United Bank Wins Sixth New Markets Tax Credit Allocation for $65 Million
ATMORE, Ala., Sept. 27, 2023 /PRNewswire/ -- United Bank is pleased to announce it has been awarded a $65 million New Markets Tax Credit Allocation by the Department of the Treasury through UB Community Development (UBCD). The award is the result of United Bank's ongoing commitment to enhancing the economic vitality of low-income communities in Alabama and in Northwest Florida. Today's announcement marks the sixth allocation United Bank and UBCD have received from the CDFI Fund totaling $360 million for Alabama and Florida.
- ATMORE, Ala., Sept. 27, 2023 /PRNewswire/ -- United Bank is pleased to announce it has been awarded a $65 million New Markets Tax Credit Allocation by the Department of the Treasury through UB Community Development (UBCD).
- Today's announcement marks the sixth allocation United Bank and UBCD have received from the CDFI Fund totaling $360 million for Alabama and Florida.
- United Bank has been awarded a $65 million New Markets Tax Credit Allocation by the Department of the Treasury.
- The New Markets Tax Credit is a 39 percent federal tax credit, taken over seven years on investments made in those communities.