United Bank provides funding for the construction of Arbours at Moore's Mill in Huntsville, Alabama

Rhea-AI Summary

United Bank (UBAB) provides $250,000 in soft financing to Arbour Valley Development for the construction of Arbours at Moore's Mill, an 80-unit affordable housing complex for elderly residents 62 and older in Huntsville, Alabama. The financing is funded through United Bank's 2020 Capital Magnet Fund award from the CDFI Fund division of the US Treasury Department. The complex will offer one- and two-bedroom units with on-site amenities including a clubhouse, indoor fitness center, Wi-Fi lounge, business center, outdoor barbeque, and picnic area with a landscaped courtyard.

ATMORE, Ala., Dec. 28, 2023 /PRNewswire/ -- (OTCQX: UBAB) – United Bank has provided $250,000 in soft financing to Arbour Valley Development for the construction of Arbours at Moore's Mill, an 80-unit affordable housing complex for elderly residents 62 and older in Huntsville, 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. Once completed, the complex will offer one- and two-bedroom units.

On-site amenities include a clubhouse featuring a community laundry facility, indoor fitness center, Wi-Fi lounge and business center. An outdoor barbeque and picnic area with landscaped courtyard will also be available for residents' use. The new complex will be convenient to shopping and other amenities.

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.

View original content:https://www.prnewswire.com/news-releases/united-bank-provides-funding-for-the-construction-of-arbours-at-moores-mill-in-huntsville-alabama-302016607.html

SOURCE United Bank

FAQ

What is the name of the company providing financing for Arbours at Moore's Mill construction?

United Bank (UBAB)

What is the total amount of financing provided by United Bank for the construction?

$250,000

Where is the location of Arbours at Moore's Mill?

Huntsville, Alabama

What type of housing complex is Arbours at Moore's Mill?

An 80-unit affordable housing complex for elderly residents 62 and older

What are the on-site amenities offered at Arbours at Moore's Mill?

Clubhouse, indoor fitness center, Wi-Fi lounge, business center, outdoor barbeque, picnic area with landscaped courtyard

How is the financing for the construction funded?

Through United Bank's 2020 Capital Magnet Fund award from the CDFI Fund division of the US Treasury Department