UB Community Development announces Affordable Housing Capital Magnet Funds for the construction of Estates at Kendal Apartments in Clanton, Alabama.
Atmore, AL- UB Community Development, LLC (UBCD), a community development partner of United Bank,
announced today United Bank has provided Capital Magnet Funds to National Affordable Housing Preservation
Associates and Vantage Development to be used as supplemental funds for the construction of Estates at Kendal
Apartments, a 56-unit, affordable multi-family project in Clanton, Alabama. United Bank is also providing additional
construction funding to the project.
“We are elated to join with NAHPA and Vantage Development to provide capital from our 2018 Capital Magnet Fund
award to Estates at Kendal Apartments,” said Joe Raines of UB Community Development. “Estates at Kendal is the
first new rent-restricted community in Clanton in several years and will address the area’s need for comfortable, safe,
affordable homes to working families,” Raines said.
Mark English, President of NAHPA, added, “National Affordable Housing Preservation Associates is pleased to
commence construction on our newest housing development for families in Clanton. UBCD and United’s commitment
of Capital Magnet Funds is critical to the financing of Estates at Kendal, and NAHPA is proud to have UBCD and
United as our financial partners.”
Vice President of Vantage Development, Jay Ronca, also commented, “UBCD and United Bank’s commitment to
affordable housing is to be commended. As a long-time developer of affordable housing, Vantage is enthusiastic about
forging a new relationship with UBCD and United Bank. We are excited to break ground on Estates at Kendal and to
deliver much-needed housing to families in Clanton.”
The Capital Magnet Fund 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 nonprofits for the purpose of providing affordable housing solutions and community revitalization efforts.
In 2018, United Bank was the only Alabama based bank to receive a Capital Magnet Fund award, further demonstrating
United’s strong commitment to providing unique and meaningful capital solutions to community development projects
across Alabama and Florida.
For more information about United Bank, please contact Tonya Lambert, Vice President of Marketing and Public
Relations, at (205) 446-6004 or email tonya.lambert@unitedbank.com. For more information about UB Community
Development, or for help with planning your next funding project, contact Joe Raines, Senior Vice President of United
Bank and UB Community Development at (205) 314-5790 or email joe.raines@unitedbank.com.
About United Bank
United Bank is a $639,000,000 financial institution that has enjoyed 115 years of continuous service to Atmore, Alabama
and surrounding communities. United Bank has offices in Atmore, Brewton, Flomaton, Monroeville, Frisco City, Bay
Minette, Foley, Lillian, Loxley, Magnolia Springs, Silver Hill, Spanish Fort, 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 as an experienced leverage lender in New Market Tax Credit
transactions, coupled with our passion for improving the communities around us, make UBCD Alabama’s premier
financial partner for rural economic and community development. Through our NMTC projects, Community Facilities
Lending Program, and Capital Magnet Fund, UBCD is working with community development partners in the fields
of healthcare, affordable housing, education, manufacturing, public works, and more. For more information about UB
Community Development, visit our website at www.UBCommunityDevelopment.com.