Alabama A&M University issued the following news release:

A non-profit affordable housing developer will unveil its newest development for low- and moderate-income families at a ribbon cutting on Feb. 4 in north Huntsville.

The developer, Alabama A&M University Community Development Corporation (AAMU CDC), will host the event, which begins at 10 a.m. and will take place in the model home located at 6306 Maywick Drive in the Windsor Manor neighborhood.

The AAMU CDC, in partnership with housing developer Hines Enterprises, plans to build 16 homes on scattered sites as part of this major community revitalization project, according to Joseph Lee, Executive Director. Homes will range in size from 1,200 to 1,500 square feet, (three and four bedrooms and two baths), and will be priced from $110,000 to $130,000. Houses will feature brick and/or vinyl siding (maintenance-free), two-car garages and/or carports, energy-efficient appliances, ceiling fans, and landscaping.

The project fits into the overall mission of AAMU CDC, which works in collaboration with Alabama A & M University, local governments, neighborhood and civic groups, and financial institutions to improve housing and to promote economic growth in north Huntsville and Madison County. Mr. Lee said. "The CDC's goal is to spur development in the city, particularly near the university campus, and this development accomplishes that. Also, this project will allow professionals and others who want to live in north Huntsville access to high quality, reasonably priced homes."

Construction began in August 2008. The project is expected to be completed by summer 2011. RBC Bank is providing financing for the estimated $1.6 million project, and the Federal Home Loan Bank of Atlanta is providing an Affordable Housing Program grant for principal reduction and down payment assistance. The CDC also will offer social services to residents, according to Mr. Lee, including child care services through Alabama A&M University Child Development Center, after-school tutoring and mentoring in partnership with the Bo Matthews Center of Excellence, employment opportunities through West Corporation (a call center) and career counseling through the Madison County Skills Center. Windsor Manor is a stable, established neighborhood conveniently located near Alabama A&M University, the Toyota plant, Chase Industrial Park, Showers Recreational Center, Windsor Manor Park, and Huntsville public schools.

The Housing Fund of Central Alabama (the Fund) is the sponsor of the Feb. 4 ribbon-cutting event. AAMU CDC is among the CDCs selected to participate in the two-year Non-Profit Incubator Program operated by the Birmingham-based Fund and funded with a major grant from the Mary Reynolds Babcock Foundation. As a part of the incubator program, Mr. Lee has completed a five-year business plan, and has received training in key areas such as real estate development, negotiation, financial management, and non-profit management.

The CDC has invited key city, county, and state officials to the ribbon cutting. Those expected include State Rep. Laura Hall, who is on the CDC's Board, Huntsville Mayor Tommy Battle; Dr. Beverly Edmond, Interim President, Alabama A& M University and CDC Board member; and Jerry Galloway, Community Development Director, City of Huntsville. Dr. Prince Preyer, AAMU CDC's Board President and retired Madison County Commissioner, also will speak.

About Alabama A&M University Community Development Corporation: The agency incorporated in 1999 as an independent, private not-for-profit entity that focuses on affordable housing development and neighborhood revitalization. The mission is to promote and assist citizens and local governments in revitalizing neighborhoods and building viable communities. The CDC serves the City of Huntsville and Madison County. Other notable projects include: Edmonton Heights Neighborhood Revitalization, a major effort to revitalize a formerly distressed neighborhood, where 12 dilapidated homes were rehabilitated and sold to first time homebuyers and 4 new homes are slated for construction in 2009; and Olympia Gardens, a 48-unit affordable apartment complex, located near the campus. The AAMU CDC also operates a Homebuyers Education Club that provides homeownership and credit counseling services. From 2001-2004, the CDC partnered with Madison County, Alabama Cooperative Extension System and the University to offer an after-school tutoring and mentoring program for students at public schools on academic alert.

About the Housing Fund of Central Alabama: The Fund's mission is to significantly increase affordable housing production 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 supports ancillary services such as homebuyer training and credit counseling, which help to guarantee the success and sustainability of communities. The Fund has awarded grants totaling more than $800,000 since its inception in 2003. Six banks provide major financial support to the Fund and its parent company, the Housing Enterprise of Central Alabama: Regions Bank, Compass Bank, New South Federal Savings Bank, RBC Bank, Superior Bank, and Aliant Bank. The Wachovia Foundation and The Community Foundation of Greater Birmingham also are major contributors. Community partners include State Farm Insurance Companies\xAE, BancorpSouth Foundation, and First Commercial Bank. For information, please contact Tabitha Lacy, at 205-323-9888 or tlacy@housingenterprise.com

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