United Bank provides funding for the construction of Hill at Sand Mountain Apartments in Rainsville, Alabama

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Dec 14, 2023, 11:40 ET

ATMORE, Ala., Dec. 14, 2023 /PRNewswire/ -- (OTCQX:UBAB) –United Bank has provided $350,000 in soft financing to The Gateway Companies for the new construction of Hill at Sand Mountain Apartments, a 56-unit multi-family affordable housing complex in Rainsville, Alabama. The soft financing is funded through United Bank's 2020 Capital Magnet Fund award from the CDFI Fund division of the US Treasury Department. United Bank is also providing $2.5 million in construction financing to the project through its participation in Synovus Bank's $11.9 million construction facility.

Once completed, the complex will offer one- and two bedroom units. Each unit will have a covered porch with an outside storage closet and laundry room with full-size washer and dryer. On-site amenities include a community room with partial kitchen, fitness room, and computer center. An outdoor gazebo and picnic area with grills will also be available for residents' use as well as a covered bus stop shelter.

The Gateway Companies develop, own and operate affordable, workforce, conventional and senior multi-family housing communities throughout the Southeastern United States. Gateway has developed more than 100 apartment communities across six states, and manages over 16,000 affordable and market rate apartment units.

About United Bank

United Bank 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.

SOURCE United Bancorporation