Press Room

                                                    Media advisory                                                                        For immediate release


                                                            Cornerstone Housing Building on Revitalization efforts in Norwood;
                                                   Sept. 27 Program to Feature Home Under Renovation, Student Essay Winners


BIRMINGHAM, AL, Sept. 20, 2006 – The Norwood community will be welcoming new neighbors soon, thanks to Cornerstone Housing and its funding partners.

A look inside the first house under renovation in Norwood by Cornerstone Housing, a new non-profit developer of affordable housing, will be a part of a community event set for Wednesday Sept. 27 at 11:30 a.m. The program, “Norwood … a Work in Progress,” will take place in a tent on the green space across from the house, located at 3146 Norwood Boulevard.

As part of the event, Norwood Elementary School Students have drawn posters and written essays about “What My Community Means to Me.” Winners will be featured at the event and will receive savings bonds.

The event builds on the revitalization efforts happening in the Norwood neighborhood, and is sponsored by First American Bank. The bank is a new investor in the Housing Enterprise of Central Alabama (HECA), a community development lender that makes loans to private and non-profit developers to build moderately priced housing.  HECA is funded by seven area banks, including AmSouth Bank, Regions Bank, Compass Bank, New South Federal Savings Bank, First American Bank, Superior Bank, and Aliant Bank.

HECA has a non-profit affiliate, the Housing Fund of Central Alabama (the Fund), which is funded by the investor banks and area foundations, including The Community Foundation of Greater Birmingham, the Stringfellow Health Fund of the Community Foundation of Calhoun County, and the Walker Area Community Foundation. The Fund provides 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.

Cornerstone Housing has targeted the Norwood community of Birmingham for its first major revitalization project, due to the neighborhood’s strength, its unique availability of historic houses, and its proximity to downtown.

Using a revolving line of credit provided in July 2005 by HECA and a grant from the Housing Fund of Central Alabama, Cornerstone plans to renovate and resell 10 single-family homes in its first phase. It already has acquired several homes and lots in the neighborhood.

In addition, McWane, Inc., through the Fund, is providing a major grant for Cornerstone Housing to purchase vacant lots and houses in the area.

“We have recently become involved in supporting the Norwood community and have greatly enjoyed our involvement there,” said G. Ruffner Page, Jr., President of McWane, Inc. “We strongly support the revitalization efforts that are underway in Norwood, and are honored to be associated with that process.

HECA Chief Executive Officer Michele Jenkins-Utomi said she believes the funding from HECA, the Fund, and McWane is vital to efforts to catalyze the Norwood neighborhood. “These funds afford Cornerstone the ability to acquire a critical mass of the property to rehab and sell, and sets the stage for other private-sector investment,” she said.

“First American Bank is proud to be a part of HECA and its association with the Norwood Community and Cornerstone,” said Robert B. Aland, Central Alabama CEO, First American Bank. “We recognize the critical need for and importance of affordable housing in our area. We are glad to see the tangible results of cooperation between private industry, banks, foundations and HECA.”
 
Cornerstone is a new division of Aletheia House. The opening of Cornerstone represents a new focus for the 34-year-old organization, said Aletheia House Executive Director Chris Retan. “We are committed to providing quality affordable housing to working families, especially first-time homebuyers,” Mr. Retan said. “There are thousands of houses in Jefferson County that could be renovated and sold to families who are currently renting. We want to help them achieve the American dream of homeownership.”

Cornerstone also was selected to participate in the Housing Fund of Central Alabama’s Non-Profit Incubator, which opened in November 2005 to offer substantial training and support to area non-profits that focus on affordable housing development.

HECA and the Fund serve 12 counties in Central Alabama: Bibb, Blount, Calhoun, Chilton, Cullman, Etowah, Jefferson, St. Clair, Shelby, Talladega, Tuscaloosa and Walker.

For more information, please visit HECA’s website at www.housingenterprise.com or contact: Tabitha J Lacy, Communications, Housing Enterprise of Central Alabama, 323-9888, 936-8326 (cell), or tlacy@housingenterprise.com

                                                    

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