Cadence continues to support affordable housing initiatives, having provided $95 million in equity and $129 million in debt across 11 projects to date in 2025.

Affordable housing is more than just brick and mortar; it’s a lifeline that keeps families stable, children in the same schools and workers close to their jobs. Across the South and Texas, banks like Cadence Bank are stepping in to help meet the growing need by using federal tax credit programs to finance affordable housing developments.

The need is evident. According to the National Low Income Housing Coalition, the United States is short about 7.1 million affordable rental homes for the lowest-income renters. The shortage hits especially hard in Southern states—Texas has only 25 affordable homes for every 100 extremely low-income renters, while Florida has 26; both states need hundreds of thousands more affordable units. Alabama and Mississippi fare slightly better but still leave nearly half of their most vulnerable renters without access to affordable options.

Across Cadence’s nine-state footprint, the shortfalls remain staggering, according to the National Low Income Housing Coalition (NLIHC):

To bridge the gap, Cadence turned to the Federal Low-Income Housing Tax Credit. The program lets banks and other investors provide equity to developers in exchange for tax benefits, making it possible to build housing that would otherwise be financially out of reach. In return, communities gain apartments where teachers, service workers and seniors can live without spending most of their income on rent.

“Tax credits help us do more than finance buildings — they help us strengthen communities in so many ways,” said Cadence Bank Senior Vice President of Affordable Housing Jason Duren. “When families can afford safe, stable housing, everything else falls into place: kids do better in school, workers can focus on their jobs and neighborhoods thrive.”

For families struggling with high rents, the stakes are personal. A stable apartment can mean the difference between keeping a job or losing it, between a child staying in class or falling behind. And for banks, it’s an opportunity to put capital to work in ways that both strengthen their bottom line and benefit the communities they serve.

Together with the Cadence Bank Foundation, the bank has donated more than $900,000 since 2024 to support affordable housing across its footprint.

Here is a glimpse at a few affordable housing projects underway through Cadence.

Pine Creek Senior Village – Nacogdoches, Texas

Cadence recognizes the affordable housing crisis disproportionately affects seniors across urban, suburban and rural communities. According to the U.S. Census, within the next decade, older adults are expected to outnumber children for the first time in American history. Many seniors are on a fixed income and are burdened not only by high home costs but also by increasing healthcare costs. Pine Creek Senior Village in Nacogdoches, Texas, will provide seniors earning no more than 60% of the area median income with the dignity of a safe home and the flexibility to focus on their healthcare needs. This new construction is funded by Cadence Bank and is expected to be completed in winter 2026.

Leonard Court – Jackson, Mississippi

Nestled in the heart of the Farish Street Neighborhood Historic District of Jackson, Mississippi, is Leonard Court. The nearly $30 million project will restore and rebuild the buildings in the historic neighborhood, transforming the property into 67 units of low-income housing. Expected to be completed in the fall of 2026, the property is undergoing a rebirth and will once again be a bustling place for families and community members to live while preserving the cultural and historical significance of the space.

BlueCreek Apartments – Jackson, Tennessee

Nearly one-third of residents in Jackson, Tennessee, where the BlueCreek Apartments development will be located, live in poverty. Cadence collaborated with the Jackson Housing Authority to provide funding for a project supplying affordable housing units to families earning no more than 60% of the area median income. The new units will be conveniently located across the street from the Jackson Housing Authority and will be completed by the winter of 2026.

Willow Way Village – Fort Walton Beach, Florida

Two of the hardest hit groups experiencing homelessness are veterans and people with disabilities. According to the National Coalition for Homeless Veterans, 5.3% of the homeless adult population are veterans, while people with disabilities are reported to make up nearly one-fourth of the population experiencing homelessness. Cadence is proud to provide funding for Willow Way Village, a transformative new permanent supportive housing development located in Fort Walton Beach, Florida. It is a 72-unit new construction project with 36 units targeted at unhoused individuals, including veterans and people with disabilities, while the remaining 36 units are targeted at families with incomes between 22% and 60% of the area's median income.

Cadence recognizes the importance of supporting projects and organizations that provide affordable housing across its nine-state footprint. From housing counseling to home-building materials to down payment and closing cost assistance, Cadence is bringing funding and innovative options to help people experiencing homelessness.

This article is provided as a free service to you and is for general informational purposes only. Cadence Bank makes no representations or warranties as to the accuracy, completeness or timeliness of the content in the article. The article is not intended to provide legal, accounting or tax advice and should not be relied upon for such purposes.