UB Community Development LLC (UBCD), a Community Development partner of United Bank, manages New Market Tax Credits as part of a federal tax credit program enacted by Congress in 2000, designed to stimulate private investment in low income urban neighborhoods and rural communities.
In 2016, United Bancorporation of Alabama became the only CDE headquartered in Alabama to receive a New Market Tax Credit allocation. This $65MM 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 areas.
In 2017, following the successful deployment of more than $90MM in New Market Tax Credits, UB Community Development received an additional $55MM allocation of New Market Tax Credits. UBCD also manages $40MM of funding as part of its Community Facilities Lending Program, as well as a $4MM Capital Magnet Fund award. These allocations further validate our team’s extensive expertise and passion for bringing community oriented economic development projects to qualifying areas.
UBCD uses New Market Tax Credits to help fund small businesses and finance projects related to education, healthcare, manufacturing, hospitality, non-profits and community centers. The projects funded through UBCD’s New Market Tax credits are creating jobs in low-income communities, providing goods, services and housing options and improving access to quality healthcare and affordable food options in low income areas.
Our past performance as an experienced leverage lender in NMTC transactions coupled with our passion for improving the world around us, make UBCD Alabama’s premier financial partner for rural economic and community development.
To learn more about New Market Tax Credits or to find out if your project qualifies for NMTC funding, contact us.
Does Your Project Qualify for New Market Tax Credits?
UBCD’s New Market Tax Credit program and Community Facilities Loan Program options provide funding solutions for community development projects located in qualifying census tracts. To see if your project qualifies or to learn more about the designated qualifying census tracts, click the button below.
New Markets Tax Credit Program Intake Form
UB Community Development utilizes its New Market Transaction to provide flexible capital to low-income communities throughout the State of Alabama and the counties of Escambia, Okaloosa, and Santa Rosa County in Florida. UB Community Development will utilize its NMTC allocation to target projects in highly-distressed predominately rural communities that are in direct alignment with the community needs, create quality and accessible jobs in low-income communities through its equity equivalent product and small business loan pool products.
Note: This questionnaire relates only to the eligibility and community impact of a proposed transaction for the NMTC Program. This questionnaire is not an application for credit.
Please complete the online questionnaire below, or if you prefer, download the PDF here.