NEW MARKETS TAX CREDIT
Coastal Growers | Atmore, Alabama
UB Community Development provided a $10 million New Markets Tax Credit (NMTC) allocation for Coastal Growers as part of an $87 million, 475,000 square-foot peanut shelling plant project in Atmore, Alabama. The new facility will source peanuts within a 200-mile radius from farms in Mississippi, Alabama, Georgia and Florida. The project anticipates shelling 140,000 tons of peanuts annually, which will be sold domestically and internationally. In an area with 34.6% poverty rate and household median income of $26,118, job creation is significant. The project will create 130 permanent jobs with training and career advancement opportunities in addition to 95 construction jobs.
CAPITAL MAGNET FUND
South Oak Apartments | Foley, Alabama
Like many affordable housing developments built in the 1970s and 1980s across the U.S., the Arronville Housing project in Foley, Alabama, had fallen into disrepair over the years due to lack of funding and maintenance. To address the age, wear and tear, and mold issues at the project, the Foley Housing Authority partnered with Vizion Driven Communities to redevelop the property and provide new, clean, energy-efficient housing for residents. United Bank and UB Community Development provided construction financing for the project as well as a Capital Magnet Fund loan and sponsorship of three Affordable Housing Program grants from the Federal Home Loan Bank of Atlanta.
All existing structures will be demolished and be replaced with 94 brand new units. The new community, which will be called South Oak Apartments, will provide 1, 2, 3, and 4 bedroom units, along with a new office, maintenance shop, and community building. The project is expected to be completed in the summer of 2023.
ATMORE MICROLOAN FUND
House of Angels Homecare | Atmore, Alabama
The Atmore 0% Microloan Fund helps Atmore business owners stabilize or grow their business. Through philanthropic donations, the AMF program will offer microloans from $2,000 up to $20,000 with 0% interest to small businesses located in 36502 and 36504 zip codes.
Charmetta House opened House of Angels Homecare in 2019 after recognizing the need for elderly home care in the community. In a year, the company had 16 clients and 13 employees. However, the onset of the COVID-19 pandemic immediately threatened the stability of her business. House said her $20,000 microloan allowed her to keep the business open, retain most of her employees and purchase personal protective equipment her employees needed to protect themselves and their patients.