ATMORE, Ala., Jan. 24, 2024 /PRNewswire/ -- United Bank (OTCQX:UBAB) has provided $440,000 in soft financing as well as a $6 million construction bridge loan to Woda Cooper Companies, Inc. for the construction of The Lenox, a new multi-family affordable housing complex in Augusta, Georgia. The soft financing is funded through United Bank's 2023 Capital Magnet Fund award from the CDFI Fund division of the US Treasury Department. Once completed, the complex will offer 64 one- and two-bedroom apartment homes for individuals and families and will be built to be LEED for Homes certified. Located in downtown Augusta with close proximity to amenities, The Lenox supports the City of Augusta's goals of downtown redevelopment. On-site amenities will include a laundry facility, clubhouse and community center, a rooftop terrace, fitness center, playground, a covered picnic pavilion, and a computer center.
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. UB Community Development (UBCD) focuses on economic and community development through its New Markets Tax Credits, affordable housing, and community facilities programs. Member FDIC.
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SOURCE United Bank
FAQ
What is the purpose of United Bank's (UBAB) funding to Woda Cooper Companies, Inc.?
United Bank provides $440,000 in soft financing and a $6 million construction bridge loan to Woda Cooper Companies, Inc. for the construction of The Lenox, a new multi-family affordable housing complex in Augusta, Georgia.
How many apartment homes will The Lenox offer?
The Lenox will offer 64 one- and two-bedroom apartment homes.
What is the source of funding for the project?
The soft financing is funded through United Bank's 2023 Capital Magnet Fund award from the CDFI Fund division of the US Treasury Department.
What are some amenities that will be available at The Lenox?
On-site amenities will include a laundry facility, clubhouse and community center, a rooftop terrace, fitness center, playground, a covered picnic pavilion, and a computer center.
