The Fund

• Who We Are
  • Partners
  • Board
  • Executive Committee
  • Capacity Building Advisory Committee
  • Leadership and Staffing
  • Fund Fact Sheet (pdf)
  • HECA Fact Sheet (pdf)
  • Benefits of Participation in HECA and the Fund
  • History
• What We Do
• Purpose
• Projects and Grants
• What's New
• Housing and Community Development Resources

Benefits of Participation:
Housing Enterprise of Central Alabama and the Housing Fund of Central Alabama

For financial institutions in the region, the benefits of joining the Housing Enterprise of Central Alabama and its non-profit affiliate, the Housing Fund of Central Alabama, are many. Please consider:

• Resources necessary to meet the task: HECA is an affordable housing lender committed to work in 12 counties with resources commensurate with the task. HECA's committed loan dollars from its investor institutions totaled nearly $60 million in January 2005. Monies from foundations and HECA's investor institutions for the Housing Fund of Central Alabama totaled nearly $2 million.

• High-impact, results-oriented strategy: HECA and the Fund have a results-oriented strategy that is focused on the identification of market-savvy loan products that fill niches in the affordable housing lending industry, and that have the capacity to substantially increase the available supply of quality housing choices for people of moderate means in Central Alabama.

• More effective use of resources: The opening of HECA and the Fund in 2003 enables financial institutions in the region to collectively bring to bear greater, more focused resources without fragmentation or duplication, and an ability to leverage funds to fully address the affordable housing needs of low- and moderate-income residents in Alabama.

• Expertise to access governmental programs: By supporting HECA, financial institutions are supporting an organization with tremendous expertise and ability to take advantage of -- and help others take advantage of -- governmental programs that have long been underutilized in the region.

• Focused: HECA's focus is to serve as a powerful advocate and voice for affordable housing and housing as an economic development driver for the region.

• Community Reinvestment Act: HECA provides financial institutions with an innovative and effective tool to improve the region while also addressing Community Reinvestment Act issues.

• Mitigate Risk: HECA allows opportunities for institutions to improve their communities by strategically collaborating with other prominent financial institutions, community foundations and civic leaders to move the region forward in a way that minimizes the overall risk.

• Independent: Since HECA is an independent body with flexibility to adapt to the market, it can more effectively insist on accountability for the use of funds.

• Expand private capital sources: HECA and the Fund also help to leverage conventional lending opportunities by spurring development and increasing local capacity for development.

For more information on the benefits of joining HECA, or details on how to invest in HECA or the Fund, Contact Michele Jenkins-Utomi at 205-323-9888 or mutomi@housingenterprise.com.