Press Release Archives - Page 3 of 6 - UB Community Development

UB Community Development & AMCREF Community Capital Announce $2.3 Million in New Markets Tax Credit Loan & Investment Fund for Local Small Businesses

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, and AMCREF Community Capital (AMCREF) announce $2.3 million in New Markets Tax Credit (NMTC) funding for a loan and investment fund. The fund and its management are part of a collaboration of resources from UBCD & AMCREF to fund local manufacturing, retail and various other small businesses. The $2.3 million loan and investment fund supports renovation and growth for small rural businesses, primarily in Alabama.

“Small businesses are vital to the success of the economy,” said Alex Jones, President of UB Community Development. “We’re proud to be a part of a solution to these businesses providing fast affordable capital to further their future growth. It is important for us to understand individual business needs, connecting owners to the right business solution. We’d like to thank AMCREF for partnering with UBCD and United Bank in making an impact in the viability of these small businesses.”

“Given many small businesses are being adversely impacted by the COVID-19 pandemic, we consider it a particularly compelling time to utilize NMTC capital to quickly support small rural businesses,” said Susan Seagren, Managing Director at AMCREF. “United Bank and UBCD’s track record of supporting small rural businesses in this region makes them an ideal partner, and we appreciate their leadership in establishing the NMTC loan fund. AMCREF considers this venture a valuable expansion of our mission.”

For more information about UB Community Development, or for assistance with funding or structuring your next project, contact Alex Jones, President, UB Community Development at (251) 446-6017 or email alex.jones@unitedbank.com.

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About United Bank
United Bank is an $890,000,000 financial institution that has enjoyed 116 years of continuous service to Atmore, Alabama and surrounding communities. United Bank has offices in Atmore, Brewton, East Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Foley, Lillian, Loxley, Magnolia Springs, Silverhill, Spanish Fort, Daphne, Summerdale and Semmes in Alabama. United Bank serves Santa Rosa County, Florida in Jay, Milton, and Pace. For more information about United Bank, please visit our website at www.UnitedBank.com. Member FDIC.

About UB Community Development
UB Community Development’s strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving communities, make UBCD Alabama’s premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, affordable housing and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

About AMCREF
Founded in 2005, AMCREF is an impact-driven specialty finance firm supporting innovative businesses that create quality jobs, environmental benefits, and economic opportunities in their communities. AMCREF supports early-stage and high-growth companies with a range of financial products and services. Specializing in investments that improve communities, create quality jobs, and serve the environment, AMCREF believes that social responsibility and profitability are not mutually exclusive. AMCREF offers innovative financial products and advisory services including tax credit-enhanced investments and non-conventional debt financing. AMCREF has invested more than $500 million of federal and state New Markets Tax Credits (NMTC) enhanced-capital to businesses based in low-income communities primarily in the Southern U.S. with a particular emphasis on rural communities.

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UB Community Development Announces $8 Million in New Markets Tax Credits for City of Brewton & Brewton Development Authority, Supporting Downtown Redevelopment

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announces $8 million in New Markets Tax Credits (NMTC) to the City of Brewton & Brewton Development Authority. The funds will be used to support downtown redevelopment efforts, attracting and encouraging new development projects as well as additional job creation.

The redevelopment plan includes demolition and renovation of properties within the downtown area, making it an attractive public improvement for businesses to relocate to Brewton. Brewton has a unique location and many affirming characteristics such as ranking as one of the 100 best small towns in America and an extraordinarily ranked school system. The city and development authority had a strong vision for this project to cultivate a safe and vibrant downtown with strong sustainable vitality using the underutilized space.

Provalus is one of the main companies to benefit from this anchor project. Provalus expanded to Brewton in 2017, occupying vacant downtown space. Since then, Provalus has been successful in attracting, retaining and investing in software technology-based employment. Their mission in attracting talent to rural communities has their current facility at capacity. The expanded development gives Provalus the capacity to expand in their existing facility.

“We are gratified with the enhancements and resurgence of the emerging downtown Brewton business district,” said Alex Jones, President of UBCD. “It takes more than a single project to restore a downtown, it takes continued partnership and commitment. Together, in partnership with the City of Brewton and Brewton Development Authority, our mission of providing innovative funding solutions like New Markets Tax Credits is stimulating downtown redevelopment, recruiting new business, converting unused space, and improving the physical image of downtown.”

“Watching Provalus grow and build in our downtown is nothing short of thrilling,” Mayor Yank Lovelace said. “There is nothing more exciting than seeing our strategy for economic development work, with jobs and future development being the return on our investment. We have partnered with state and federal agencies, and local financial institutions to set the stage for a thriving downtown, and Provalus will be one of our biggest stars.”

For more information about UB Community Development, or for help with planning your next funding project, contact Alex Jones, President, UB Community Development at (251) 446-6017 or email alex.jones@unitedbank.com.

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About United Bank
Our company is an $890,000,000 financial institution that has enjoyed 116 years of continuous service to Atmore, Alabama and surrounding communities. United Bank has offices in Atmore, Brewton, East Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Foley, Lillian, Loxley, Magnolia Springs, Silverhill, Spanish Fort, Daphne, Summerdale and Semmes in Alabama. United Bank serves Santa Rosa County, Florida in Jay, Milton, and Pace. For more information about United Bank, please visit our website at www.UnitedBank.com. Member FDIC.

About UB Community Development
UB Community Development’s strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD Alabama’s premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, affordable housing and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

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UB Community Development, LLC Awarded $65 Million in New Markets Tax Credits

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today the company has been awarded an allocation of $65 million in New Markets Tax Credits (NMTC). Through the NMTC program, the Community Development Financial Institution Fund (CDFI Fund) allocates tax credit authority to Community Development Entities (CDEs) via a highly competitive application process. UBCD was one of 73 CDEs awarded an allocation. This award marks our company’s third NMTC allocation, totaling $185 million that has been deployed into over $400 million in investments throughout Alabama and Florida communities.

The NMTC program helps economically distressed communities attract private investment capital. The tax credits help to fill financing gaps for projects in these areas by enabling investors to make larger investments. Since the program’s inception, $44 billion in NMTC funds have been invested in low income communities. UBCD has been an active participant in placing their $120 million NMTC allocation as well as sourcing more than $150 million additional NMTC projects in qualifying census tracts in Alabama and Florida. Our experience in NMTC transactions has supported job growth through projects such as healthcare facilities, manufacturing, education, hospitality, non-profits, community centers, retail and grocery stores in food deserts.

CDEs, like UBCD, use their authority to offer tax credits to investors in exchange for an equity investment into the eligible projects. With these capital investments, UBCD facilitates loans and investments to businesses and non-profits operating in distressed areas that have better rates and terms and more flexible features than traditional market loans.

“Ensuring access to capital is essential to sustaining and growing small businesses across our markets,” Alex Jones, UBCD President, said. “Being awarded this allocation will afford UBCD the opportunity to continue our work in funding critical projects in low income communities in Alabama and Florida.”

In 2016, United Bancorporation of Alabama became the only CDE headquartered in Alabama to receive a New Markets Tax Credit allocation. This $65 million allocation was made possible because of United Bank’s designation as a Community Development Financial Institution (CDFI) and UBCD’s designation as a Community Development Entity (CDE) with a mission to bring economic viability to rural and low-to-moderate income areas. Since earning the CDFI designation in 2010, United Bank’s team has focused on creating products and services that positively impact consumers and small businesses. United Bank has been recognized by the FDIC for its work in these areas.

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About United Bank
United Bank is a $742,977,301 financial institution that has enjoyed 116 years of continuous service to Atmore, Alabama and surrounding communities. United Bank has offices in Atmore, Brewton, East Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Foley, Lillian, Loxley, Magnolia Springs, Silverhill, Spanish Fort, Daphne, Summerdale and Semmes in Alabama. United Bank serves Santa Rosa County, Florida in Jay, Milton, and Pace. For more information about United Bank, please visit our website at www.UnitedBank.com. Member FDIC.

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UB Community Development Announces $1 Million in Community Facilities Lending Funding for Construction of Sanitation Department Building.

Fire Truck Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announces $1 million in Community Facilities Lending funding for the construction of a new Sanitation Department building.

The City of Atmore employs twenty sanitation workers who provide sanitation services for more than 9,200 residents in Atmore, and execute the healthy removal of household garbage, limbs and yard waste. Additionally, sanitation workers work on beautification projects such as parks and recreation maintenance, drainage ditch debris removal and right of way lawn maintenance. The sanitation department building also serves as a recycling drop off site, and a location for the maintenance of city vehicles.

“The importance of having adequate sanitation facilities and services in a community cannot be overstated,” said Alex Jones, UBCD President. “Providing a healthy community environment is a necessity, keeping the community cleaner and greener. We are pleased to partner with the City of Atmore on their long awaited sanitation project, deploying our Community Facilities Lending program as a funding solution.”

The new facility is a 6,000-square-foot pre-engineered metal building with new amenities like state of the art ventilation and climate controlled work environment. The new facility will replace the more than 60-year-old facility and will include many new upgrades like a hydraulic lift base to help maintain city vehicles, office space and an employee break room.

The city has a strategic objective to elevate city revitalization efforts. The Sanitation Department is located in a residential area. This update will enhance the aesthetics of the neighborhood, elevating a sense of community pride.

“This project has been in the works for more than 20 years, ” said Atmore Mayor Jim Staff. “The Community Facilities Lending program made it affordable for us to move forward on this much needed update. We would like to extend special thanks to United Bank and the UBCD team, specifically Chris Walker. We are proud to offer our employees a modern place to work, modern equipment, heating and cooling service as well as new and improved safety features.”

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About United Bank
Our Company is a $742,977,301 financial institution that has enjoyed 116 years of continuous service to Atmore, Alabama and surrounding communities. United Bank has offices in Atmore, Brewton, East Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Foley, Lillian, Loxley, Magnolia Springs, Silverhill, Spanish Fort, Daphne, Summerdale and Semmes in Alabama. United Bank serves Santa Rosa County, Florida in Jay, Milton, and Pace. For more information about United Bank, please visit our website at www.unitedbank.com. Member FDIC.

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UB Community Development Announces $447,000 in Community Facilities Lending Funding for City of Satsuma Fire Truck.

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announces $447,000 in Community Facilities Lending funds for the purchase of a new fire truck for the City of Satsuma Fire Department.

Firefighters undergo technical and physical endurance to earn their certifications. They are trained to provide services in the midst of tragic emergencies. Emergency services are critical functions of a community. Having an operational, reliable fire truck is an important component to fire departments. The city will now have four fire trucks in addition to new equipment for the new truck.

In 2019, the City of Satsuma was rated by FBI statistics as the safest city in Alabama. With more than 1,550 students enrolled at Satsuma City Schools and growing, the Satsuma Fire Department serves more than 7,000 Satsuma residents within 10 square miles. Their services expand to surrounding communities like Saraland, Creola and Axis if necessary. Having efficient and reliable fire services and resources are critical to keeping residents and firefighters in the community safe.

The City of Satsuma had a vested interest in ensuring their commitment to their firefighters to have the resources they need to stay safe. In 2019, the city celebrated their new 10,000-square-foot public safety building. Soon after, the Mayor and Council turned their attention to the replacement of aging equipment. With a staff of eight, including the fire chief, as well as countless volunteers, the fire department had three fire trucks in their fleet, one of which was aging.

“We are excited to extend our partnership with the City of Satsuma,” said Alex Jones, President UBCD. “Having provided Community Facilities Lending funds for both the public safety building and their new fire truck, we feel they have the resources they need to provide fire and safety services for the residents of Satsuma. Safety services are vital to building strong, vibrant communities. We would like to congratulate the City of Satsuma on their strategic vision in expanding their emergency services.”

“It was important to us as community leaders to upgrade and add to our firetruck fleet,” said Mayor Tom Williams. “Our intention was to keep the aging truck operational and in our reserve. We knew that if we kept using the aging truck on a regular basis, we might get into a situation where it would not be in service. We explored replacing the aging truck, but until now, we were not able to have proper financing to fund the new truck. The city would like to thank Chris Walker for helping with this project. We would also like to thank the council members in their forward thinking in approving a replacement truck.”

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UB Community Development Announces $375,000 Community Facilities Lending Funds for City of Creola City Hall Project

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announces $375,000 in Community Facilities Lending funds for city of Creola city hall project. The funds will be used to purchase and renovate their leased 6,000 square foot office facility.

“We’re happy to support the city of Creola in this expansion that will result in improved efficiencies, expanded office space and enhanced services to their community,” said Alex Jones, President, UB Community Development “By aligning resources and strategic city partnerships, the Community Facilities Lending funds have allowed the city to fulfill their objectives of improving public spaces in the city.”

The city of Creola, located in North Mobile county, is a city on the move with a purpose driven mission of welcoming new and existing residents to “come grow with us.” Established in 1978 with a current population of 2,018 and growing, the city’s existing space had fallen into disrepair with weakening structural concerns and the roof needing to be replaced. The city relocated to a leased space across from the existing facility on Old Highway 43 in downtown Creola, fueling the city’s revitalization efforts. The space they’ve been leasing for more than three years will now become their new permanent home.

“As Mayor, I had a vision for our city, which is known as God’s Country and the Gateway to the Mobile River Delta.” said Mayor William Criswell. “It was time for a change. After leasing the Naheola Credit Union for three years, we knew we wanted to purchase the building and adjoining lots as it was centrally located, across from the city park, SAIL Center, and next door to the Creola Post Office. Chris Walker, from United Bank, worked diligently with us to obtain the $375,000 and make our dream come true and we greatly appreciate his dedication. Now we have a place to call home for our employees and citizens.”

The renovated facility has fulfilled several needs in the community and city. The facility has a multi-purpose conference room for community and city meetings. The once crammed city hall now has expanded capacity, allowing for individual office space for the building inspector, Mayor, city clerk, and administrative staff. The facility is nestled on two acres, which accommodates future city growth projections. Additional amenities include public computer access to Creola citizens and an added public works department. The old city hall has also received a much needed roof repair, which now is a permanent home to police and fire staff.

There have been several key benefits to the renovated space in the current pandemic environment. Due to existing structural capacity, such as a drive through capability and plexiglass barriers, the coronavirus has not constricted current operations but has supported an extension of a safe healthy operating environment.

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About United Bank
United Bank is a $733,000,000 financial institution that has enjoyed 116 years of continuous service to Atmore, Alabama and surrounding communities. United Bank has offices in Atmore, Brewton, East Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Foley, Lillian, Loxley, Magnolia Springs, Silverhill, Spanish Fort, Daphne, Summerdale and Semmes in Alabama. United Bank serves Santa Rosa County, Florida in Jay, Milton, and Pace. For more information about United Bank, please visit our website at www.unitedbank.com. Member FDIC.

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UB Community Development Announces $3.5 Million in New Markets Tax Credit Funds to Renovate and Transform Historic Barton Academy into Public School in Downtown Mobile

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announces $3.5 million in New Markets Tax Credit (NMTC) funds, in conjunction with $7.8 million in financing provided by United Bank, as part of a $17 million project to renovate the historic Barton Academy Building into an internationally focused, public school within the system of Mobile County Public Schools. In a show of support and commitment to this project, the Mobile County Board of School Commissioners earlier invested $4 million in exterior renovations to the historic building.

“The foundational mission of both UB Community Development and United Bank is building strong communities; this is our second project funded with New Markets Tax Credits in Mobile’s Downtown Historic District this year.” said Alex Jones, President of UB Community Development. “We appreciate
the significance of preserving Alabama’s oldest public school, allowing students to experience a modern curriculum and learning conveniences in a historical environment.”

The project will create 50 direct construction jobs and 28 permanent full-time jobs, 18 of which are expected to be full-time teaching personnel. In addition to receiving NMTC funds, the project received funds from a private capital campaign as well as Federal and Alabama State Historic Tax Credits.

“We are very appreciative of our partnerships with UB Community Development and the Barton Academy Foundation to make the Barton Academy of Advanced World Studies a reality,” said Mobile County Public Schools Superintendent Chresal D. Threadgill. “The citizens of Mobile are excited to see Barton Academy return to its original use as a school, and I think they will be proud of the high-quality teaching and learning that is going to take place in this world-class school.”

Constructed in 1836, Barton Academy was the first public school in Alabama and is listed on the National Registry of Historic Places. The building has been vacant since 2007 when the school system relocated to West Mobile. In 2012, the Barton Academy Foundation was incorporated as a 501(c)(3) nonprofit organization to work with Mobile County Public Schools to raise funds to restore the historic downtown school into Barton Academy for Advanced World Studies.

“Reopening Barton Academy to children from throughout the school system has been the project of a lifetime for those of us serving on the Barton Academy Foundation,” said Elizabeth P. Stevens, President, Barton Academy Foundation. “There are so many positive benefits to come from the school’s reopening. These include a grand learning environment, preparing students for a lifetime of work and service in a global environment, and revitalization of a state landmark and the downtown neighborhood in which it sits. We are grateful to UB Community Development, LLC and United Bank for their partnership in this endeavor.”

Upon completion, the rehabilitated 59,540 square foot educational facility will serve up to 300 middle school students annually, providing a full curriculum in all core subjects including science, technology, engineering, math (STEM), English and social studies with an emphasis on foreign languages, world geography and global economics.

Barton Academy for Advanced World Studies will provide a quality education for students in sixth to ninth grades while also accelerating the revitalization of the surrounding area and spurring economic growth in downtown Mobile. The school will engage with the community on an ongoing basis, establishing partnerships with international community organizations in addition to Mobile businesses and area arts organizations. The insights and guidance from a broad range of businesses and professionally engaged citizens will be used to develop knowledge and skill objectives necessary for college and career readiness.

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About United Bank
United Bank is a $733,000,000 financial institution that has enjoyed 116 years of continuous service to Atmore, Alabama and surrounding communities. United Bank has offices in Atmore, Brewton, East Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Foley, Lillian, Loxley, Magnolia Springs, Silverhill, Spanish Fort, Daphne, Semmes, and Summerdale in Alabama. United Bank serves Santa Rosa County, Florida in Jay, Milton, and Pace. For more information about United Bank, please visit our website at www.unitedbank.com. Member FDIC.

About UB Community Development
UB Community Development’s strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD Alabama’s premier financial partner for economic and community development. Through our NMTC projects, Community
Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, affordable housing and more. For more information about UB Community Development, visit our website at
www.UBCommunityDevelopment.com.

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UB Community Development Announces $7 Million in New Markets Tax Credit Funding for the Expansion of Master Extrusion LLC, an affiliate of ColorMasters, LLC in Albertville

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, has announced $7 million in New Markets Tax Credit (NMTC) as part of $10 million in financing for the acquisition and installation of multiple new extruder machines at Master Extrusion, LLC’s existing facility in Albertville, Alabama. Master Extrusion, LLC is an affiliate of ColorMasters, LLC.

“UB Community Development seeks out partners across a multi-state area to assist in their expansion of existing facilities and the development of new facilities. Immediately, upon our first conversation with the ColorMasters team, I knew this was a company and project we wanted to support,” said Alex Jones, President of UB Community Development. “Job creation is the lifeblood of any thriving community and will ensure economic health and prosperity for years to come. We feel privileged to be a part of supporting Master Extrusion’s project and the impact they make on their community.”

Master Extrusion prints and converts a number of types of packing designs for a wide variety of applications in the food, lawn and garden, house-ware and advertising markets. Family-owned and operated since 1986, Master Extrusion has seen significant growth and success, expanding from a 10,000-square-foot facility with one bag machine to over one million square feet of manufacturing and warehouse space.

The project is expected to create 45 new jobs and provide for the retention of 90 jobs in the community. It aligns directly with the state’s plan to vigorously pursue economic development in Alabama’s distressed Appalachian counties. Master Extrusion’s expansion demonstrates that when local, regional and state entities work together to support Alabama’s industries and their development, businesses can continue to grow and increase the number of highly skilled, well-paying jobs. It also helps Alabama remain a leader in recruiting new industry throughout the state.

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About United Bank
United Bank is a $733,000,000 financial institution that has enjoyed 116 years of continuous service to Atmore, Alabama and surrounding communities. United Bank has offices in Atmore, Brewton, East Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Foley, Lillian, Loxley, Magnolia Springs, Silverhill, Spanish Fort, Semmes, Daphne and Summerdale in Alabama. United Bank serves Santa Rosa County, Florida in Jay, Milton, and Pace. For more information about United Bank, please visit our website at www.unitedbank.com. Member FDIC.

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United Bank Receives $6 Million Capital Magnet Funds Award from U.S. Department of Treasury

Atmore, AL – Robert R. Jones, III, President and CEO of United Bank, a subsidiary of United Bancorporation of Alabama, Inc. (OTCPNK: UBAB), announced today that United Bank has received an award of $6 million from the U.S. Department of Treasury’s Capital Magnet Fund (CMF) program. The award will be managed by UB Community Development, LLC, a community development partner of United Bank. United Bank was one of only 38 entities nationwide to receive a Capital Magnet Fund award from among the 113 total organizations that applied. The $6 million grant was one of the largest awards granted to a single entity.

These awards were made through the fiscal year (FY) 2019 round of the Capital Magnet Fund, and will support financing for the preservation, rehabilitation, development or purchase of affordable housing for low-income communities, as well as related economic development and community service facilities such as day care centers, workforce development centers and health care clinics.

While discussing the CMF Award, Mr. Jones noted: “In a short period of time, United Bank and UB Community Development have become leaders in providing innovative capital solutions to affordable housing projects across Alabama. This new Capital Magnet Fund award is strong confirmation of the success we’ve had to this point, and we look forward to utilizing it towards our goal of being a transformative influence in the communities we serve.”

In addition to the CMF award, the U.S. Department of Treasury, through its New Markets Tax Credit Program, has awarded UBAB and UBCD $120 million in New Markets Tax Credit allocations since 2016. UBAB, and subsequently UBCD, are the only community development entities (CDE) headquartered in Alabama to receive a New Markets allocation from Treasury in the last decade. This success was made possible largely because of United Bank’s designation as a CDFI bank and the organization’s unwavering commitment to its CDFI mission to bring positive and sustainable economic and quality-of-life improvements to low-income and underserved communities, not only in its traditional banking footprint, but throughout the entire states of Alabama and Florida.

Additionally, UBCD, as the community-development management entity for UBAB, manages a $40 million Community Facilities Lending Program, which provides accessible, low-cost capital to local government and non-profits in rural and persistent-poverty areas. Like the New Markets Tax Credit awards, UBCD is the only Alabama-based entity to receive and administer the CMF and Community Facilities awards.

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About UB Community Development
UB Community Development’s strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD Alabama’s premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

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UB Community Development Announces $3.5 Million in New Markets Tax Credit for Nonprofit, Community Foundation of South Alabama

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announces $3.5 million in New Markets Tax Credit (NMTC) for Southwest Alabama-based nonprofit, Community Foundation of South Alabama (CFSA). The funds will be used to construct a 6,900-square-foot office facility that will replace the current office in downtown Mobile, Alabama.

The CFSA is a nonprofit organization serving eight counties in Southwest Alabama. Relying on private donations for organizational support, The CFSA utilizes over 450 funds, awarding more than $80 million in grants and scholarships since its inception in 1976. Their mission includes four main focuses investing to grow resources for communities, connecting organizations and leaders, initiating and leading efforts to strengthen communities and inspiring educational opportunities through scholarships enabling individuals to be productive members of the community.

“UBCD has a strong commitment in supporting impactful community development projects across the Southeast, and assisting the CFSA with their project is a prime example,” said Alex Jones, President of UBCD. “We began working with the CFSA almost 2 years ago when they began their initial planning for this project and we worked with them from conception to now commencing construction. This has been a great partnership and we are very excited to play a small role in the important work they do across Southwest Alabama.”

With more than 44 years experience serving Southwest Alabama, the CFSA is bringing together philanthropic assets to invest in communities. The CFSA has a particularly elevated focus on increasing opportunities to help young people thrive through investing in programs that address family, education, narrowing opportunity gaps positioning children to have a chance to achieve their full potential.

“We have been working to create stronger communities and encouraging greater giving since our founding more than forty years ago,” said Community Foundation of South Alabama President & CEO, Rebecca Byrne. “With an emboldened commitment to provide more opportunities to everyone, we are constructing this new facility on the same site where our roots have been firmly planted in downtown Mobile.”

Through this funding partnership, the CFSA expects to maintain 6 direct jobs and expects 26 temporary construction jobs. UB Community Development used their knowledge in structured financing to minimize transactional cost while optimizing the capital investment by acting as both the tax credit provider, investor and lender.

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About UB Community Development
UB Community Development’s strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD Alabama’s premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

About The Community Foundation of South Alabama
The Community Foundation of South Alabama is a nonprofit charitable organization that plays a key role in meeting the needs of an eight-county region through leadership and grants. The Foundation serves as a vessel for donors, volunteers and the community to share ideas, identify issues and build financial resources necessary to make improvements and positively impact the community. The Foundation administers a collection of charitable funds established by members of the community. Since its founding in 1976, the Foundation has awarded more than $80 million in grants to nonprofit organizations to support programs that make life better in the community. The Community Foundation builds lasting endowments to ensure grants are available to support the community forever. To learn more visit: www.communityfoundationsa.com.