United Bank Awarded $9 Million Capital Magnet Fund Award by US Department of Treasury

Rhea-AI Summary

United Bank receives $9 million Capital Magnet Fund award for affordable housing initiatives

Positive

• United Bank has been awarded a $9 million Capital Magnet Fund award by the US Department of Treasury for 2023. This reflects their commitment to providing affordable housing in Alabama, Florida, and surrounding states. The funds will support the development or rehabilitation of more than 4,000 apartment homes for families and senior adults.

Negative

• None.

ATMORE, Ala., Oct. 13, 2023 /PRNewswire/ -- (OTCQX:UBAB) -United Bank announced today the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) has awarded it a $9 million Capital Magnet Fund award for 2023, the fourth such award received since 2017. The award reflects United Bank's commitment to bringing badly needed affordable housing to communities across Alabama, Florida, and surrounding states.

United Bank has been awarded a $9 million Capital Magnet Fund award by the US Department of Treasury for 2023.

"Receiving this CMF award is an exciting confirmation that the efforts of the United Bank team in providing innovative capital strategies to the affordable housing industry are making a significant difference in communities across Alabama and the Southeast," said Joe Raines, Senior Vice President of United Bank. "As our economy continues to face strong headwinds from inflation and interest rates, these funds will allow us to continue our mission of providing safe, clean, affordable housing. Since 2018, United Bank has used our three previous CMF awards and other resources for the development or rehabilitation of more than 4,000 apartment homes for families and senior adults," added Raines.

The Capital Magnet Fund offers competitively awarded grants to CDFIs and nonprofit affordable housing organizations to finance affordable housing solutions and community revitalization efforts that benefit individuals and families with lower incomes and low-income communities nationwide.

About United Bank

United Bank is a $1.3 billion financial holding company that serves Southwest Alabama and Northwest Florida. United is a Community Development Financial Institution (CDFI), which recognizes its commitment to stimulating economic development in underserved communities. Through its New Markets Tax Credit projects, Community Facilities Lending Program and Community Housing Capital Fund, UB Community Development, LLC, a community development partner of United Bank, is working with community development partners in the fields of healthcare, education, manufacturing, public works, affordable housing and more. Member FDIC.

View original content:https://www.prnewswire.com/news-releases/united-bank-awarded-9-million-capital-magnet-fund-award-by-us-department-of-treasury-301956654.html

SOURCE United Bank

FAQ

What is the Capital Magnet Fund?

The Capital Magnet Fund offers grants to CDFIs and nonprofit affordable housing organizations to finance affordable housing solutions and community revitalization efforts.

How many awards has United Bank received?

United Bank has received four Capital Magnet Fund awards since 2017.

How will the funds be used?

The funds will be used for the development or rehabilitation of more than 4,000 apartment homes for families and senior adults.