UB Community Development announced Affordable Housing Capital Magnet Funds for the construction of The Village at Rock Springs Apartments in Moody, Alabama

UB Community Development
Thursday, February 7, 2019

Earlier this month, UB Community Development, a partner of United Bank, provided Capital Magnet Funds to the Community Action Partnership of North Alabama (CAPNA) and The Bennett Group to be used for the construction of The Village, a 56-unit, affordable multi-family project. "Rising construction costs and falling equity prices were going to leave us with a significant gap in funding," said Dave Truitt, director of real estate at CAPNA. "Due to UBCD and United Bank providing the Capital Magnet funds for our project, we were able to close our gap in financing and...provide 56 units of safe, beautiful, and affordable housing for seniors in Moody."