Press Room

FOR IMMEDIATE RELEASE

Housing Fund announces participants in First-Ever Non-Profit Incubator

BIRMINGHAM, AL, Nov. 4, 2005 -- 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 Fund), 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;

·Aletheia House: Chris Retan, Executive Director, Birmingham;

·Outreach, Inc.: Frank Dominick, Executive Director, Birmingham;

·West Anniston Community Development Corporation: Jonathan Dow, Executive Director, Anniston;

·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, and the Walker Area Community Foundation. State Farm Insurance Companies® also recently announced a grant to the Fund to support the incubator.

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.

The Capacity Building Advisory Committee (CBAC) serves as community advisors to the Fund. Co-Chairs for CBAC are Mimi Tynes, Former President, The Community Foundation of Greater Birmingham, and Maria Campbell, Chairman, Financial Services, SC&B Strategic Solutions. Both CBAC and the HECA Board approved the budget and curriculum for the program. Total cost for the incubator is $164,000.

LISC began its CapMap® System organizational diagnostics this week. CapMap® evaluates the current and potential capacity of the participants through a review of their real estate development, financial management, board governance and fund/asset development practices.

Maria Gutierrez, Vice President of Organizational Development, is leading the LISC team. George Elliott, NRCA’s executive director, is coordinating the NRCA coursework offerings. Real estate development courses will be taught by LISC and consultant Robert M. Santucci, of Beaufort, N.C.

The Fund held a series of meetings in April 2005 to get ideas and feedback on the operation of the incubator. Three sessions were held for funders and other interested parties, non-profits developers, housing counselors and government officials.

In addition to operating the incubator, the Housing Fund of Central Alabama partners with HECA to provide grant dollars to non-profits for core operating support and other initiatives. The Fund has a $1.5 million grant pool. Michele Jenkins-Utomi is Chief Executive Officer of both organizations.

The fund’s umbrella organization, the Housing Enterprise of Central Alabama, is a for-profit lender that provides financing to qualified private and non-profit developers to build and renovate safe, decent, moderately priced housing in the $99,000-$170,000 range. HECA and the Fund grew out of an affordable housing initiative launched in 2002 by Region 2020 and serve the following counties: Bibb, Blount, Calhoun, Chilton, Cullman, Etowah, Jefferson, St. Clair, Shelby, Talladega, Tuscaloosa and Walker.

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For more information, please contact Tabitha J Lacy, Communications, HECA, 323-9888.