Synovus hires former Regions execs to form affordable housing business
Summary
The $48 billion-asset company said in a press release Monday that it has recruited Brian Coffee, who developed Regions’ affordable housing department in 2002, and Reed Dolihite, who was responsible for equity and debt origination in four states. The Federal Reserve Bank of Atlanta, in an October report, said there was a shortage of 1.2 million affordable housing units for those earning less than half of the median income across the district. In Georgias Clarke County, which includes Athens, more than 30% of renters pay more than half of their monthly income to housing, the Atlanta Fed noted. Coffee is vice president of the Affordable Housing Investors Council, which had lobbied the Office of the Comptroller of the Currency to give banks more flexibility to invest in housing credits outside their assessment areas as part of Community Reinvestment Act reform. Coffee and Dolihite "are deeply experienced and highly regarded affordable housing bankers and we are delighted to welcome them to Synovus,” Howard said.