Jackson Village Apartments

United Bank and UB Community Development provided $3,300,000 in construction financing to The Bennett Group for the renovation of Jackson Johnson Townhomes, a 42-unit affordable multifamily project in Marion, Alabama. United Bank also provided a $350,000 permanent loan to the development upon construction completion. Funding for this loan was made possible due to the bank’s Capital Magnet Fund award.

Jackson Johnson Townhomes were built in 1997. Now that renovations are complete, Jackson Johnson Townhomes is known as Jackson Village. The development received an allocation of Low Income Housing Tax Credits from the Alabama Housing Finance Authority in 2020 which allowed the property to be rehabilitated and preserve the units as affordable housing in the community.

The property has been named in honor of Jimmie Lee Jackson, an African American civil rights activist who was beaten and fatally shot by state troopers while participating in a voting rights march in Marion on February 18, 1965 with his mother and grandfather. Eulogized by Dr. Martin Luther King, Jr., Mr. Jackson’s death helped inspire the Selma to Montgomery marches in March 1965, a major event in the civil rights movement that helped gain congressional passage of the Voting Rights Act of 1965.

The extensive rehab and upgrade for property residents included updating kitchens with new cabinets, sinks, countertops and appliances. Bathrooms have been upgraded with new fixtures, sinks and faucets as well as wire shelving. Interior and exterior upgrades include energy efficient windows as well as doors, new flooring throughout each unit, HVAC units as well as roofs and gutters. Additionally, there is a new gazebo, picnic pavilion, and covered bus stop.

The renovations also included the expansion of existing amenities with the addition of a room to the Community Center, new concrete patios, a camera security system, resurfacing of parking lot as well as replacement of existing sidewalk for ADA accessibility.

“United Bank and UB Community Development are committed to serving rural communities in Alabama. The extensive rehab and upgrade of Jackson Village will ensure that residents of the town of Marion and Perry County have access to quality affordable housing now and in the future,” said Joe Raines, Managing Director of Community Housing Capital for UB Community Development.

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. UBCD offers Community Housing Capital (CHC) investments as part of its commitment to strong inclusive neighborhoods and diverse housing opportunities. CHC investments are partly funded by CMF awards.

Since 2017, United Bank has been the recipient of three CMF awards totaling $18 million. United is the only Alabama-based bank to receive a Capital Magnet Fund award and is further validation of United’s strong commitment to providing unique and meaningful capital solutions to community development projects across the Southeast.