Press Room

For Immediate Release

HECA awarded CDFI Technical Assistance Grant

(Oct. 21, 2004, Birmingham, AL) -- The U.S. Dept. of the Treasury has awarded a $33,000 Community Development Financial Institutions (CDFI) Fund technical assistance grant to the Housing Enterprise of Central Alabama, HECA officials announced today.

The funding is for the Housing Enterprise of Central Alabama (HECA) to:

  • Develop a strategic market analysis, which will help HECA to prioritize its 12-county target market, and identify the greatest opportunities for impact;
  • Develop a website for HECA and its non-profit affiliate, the Housing Fund of Central Alabama.

"We are honored that the CDFI Fund has recognized the good work that HECA is doing with the awarding of this grant," said Michele Jenkins-Utomi, Chief Executive Officer of HECA. "Our investor institutions and community foundations have worked hard to get this organization to this point, and we are excited about having these funds to focus our target market, and to build a website to help get the word out about HECA."

The Housing Enterprise of Central Alabama is a Birmingham-based 12-county initiative that provides capital and technical assistance to the affordable housing development community. HECA works with private developers and non-profits, providing flexible financing for the construction and rehabilitation of entry-level, for-sale single-family home and rental properties.

HECA is a joint venture comprised of leading institutions in the area: AmSouth Bank, Regions Bank, Compass Bank and New South Federal Savings Bank.

HECA works in tandem with a charitable foundation, the non-profit Housing Fund of Central Alabama. In addition to financial institutions involved with HECA, supporting organizations involved are: The Community Foundation of Greater Birmingham, the Community Foundation and the Calhoun County Community Foundation.

Together, HECA and the Fund have an initial funding capability of nearly $64 million.

HECA offers two financial products - construction loans and permanent financing. Project types include: single-family housing or multi-family; acquisition and rehabilitation; new construction; subdivision development and commercial retail development (as an amenity for a housing development.)

Another benefit to receiving the award is that it raises the visibility of the organization to a national level.

The CDFI website (https://www.cdfifund.gov) includes the 2004 Technical Assistance Component grant winners, with organization contact numbers.

The CDFI received 134 applications, and made 80 awards totaling nearly $3.6 million, according to a CDFI statement.

Through its Technical Assistance Component, the CDFI Fund provides grants to CDFIs (and CDFI applicants) in order to build their capacity to better address the community development and capital needs of their community.

HECA's non-profit affiliate, the Housing Fund of Central Alabama, plans to pursue CDFI Fund certification in 2005.

The Housing Enterprise of Central Alabama grew out of an affordable housing initiative launched in 2002 by Region 2020 and funded by major financial institutions and community foundations.

HECA serves these 12 Central Alabama Communities: Bibb; Blount, Calhoun, Chilton, Cullman, Etowah, Jefferson, St Clair, Shelby, Talladega, Tuscaloosa, and Walker Counties.

For more information, contact Tabitha J Lacy, 323-9888 or 936-8326.