UB Community Development Announces Affordable Housing Capital Magnet Funds for the Construction of Atmore Senior Housing


UB Community Development Announces Affordable Housing Capital Magnet Funds for the Construction of Atmore Senior Housing
 

Atmore, AL- UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today United Bank has provided $700,000 in secondary financing to Gateway Development and CRN Development for the construction of Atmore Senior Housing, a 50-unit, affordable senior adult multifamily project in Atmore, Alabama. Funding for this loan was made possible due to the bank’s 2017 Capital Magnet Fund award. United Bank is also providing an additional $2.8 million in construction funding to the project, as a participant in BBVA’s construction facility.

 

The Capital Magnet Fund (CMF) Program is administered by the Community Development Financial Institutions Fund within the US Treasury Department. The CMF program offers competitively awarded grants to qualified institutions and non-profits, for the purpose of providing affordable housing solutions and community revitalization efforts to low income people nationwide. Since 2017, United Bank has been the recipient of two CMF awards totaling $10 million. United Bank is the only Alabama-based bank to receive and administer Capital Magnet Fund awards, further validating our strong commitment to providing unique and meaningful capital solutions to community development projects across Alabama and Florida.

 

For more information about UB Community Development, or for help planning your next funding project, contact Alex Jones, President, UB Community Development at (251) 446-6017 or email Alex.Jones@unitedbank.com; or Joe Raines, SVP, United Bank and UB Community Development at (205) 314-5790 or email Joe.Raines@unitedbank.com. For more information about United Bank, please contact

Tonya Lambert, SVP, Chief Marketing and Public Relations Officer, at (251) 446-6004 or email Tonya.Lambert@unitedbank.com.










More Questions?

Didn't find what you are looking for? Contact us for more information.