ATMORE, Ala., July 29, 2021 /PRNewswire/ — United Bank and UB Community Development have provided $3,300,000 in construction financing to The Bennett Group for the renovation of Jackson Johnson Townhomes, a 42-unit affordable multi-family project in Marion, Alabama. United Bank will also provide a $350,000 permanent loan to the development upon construction completion. Funding for this loan was made possible due to the bank’s Capital Magnet Fund award.
Jackson Johnson Townhomes was built in 1997. Once renovations are complete, Jackson Johnson Townhomes will be known as Jackson Village. Total renovation costs of $2.5 million are budgeted for the project. The development received an allocation of Low-Income Housing Tax Credits from the Alabama Housing Finance Authority in 2020 which will allow the property to be rehabilitated and will preserve the units as affordable housing in the community.
The property has been named in honor of Jimmie Lee Jackson, an African American civil rights activist who was beaten and fatally shot by state troopers while participating in a voting rights march in Marion on February 18, 1965 with his mother and grandfather. Eulogized by Dr. Martin Luther King, Jr., Mr. Jackson’s death helped inspire the Selma to Montgomery marches in March 1965, a major event in the civil rights movement that helped gain congressional passage of the Voting Rights Act of 1965.
The extensive rehab and upgrade for property residents includes updating kitchens with new cabinets, sinks, countertops and appliances. Bathrooms will be upgraded with new fixtures, sinks and faucets as well as wire shelving. Interior and exterior upgrades include energy efficient windows and doors, new flooring throughout each unit, HVAC units and roofs and gutters. Additionally, there will be a new gazebo, picnic pavilion, and covered bus stop.
The renovations also include the expansion of existing amenities with the addition of a room to the Community Center, new concrete patios, a camera security system, resurfacing of the parking lot and replacement of the existing sidewalk for ADA accessibility.
«United Bank and UB Community Development are committed to serving rural communities in Alabama. The extensive rehab and upgrade of Jackson Village will ensure that residents of the town of Marion and Perry County have access to quality affordable housing now and in the future,» said Joe Raines, Managing Director of Community Housing Capital for UB Community Development.
The Capital Magnet Fund (CMF) Program is administered by the Community Development Financial Institutions Fund within the US Treasury Department. The CMF program offers competitively awarded grants to qualified institutions and non-profits, for the purpose of providing affordable housing solutions and community revitalization efforts to low-income people nationwide. UBCD offers Community Housing Capital (CHC) investments as part of its commitment to strong inclusive neighborhoods and diverse housing opportunities. CHC investments are partly funded by CMF awards. Since 2017, United Bank has been the recipient of three CMF awards totaling $18 million. United is the only Alabama-based bank to receive a Capital Magnet Fund award and it is further validation of United’s strong commitment to providing unique and meaningful capital solutions to community development projects across Alabama and Florida.
About United Bank
United Bank is a $1,000,000,000 financial institution that has enjoyed 117 years of continuous service to Atmore, Alabama and surrounding communities. United Bank has offices in Atmore, Brewton, East Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Foley, Lillian, Loxley, Magnolia Springs, Silverhill, Spanish Fort, Daphne, Semmes, and Summerdale in Alabama. United Bank serves Santa Rosa County, Florida in Jay, Milton, and Pace. For more information about United Bank, please visit our website at www.unitedbank.com. Member FDIC.
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.
President, UB Community Development
SOURCE UB Community Development