UB Community Development, a subsidiary of United Bancorporation of Alabama, Inc., Announces $12.5 Million in New Markets Tax Credit Funds to Alabama School of Mathematics and Science.

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Mar 30, 2023, 15:18 ET

ATMORE, Ala., March 30, 2023 /PRNewswire/ -- UB Community Development, LLC (UBCD), a community development partner of United Bank, announced that it provided a $12.5 million New Markets Tax Credit (NMTC) allocation toward the construction of the Wilson Science Research Center at the Alabama School of Mathematics and Science (ASMS) campus located in Mobile, Alabama.

"For over 30 years, ASMS has offered an accelerated, college-level STEM education to high schoolers from all 67 counties in Alabama, transforming their college and career outcomes for a lifetime. As we look to the next 30 years for our school, a new science building and research facility is essential to achieving our strategic plan. We are deeply grateful for the time and investment of the UB Community Development team in making this new building possible for ASMS. Their partnership will allow us to further prepare students for promising futures as the foremost leaders and experts in their fields here in Alabama and around the world too," shared Dr. John Hoyle, ASMS President.

Upon completion, the new 32,000-square-foot science research center will increase opportunities for students to conduct research and create access to a modern research laboratory. The science center aims to capitalize on job growth in science, technology, engineering, and mathematics (STEM) fields by providing students with worldclass facilities. The campus will also undergo extensive renovations to enhance and expand community and living spaces. The existing science building will transition into an academic hub for Humanities, an enhanced student activities center, and additional space for the Admissions and Outreach Department and Development Department.

"ASMS serves high school students from across the State of Alabama at no cost to them or their families," stated Alex Jones, President of UB Community Development. "We were honored to have the opportunity to support ASMS and their mission through our participation in the financing of the new Wilson Science Research Center. Being able to support an organization that has made not only local but national impact through its alumni is a rare opportunity."

ASMS is currently the only public residential high school in the State offering advanced studies in math, science, computer science, and the humanities. It serves sophomore, junior, and senior students in a boarding school model and does not charge students for tuition, room, or board. ASMS supports the local community through various outreach and educational programs aimed at encouraging low-income student participation in STEM education. One such program is its 'STEM Leadership Academy' residential summer camp. This camp offers a creative learning opportunity for over 1,200 students from across the State in 7^th through 9^th grades each summer.

About UB Community Development
UB Community Development's strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD Alabama's premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, affordable housing and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

SOURCE United Bancorporation