Press Room

FOR IMMEDIATE RELEASE

Please contact Tabitha J Lacy, HECA and Fund Communications, 205-323-9888 or tlacy@housingenterprise.com;
At the Wachovia Foundation, please contact Paula Beck. Senior Vice President and Community Affairs Manager, 205-254-4826 or paula.beck1@wachovia.com.

 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

BIRMINGHAM AL, (Jan. 3, 2006) – The Housing Fund of Central Alabama announced today 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.”
 
“We thank the Wachovia Foundation for its generous support of this program.  We know of the foundation’s strong commitment to building vibrant communities, and we look forward to a partnership that will benefit the entire region,” said Michele Jenkins-Utomi, Chief Executive Officer of the Fund and its umbrella organization, the Housing Enterprise of Central Alabama (HECA).

This coursework of the incubator “without walls” exposes participants to the best practices and practitioners in the industry, said Lois Chenier, the Grants Officer for HECA who oversees the incubator program. “The curriculum and diagnostics offered are all about increasing the capacity of these non-profits so that they have the tools they need to build and renovate significant numbers of houses, and become agents for change in their neighborhoods and communities,” she said.

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;
• Westside Community Development Corporation: Louis Barnett, Executive Director, Tuscaloosa.

A reception honoring the participants was held Dec. 14 at Compass Bank in downtown Birmingham.

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 nearly $200,000.

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About the Wachovia Foundation:
The Wachovia Foundation is a private foundation that is funded annually by Wachovia Corporation. The Foundation provides grants to eligible 501(c)(3) tax-exempt organizations to support four primary focus areas; Education, Community Development, Health and Human Services and Arts and Culture. The mission of the foundation is to build strong and vibrant communities, improve the quality of life, and make a positive difference in the communities where Wachovia does business.  
About the Housing Fund of Central Alabama: Based in Birmingham, the Fund is a non-profit affiliate of the Housing Enterprise of Central Alabama that opened in 2003 to increase the production of moderately priced housing 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. The Fund also may partner with HECA, a for-profit lender, to provide financing to qualified private and non-profit developers to build and renovate single-family and multi-family housing for moderate income families. The Fund also supports ancillary services such as homebuyer training and credit counseling that help to guarantee the success and sustainability of communities.

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