Bank / Credit Union
United Bank wins $9M Capital Magnet Fund from US Department of Treasury
October 25, 2023
United Bank won a $9 million Capital Magnet Fund award from the U.S. Department of Treasury's Community Development Financial Institutions Fund. This fund provides grants to nonprofit and CDFI affordable housing organizations, according to a press release.
United Bank received this award for its efforts to improve affordable housing to communities in Alabama, Florida and surrounding states.
"Receiving this CMF award is an exciting confirmation that the efforts of the United Bank team in providing innovative capital strategies to the affordable housing industry are making a significant difference in communities across Alabama and the Southeast," Joe Raines, SVP, United Bank, said in the release. "As our economy continues to face strong headwinds from inflation and interest rates, these funds will allow us to continue our mission of providing safe, clean, affordable housing. Since 2018, United Bank has used our three previous CMF awards and other resources for the development or rehabilitation of more than 4,000 apartment homes for families and senior adults."
Related Media
Subscribe
Get the latest news and resources from ATM Marketplace.
