United Bank provides funding for the construction of The Villas at York in Birmingham, Alabama

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Jan 16, 2024, 09:30 ET

ATMORE, Ala., Jan. 16, 2024 /PRNewswire/ -- (OTCQX: UBAB) – United Bank has provided $700,000 in soft financing to Vantage Development for the construction of The Villas at York, a 52-unit affordable housing complex for seniors in Birmingham, 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 $4.5 million in construction financing to the project through its participation in United Community Bank's $11 million construction facility. Once completed, the complex will offer one- and two-bedroom apartment homes to senior adults ages 55 and over. On-site amenities will include a laundry facility, clubhouse and community center, covered bus shelter, storm shelter, gazebo, a covered picnic pavilion, and a computer center.

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 Bank