provide financing to Vitus Group, which will entail Vitus acquiring and updating three existing affordable housing properties in Jackson for existing and future residents.
The three apartments involved in the acquisition are Village Apartments, Commonwealth Apartments and Madonna Manor. These apartments will now be a part of Jackson Trio, a collection of townhomes, garden-style apartments and a 13-story high rise apartment building for seniors. In total, the properties encompass 77 buildings and 613 units and are just more than eight miles apart near the intersection of I-20 and I-220 in Jackson. Of the 613 units, 149 will be designated for people aged 62 and older to provide additional support for seniors.
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Jackson Trio will use the Affordable Housing Payment-in-Lieu-of-Taxes (PILOT), a tax incentive program to encourage mixed-income and affordable multi-unit rental development. Through the use of this program, Jackson Trio will be able to provide access to affordable housing opportunities to people between 50% and 80% of area median income…