UB Community Development announced Affordable Housing Capital Magnet Funds for the construction of The Village at Rock Springs Apartments in Moody, Alabama.

February 7, 2019 – Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today United Bank has provided Capital Magnet Funds to the Community Action Partnership of North Alabama and The Bennett Group to be used as supplemental funds for the construction of The Village at Rock Springs Apartments, a 56-unit, affordable multi-family project in Moody, Alabama. United Bank is also providing additional funding as a participant in BBVA Compass Bank’s construction facility.

“We are thrilled to join with CAPNA and The Bennett Group to provide capital from our 2018 Capital Magnet Fund award to The Village at Rock Springs Apartments,” said Joe Raines of UB Community Development. “The Village at Rock Springs is a much-anticipated community for senior adults in St. Clair County that will provide much-needed, safe, and affordable homes,” said Raines.

According to Dave Truitt, Director of Real Estate Development at CAPNA, the Capital Magnet Funds were essential to making the project a reality.

“It became evident that rising construction costs and falling equity prices were going to leave us with a significant gap in funding,” said Truitt. “However, due to UBCD and United Bank providing the Capital Magnet funds for our project, we were able to close our gap in financing and continue with our plan to provide 56 units of safe, beautiful, and affordable housing for seniors in Moody.”

Fred Bennett, Managing Partner of The Bennett Group, echoed Mr. Truitt’s sentiment. “This truly exceptional neighborhood of homes in Moody would literally not be possible without the participation of UBCD and United Bank. Due to cost increases and declining equity prices, this project was not going forward without significant creative funding. UBCD and United Bank understood this and have thoughtfully provided.”

The Capital Magnet Fund 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 nonprofits for the purpose of providing affordable housing solutions and community revitalization efforts.

In 2018, United Bank was the only Alabama-based bank to receive a Capital Magnet Fund award, further demonstrating United’s strong commitment to providing unique and meaningful capital solutions to community development projects across Alabama and Florida. UB Community Development, a community development partner of United Bank manages the Capital Magnet Fund.

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