Atmore-based UB Community Development, a partner of United Bank, recently announced $3.5 million in New Markets Tax Credits for the Community Foundation of South Alabama.
The money will be used to construct a 6,900-square-foot office facility that will replace the current office in downtown Mobile. The nonprofit foundation serves eight counties in southwest Alabama. Relying on private donations for organizational support, it utilizes over 450 funds, awarding more than $80 million in grants and scholarships since its inception in 1976. It aims to grow resources for communities, connect organizations and leaders, strengthen communities and spread education through scholarships.
“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,” says Alex Jones, president of UBCD.
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.
United Bank is a $733 million financial institution that has enjoyed 116 years of continuous service to Atmore and surrounding communities.