UB Community Development (UBCD), a Community Development partner of United Bank, offers Community Housing Capital investments as part of its commitment to strong, inclusive neighborhoods and diverse housing opportunities. Low-income individuals and families across the region experience difficulty finding affordable housing, with many spending over half of their paychecks on rent. This burden leaves little income for other necessities such as food, medical care, transportation, and savings.
A Successful Example of a Community Housing Capital Project
UB Community Development, LLC (UBCD), a community development partner of United Bank, announced that United Bank has provided Capital Magnet Funds to National Affordable Housing Preservation Associates and Vantage Development to be used as supplemental funds for the construction of Estates at Kendal Apartments, a 56-unit, affordable multi-family project in Clanton, Alabama. United Bank is also providing additional construction funding to the project.
United Bank is a certified Community Development Financial Institution (CDFI), and this allows UBCD to access funding which can be strategically leveraged with the bank’s own resources to create catalytic impact in communities throughout the region. Capitalizing on new and emerging industry relationships, UBCD understands the dynamic environment of affordable housing and seeks to be a nimble lender who can provide the critical financing that makes developments possible. Through these financing partnerships, more low and moderate income people will have quality housing options within their financial reach.
The stability of our homes and the conditions in which our communities exist have an enormous influence on the opportunities we have to shape our lives. Living in a stable, adequate home that is affordable to the household yields a multitude of opportunities and stronger outcomes for children, youth, and adults. A stable home provides a platform for improved outcomes around employment, health, and education which will ultimately benefit current and future generations.
UBCD and United Bank’s commitment to providing much-needed financing for affordable housing remains strong. In fact, United Bank earmarked $3.5 million of their 2019 capital raise for continued activity in affordable housing. That’s because UBCD and United Bank understand the ability to find safe, affordable housing is essential to lifting individuals and families out of poverty, and to building strong, economically healthy communities.