UB Community Development Awarded $45 Million New Markets Tax Credit Allocation

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Nov 03, 2022, 11:17 ET

This is UB Community Development's fourth award, and in conjunction with United Bancorporation of Alabama, Inc.'s prior award represents a total of $315 million.

ATMORE, Ala., Nov. 3, 2022 /PRNewswire/ -- UB Community Development, a subsidiary of United Bancorporation of Alabama, Inc., and affiliate of United Bank, announced recently that the U.S. Department of the Treasury has awarded it a $45 million New Markets Tax Credit (NMTC) allocation. The award reflects United Bank and UBCD's commitment to enhancing the economic vitality of low-income communities in Alabama and Florida.

"UBCD is deeply appreciative of the CDFI Fund's continued support of our mission and acknowledgment of our capacity to work with our distressed communities," said Alex Jones, President of UBCD. "Our focus on funding businesses and non-profits that create quality jobs in low-income communities and essential community services such as healthcare in predominantly rural areas of Alabama and Florida is critical now as we recover from the pandemic and supply chain shortages amid the impact of inflation and the echoes of recession in our communities."

The New Markets Tax Credit program is designed to stimulate private investment and economic growth in low-income urban neighborhoods and rural communities that lack access to the capital to support and grow businesses, create jobs and sustain healthy local economies.

About United Bancorporation of Alabama, Inc.

United Bancorporation of Alabama, Inc. (OTCQX: UBAB) 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.

Contact Information:

Alex Jones
251-446-6017
[email protected]
unitedbank.com
ubcommunitydevelopment.com

SOURCE United Bancorporation