HUNTSVILLE, Ala. — Redstone Federal Credit Union is giving back to its community in a big way.
The credit union recently played a key role in the funding efforts for the redevelopment of The Apartments at Mallard Pointe in Arab.
The apartment complex culminates a five year effort to preserve 74 units of USDA Rural Development financed apartments built in the late 1970s and early 1980s–originally two separate complexes known as Hunters Landing and Quail Ridge Apartments. Over the past decade, the two complexes fell into disrepair.
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The development team of Veristar Development Services and Huntsville Housing Developments, Inc. addressed the financial and physical requirements of both properties, and transformed the complex into desirable and affordable housing for working families in Arab.
"Redstone Federal Credit Union has been a part of this Arab and Marshall County community for more than 20 years," said Yvette Banks, vice president of lending at Redstone FCU. "When we were asked to participate in the funding for this project, we were more than happy to do this. Community involvement is very important to us."
The development team's plan allowed HHD to acquire the properties and access the funding necessary to transform the complex into modern, viable apartment homes, while keeping rents low and preserving much needed rental housing for families of modest means.
The $6.2 million development was funded in part with mortgage financing provided by USDA Rural Development, proceeds from the sale of low-income housing tax credits allocated by Alabama Housing Finance Authority and a Federal Home Loan Bank of Atlanta Affordable Housing Program direct subsidy provided by Redstone Federal Credit Union.
"As a leader in the financial industry, we work under the credit union philosophy of 'people helping people' and that is what we've done in this partnership to redevelop this wonderful apartment complex," Banks said. "The transformation of The Apartments at Mallard Pointe is beautiful and we're anxious to hear the good stories that come from the families who will call Mallard Pointe home."
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