News
2007
Westside CDC to unveil $1.1 million Subdivision Dec. 5;
Ribbon-cutting event planned for homes affordable to first-time homebuyers through lease/purchase programTUSCALOOSA -- Westside Community Development Corporation will host a ribbon cutting on Dec. 5 for its new subdivision in west Tuscaloosa.
The ceremony will begin at 10 a.m. at the eight-home subdivision, located at Herman Avenue and 23rd Street. The project has been named Dr. Cordell Wynn Circle after Dr. Wynn, Westside Community Development Corporation's (WCDC) distinguished founder and President Emeritus of Stillman College.
The nearly $1.1 million subdivision is the largest project undertaken to date by the non-profit developer, according to Louis Barnett, Jr., Executive Director of WCDC. The organization develops affordable housing and administers affordable housing-related programs in west Tuscaloosa and surrounding communities.
"This development reflects the vision of our founder, Dr. Wynn, which is that 'people plus vision make a community,' " said Mr. Barnett. "This shows what is possible when public-private partnerships are developed to create viable housing. It is just the beginning of WCDC's strategic plan to address the dearth of affordable housing in west Tuscaloosa."
Annette Tinker, 46, is thrilled to be among the first to occupy one of the homes, all of which are affordable to first-time homebuyers. After more than 20 years of apartment living, Ms. Tinker relishes the thought of being on her way to having a place of her own to raise her five children - three nieces, a grandniece and a nephew.
"When I went to the first (homebuyer education) class, and heard what all it entailed, I made a decision then. I said, 'I believe that the Lord is going to bless me with a house,' " said Ms. Tinker, a library assistant at the Rogers Science & Engineering Library at the University of Alabama. "I'm almost like a child at Christmas. I'm joyful."The mostly three-bedroom, 1,250 square feet garden homes, appraised at $111,500, are available through WCDC's lease/purchase program, with an ownership option after two years. To qualify to buy one of the homes, applicants must complete WCDC's 12-week homebuyer education program, which focuses on budgeting and credit repair issues. At the conclusion of the two-years, clients then take out a mortgage on the home.
WCDC also is the recipient of two grants totaling $84,000 from the Housing Fund of Central Alabama. The Fund is sponsoring the ribbon-cutting event.
Housing Fund to unveil Non-Profit Affordable Housing Affiliate, Red Iron Housing Development Co., at Open House set for May 16
The Housing Fund of Central Alabama plans to unveil its non-profit housing development company at an Open House on May 16.
The event to showcase Red Iron Housing Development Company will begin at 10 a.m. at 1305 Bush Boulevard in the Bush Hills neighborhood. This house is one of two that Red Iron has renovated in the community.
The goal of the new company is to bring more quality housing to the moderate-income market. Red Iron is targeting single-family homes and apartments primarily in the City of Birmingham neighborhoods for renovation and resale. Red Iron also recently acquired the Forest Park Terrace Apartments in the South Avondale neighborhood.
Significantly increasing the supply of safe, decent, moderately priced housing has been at the heart of the mission of the Housing Enterprise of Central Alabama (HECA) and its non-profit affiliate, the Housing Fund of Central Alabama (the Fund) since the two companies opened in 2003.
In the Birmingham market, quality, affordable, single-family homes available to families whose annual incomes range from $34,000-$57,000 are few,
said HECA Chief Executive Officer Michele Jenkins-Utomi, who also oversees Red Iron activities. Red Iron allows the Fund to become an even bigger part of the housing solution by focusing on the renovation and resale of neglected houses in underserved neighborhoods.
Red Iron Housing Development Co.‘s focus is to acquire homes that can be renovated and resold generally in the $120,000-$170,000 price range, and multifamily with targeted rents of $425-$525.
In addition to the home at 1305 Bush Boulevard, Red Iron has renovated a nearby house at 1212 Bush Circle. That home sold in April.
2006
Jerry Powell named
Chairman of the Board of Directors of Housing Enterprise of Central
Alabama
Jerry W. Powell has
been named Chairman of the Board of the Housing Enterprise of Central
Alabama, LLC and the Housing Fund of Central Alabama, Inc., CEO Michele
Jenkins-Utomi announced September 27.
Mr. Powell is General Counsel and Secretary of Compass Bancshares, Inc. and its lead bank Compass Bank. In his new leadership position, Mr. Powell heads a 15-member regional board that oversees The Housing Enterprise of Central Alabama, LLC (HECA) a community development lender that loans money to qualified private and non-profit developers of moderately priced housing in a 12-county region.
HECA is loan consortium owned and financed by its seven investor banks: AmSouth Bank, Regions Bank, Compass Bank, New South Federal Savings Bank, First American Bank, Superior Bank, and Aliant Bank. HECA’s loan fund stands at $56.5 million – one of the largest of its kind in the United States.
HECA also has a non-profit affiliate, the Housing Fund of Central Alabama (the Fund), which provides grants to non-profits for core-operating support on a limited basis, technical assistance, and programs related to capacity building. The Fund’s initial grant pool amount is $1.6 million. Funding is provided by HECA’s investor banks and three community foundations: The Community Foundation of Greater Birmingham, the Stringfellow Health Fund of the Community Foundation of Calhoun County, and the Walker Area Community Foundation.
Mr. Powell has served on the Board and Executive Committee since HECA opened in April 2003. He succeeds the company’s first Board Chair, Ted Kennedy, a Founder of BE&K, Inc., who resigned earlier this year. The Board also recently approved naming Mr. Kennedy as Chair Emeritus.
“We are thrilled to have Jerry Powell as Board Chair,” said Ms. Jenkins-Utomi. “He has demonstrated a strong commitment to HECA and its mission of providing housing for people of modest means. He has been involved in this effort since the early days, and his leadership and expertise have proven invaluable time and again.”
“HECA’s mission is to increase the number of housing units available to low and moderate income families in our 12 county region, through capacity building and innovative financing for home builders,” said Mr. Powell. “I look forward to working with our Board and staff to fully implement our goals.”
Superior Bank joins Housing Enterprise of Central Alabama
New Partner
Strengthens HECA’s Ability to Significantly Increase
Supply of Housing for Low- to Moderate-Income Families
Superior Bank has joined the Housing Enterprise of Central Alabama and the Housing Fund of Central Alabama as an institutional investor, HECA CEO Michele Jenkins-Utomi announced Sept. 18.
The Housing Enterprise of Central Alabama, LLC (HECA) is a community development lender that loans money to qualified private and non-profit developers of moderately priced housing. With Superior Bank’s investment, HECA’s loan fund grows from $55 million to $56.5 million – one of the largest of its kind in the United States.
Superior Bank joins six investors in this community-spirited joint venture: AmSouth Bank, Regions Bank, Compass Bank, New South Federal Savings Bank, First American Bank, and Aliant Bank.
Superior Bank’s Birmingham Market President A. Fox deFuniak III commented, "We believe that one of the strengths of any community is affordable housing. Homeownership is a very powerful market stabilizer, and we are proud to be associated with an organization that builds communities. Our financial commitments, in addition to our personal commitment to HECA, are investments in an organization that shares our values and beliefs ”
“The HECA partnership strengthens immensely with the addition of Superior Bank,” said Michele Jenkins-Utomi, CEO of HECA. “Fox deFuniak and his team at Superior Bank are proven leaders who have a wealth of knowledge of this industry, and we look forward to putting that knowledge to use to help significantly increase the housing stock for low- to moderate-income families in the region.”
ALIANT Bank joins Housing Enterprise of Central Alabama
ALIANT Bank has joined the Housing Enterprise of Central Alabama and the Housing Fund of Central Alabama, HECA Chief Executive Officer Michele Jenkins-Utomi announced Sept. 1.
With the addition of ALIANT, HECA has six investor banks in its
consortium and a
$55 million loan pool, one of the largest of its kind in the United
States.
“The Housing Enterprise of Central Alabama is doing an excellent job of increasing the production of moderately priced housing in our community,” said Dave Bair, Chief Executive Officer of ALIANT Bank. “We are delighted to join forces with HECA and the other Birmingham area banks to help make affordable housing a reality for the citizens of Central Alabama.”
“ALIANT has a strong record and commitment of service to the community, and we look forward to, and value tremendously, the input and expertise of Dave Bair and his team of professionals,” Ms. Utomi said. From the start, HECA has been about building strong alliances, and ALIANT is a great addition to this joint venture.”
BancorpSouth Foundation donates $10,000 to Housing Fund of Central Alabama
HECA CEO Michele Jenkins-Utomi, center, receives check
from BancorpSouth's Buffy Murphy, CRA and Compliance Officer, left, and
BancorpSouth Birmingham President David Wright.The
BancorpSouth Foundation has donated $10,000 to the Housing Fund of
Central Alabama, Fund officials announced May 8.
BancorpSouth Birmingham President David Wright said the monies are to further the mission of the Housing Fund of Central Alabama. The mission is to increase the production of moderately priced housing for low to moderate-income families in the region by providing grants to non-profits for core operating support on a limited basis, technical assistance and programs related to capacity building in the non-profit affordable housing development community.
“Supporting the mission of the Housing Fund of Central Alabama goes hand in hand with BancorpSouth’s corporate commitment to meeting the needs of the communities we serve,” Mr. Wright said.
“These funds will be used to help with a wide variety of affordable housing initiatives,” said Lois Chenier, Grants Officer for the Housing Fund of Central Alabama. “Our programs and grants are made possible through the generosity of organizations such as the BancorpSouth Foundation, and we value their support, and their partnership.”
Alabama Power Foundation Awards Grant for Incubator
BIRMINGHAM, Ala., March 20, 2006 – The Housing Fund of Central Alabama announced today that the Alabama Power Foundation has awarded the Fund a $25,000 grant for operation of its first-ever Non-Profit Incubator.
The Incubator began classes and diagnostics in November to non-profits in the Fund’s 12-county region that applied and were selected for the two-year program. The incubator is designed specifically for agencies whose mission is to significantly increase the supply of quality housing for low- to moderate-income families.
“We thank the Alabama Power Foundation for its generous support of this program,” said Michele Jenkins-Utomi, Chief Executive Officer of the Fund and its umbrella organization, the Housing Enterprise of Central Alabama (HECA). “We know that the Foundation is committed to making Alabama a better place to live for all of us, and that certainly describes the work of these incubator participants. They’re working everyday to transform their communities.”
Participants have been enrolled in more than 30 classes in areas such as governance, agency management, resource development and housing development through the Birmingham-based Nonprofit Resource Center of Alabama (NRCA). The Fund is collaborating with NRCA and New York-based Local Initiative Support Corporation (LISC) on the project. LISC has conducted capacity assessments of each non-profit, and is overseeing real estate development and business plan development coursework.
First American Bank joins HECA/Fund Partnership
First American Bank has become the first new institutional investor in the Housing Enterprise of Central Alabama and the Housing Fund of Central Alabama, HECA CEO Michele Jenkins-Utomi announced March 14.
First American joins the four founding investor institutions in this community-spirited joint venture whose aim is to significantly increase the supply of safe, decent, moderately priced housing: AmSouth Bank, Regions Bank, Compass Bank and New South Federal Savings Bank.
The Housing Enterprise of Central Alabama, LLC (HECA) is a community development lender that loans money to qualified private and non-profit developers of moderately priced housing. With First American’s investment, HECA’s loan fund has grown to $54 million.
“We look forward to working with HECA and the other investors involved in the partnership” said Robert B. Aland, First American Bank President -- Birmingham Region. “And we hope to make a significant impact on the availability and quality of affordable housing in the counties we serve here at First American Bank.”
“First American is pleased to support our community through our partnership with such outstanding organizations as HECA and the Fund. Their mission to provide housing opportunities to families and individuals with moderate means is perfectly aligned with First American’s community outreach initiatives” said LeDon Jones, Assistant Vice President, Community Development Officer at First American.
Housing Fund of Central Alabama Awards Grant to JCCEO
The Housing Fund of Central Alabama announced February 23 that it has awarded a $25,000 grant to the Jefferson County Committee for Economic Opportunity (JCCEO) to support its Housing Counseling Program.
The Fund’s Grants Officer, Lois Chenier, said that the grant is helping to pay a portion of the salaries for the Program Coordinator and the Homeownership Education Specialist. These positions support JCCEO’s Housing Counseling Program, a program designed to provide housing counseling services to low- and moderate-income individuals who are Jefferson County residents. Counseling services are offered first in groups of 15-25 individuals. Those are followed by individual counseling sessions. Housing counselors spend an average of eight hours per client, according to JCCEO.
JCCEO Housing Counseling programs that are supported by the Fund
include:
• Default Mortgage and Default Counseling;
• Delinquent Rent; and
• Pre-Purchase
“We’re pleased to be able to offer this grant to JCCEO for its Housing Counseling Program,” said Ms. Chenier, Grants Officer for the Fund. “JCCEO has been serving Jefferson County for more than 40 years, and the grant review committee was impressed by the non-profit’s longtime commitment to and positive impact in the community.”
Wachovia Foundation Awards $25,000 Grant to Housing Fund of Central Alabama for New Incubator for Non-Profits that Focus on Increasing Affordable Housing Supply
The Housing Fund of Central Alabama announced January 3 that the Wachovia Foundation has awarded the Fund a $25,000 grant for operation of its new Non-Profit Incubator.
The Incubator began offering classes and diagnostics in November to non-profits in the Fund’s 12-county region that applied and were selected for the two-year program. The incubator is designed specifically for non-profits whose mission is to significantly increase the supply of quality housing for low- to moderate-income families. More than 30 classes in areas such as governance, agency management, resource development and housing development will be offered.
“At Wachovia we believe everyone deserves a safe, stable and
affordable place to live,” said Ronald DeVane, CEO for Wachovia’s
Mid-South region. “By building capacity in our local non-profit sector,
more individuals and families in Central Alabama will be able to afford
a home of their own. All of us at Wachovia are pleased to partner with
the Housing Fund of Central Alabama in this important work.”
Read the press release.
2005
State Farm® Awards $15,000 Grant to Housing Fund of Central
Alabama for New Incubator for Non-Profits That Focus on Increasing
Affordable Housing Supply
The Housing Fund of Central Alabama announced in November that State Farm Insurance Companies® has awarded the Fund a $15,000 grant for operation of its new Non-Profit Incubator.
The Incubator will offer classes and diagnostics to five non-profits in the Fund’s 12-county region that applied and were selected for the two-year program. The incubator is designed specifically for non-profits whose mission is to significantly increase the supply of quality housing for low- to moderate-income families. More than 30 classes in areas such as governance, agency management, resource development and housing development will be offered.
“State Farm is committed to low- and moderate- income communities, and The Housing Fund of Central Alabama's new Non-Profit Incubator will assist organizations as they provide more housing for low- and moderate- income communities,’’ said Emily Clark, Public Affairs Specialist for State Farm Insurance Companies. “The incubator creates a win-win-win situation for the residents of these communities, for The Fund, and for State Farm."
The participants selected for the incubator include:
- Alabama Community Development Corporation: Samika Peterson, Executive Director, Birmingham;
- Aletheia House: Chris Retan, Executive Director, Birmingham;
- Outreach, Inc.: Frank Dominick, Executive Director, Birmingham;
- West Anniston Community Development Corporation: Jonathan Dow, Executive Director, Anniston;
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Westside Community Development Corporation: Louis Barnett, Executive Director, Tuscaloosa.
Housing Fund Announces Participants in First-ever Non-Profit Incubator
The Housing Fund of Central Alabama has selected five non-profit community development organizations to join in its first-ever Non-Profit Incubator.
The Housing Fund of Central Alabama, the non-profit affiliate of the Housing Enterprise of Central Alabama (HECA), announced today that participants will include the following organizations from the Fund’s 12-county footprint:
-
Alabama Community Development Corporation: Samika Peterson, Executive Director, Birmingham;
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Aletheia House: Chris Retan, Executive Director, Birmingham;
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Outreach, Inc.: Frank Dominick, Executive Director, Birmingham;
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West Anniston Community Development Corporation: Jonathan Dow, Executive Director, Anniston;
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Westside Community Development Corporation: Louis Barnett, Executive Director, Tuscaloosa.
The incubator is a two-year program designed specifically for non-profits whose mission is to significantly increase the supply of housing for low- to moderate-income families. The incubator will provide participants with the skill sets needed to increase capacity and production in the neighborhoods in which they’re working, according to HECA Grants Officer Lois Chenier, who oversees the incubator.
Major investors in the Housing Fund and its incubator are: AmSouth Bank, Regions Bank, Compass Bank, New South Federal Savings Bank, The Community Foundation of Greater Birmingham, the Stringfellow Health Fund of the Community Foundation of Calhoun County, the Walker Area Community Foundation, and State Farm Insurance Companies®.
The Fund is partnering with New York-based Local Initiatives Support Corporation (LISC) and the Birmingham-based Nonprofit Resource Center of Alabama (NRCA) on the project. LISC begins its work on site at the non-profits this week; NRCA classes will begin in January, and will be offered on-line and at NRCA over a two-year period.
“A program to help develop strong non-profits that can significantly increase the production of safe, decent, quality housing for people of modest means is long overdue,” Ms. Chenier said. “The Fund and its investors are pleased to be able to offer these non-profits a curriculum to develop the skills necessary to increase productivity, become stronger leaders in their communities and be self-sustaining.”
More than 30 classes in areas such as governance, agency management, resource development and housing development will be offered. “This series of capacity building and technical assistance courses will expose participants to the best practices and practitioners in the industry,” Ms. Chenier said. Progress will be closely monitored. Benchmarks will be established, with expected outcomes for each participating organization.
Sequoyah Ridge Subdivision Planned for Unincorporated St. Clair County
HECA has issued a commitment for a construction loan to longtime developer Curtis White Companies to build a subdivision in the Moody/Prescott area.
Initially, the developer plans to build six homes in the $130,000-$140,000 price range on the 123-acre site, which is about five miles from Interstate 20 and adjacent to the 1,400-acre Winnataska Boy Scout camp.
The first phase of the project, which is to be called Sequoyah Ridge, will eventually involve the development of 33 homes on 37 acres. Average lot size will be one acre. The proposed construction loan amount is $675,000, with a term of 18 months.
Curtis White Companies has been in residential construction for 50 years. The company is a family business led by its principals, Curtis and Joe White. The company generated total revenue of $2.5 million in 2003, mostly in custom residential construction. Joe White, the past president of the Greater Birmingham Association of Home Builders, will lead the project and handle marketing/listing of homes.
HECA, Jefferson County partner to build senior housing; Oak Park Villas Groundbreaking held in March in Lipscomb
LIPSCOMB, Ala -- Lipscomb Mayor Jimmie Johnson said his city has long had a need for more affordable housing for seniors.
The Housing Enterprise of Central Alabama LLC (HECA) has partnered with Jefferson County Community Development officials and others to help fulfill that need. The partners hosted a ground breaking March 2 for Oak Park Villas, a $3.6 million 40-unit rental complex for low-income seniors and seniors with special needs. The event was held at the old Lipscomb Park, located adjacent to the Oak Park Villas property.
HECA is presently committed to provide a $1.1 million construction loan and nearly $400,000 in permanent financing for the development. Jefferson County is providing $2.1 million in HOME funds. Other funding sources include: Alabama Housing Finance Authority (administering $1.3 million in Low-Income Housing Tax Credits); Compass Bank (land acquisition financing); and the U.S. Department of Housing and Urban Development.
"We're proud to partner with Jefferson County and others to be a part of this much needed development," said Michele Jenkins-Utomi, Chief Executive Officer of HECA.
The co-developers are Vantage Development LLC, based in Fyffe, and the non-profit Community Action Agency of Northeast Alabama, Inc., of Rainsville. The Community Action Agency is an affordable housing developer with more than 35 years experience fighting poverty in Alabama. Vantage has more than 30 years of real estate experience.
Oak Park Villas will serve seniors ages 55 and over whose incomes are at or below 60 percent of the HUD Area Median Income. The development will consist of one- and two-bedroom apartments. Fourteen units will be fully handicapped accessible. Rents will be in the $325-$375 range. Completion is expected in Spring 2006.
For this quiet town of 2,400 located just north of Bessemer, bulldozers will be a welcome sight. Mayor Jimmie Johnson said it is one of the most expansive construction projects since he moved to the community seven years ago.
Read the Press Release.
Equal Housing Opportunity