United Bank, a financial holding company serving Southwest Alabama and Northwest Florida, has been awarded a $9 million Capital Magnet Fund award by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) for 2024. This marks the fifth time United Bank has received this award since 2017, highlighting its dedication to providing affordable housing options in communities across Alabama, Florida, and surrounding states.
Joe Raines, Senior Vice President of United Bank, expressed excitement and gratitude for receiving the fifth CMF award since 2017. He emphasized that this award will enable the bank to continue its efforts in increasing affordable housing options for rent-burdened families and senior adults in Alabama and the Southeast region. Raines stated that the award will be instrumental in providing essential capital for the development or rehabilitation of over 1,000 apartment homes, many of which would not be possible without these funds.
The Capital Magnet Fund offers grants to CDFIs and nonprofit affordable housing organizations to support affordable housing solutions and community revitalization projects that benefit individuals and families with lower incomes and low-income communities nationwide. As a Community Development Financial Institution, United Bank is dedicated to stimulating economic development in underserved communities. Its subsidiary, UB Community Development (UBCD), focuses on economic and community development through programs such as New Markets Tax Credits, affordable housing initiatives, and community facilities projects.
United Bank’s commitment to affordable housing and community development has been recognized through multiple Capital Magnet Fund awards, demonstrating its ongoing efforts to address the housing needs of underserved populations. With this latest award, the bank aims to make a significant impact by providing funding for the construction and renovation of housing units that will benefit those in need of affordable living options.
Through its various programs and initiatives, United Bank continues to support economic growth and community well-being in the regions it serves. The bank’s focus on affordable housing, in partnership with the CDFI Fund, showcases its dedication to making a positive difference in the lives of individuals and families facing financial challenges. This latest award underscores United Bank’s position as a leader in community development and affordable housing solutions, contributing to the overall improvement of living standards in Alabama, Florida, and beyond.