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AHFA has restructured the Mortgage Credit Certificate (MCC) program rate structure to give homebuyers the maximum benefit possible. These exciting changes will make the program more attractive to borrowers and help lenders with qualifying ratios.
Effective for loan reservations on Monday, December 2, AHFA's Mortgage Credit Certificate will change to a tiered rate (between 20 percent and 50 percent, based on the loan amount), for a credit not to exceed $2,000.
- 20% MCC for loans of $150,001 or greater - NO CAP!
- 30% MCC for loans of $100,001-150,000 - $2,000/year cap
- 50% MCC for loans of $100,000 or less - $2,000/year cap
MCCs can be combined with any amortizing loan product and are available first-come, first-served.
Reservations can be made through Lender Online 24/7. A $500 application fee may apply. However if the MCC is coupled with AHFA's Step Up financing, the $500 fee is waived.
Questions? Want to participate? It's simple. Call 334.244.9200 for more information or to enroll in the program.
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* The Mortgage Credit Rate is based on your loan amount.
** The annual tax credit in this example represents an estimate of one full year on a 30 year mortgage. The annual tax credit will change each year as it based upon interest paid on the remaining principal balance during the term of the loan.
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Rehabilitated Development Celebrates Grand Opening
Spring Branch Apartment Homes, a 70-unit development for families in Huntsville, hosted its grand opening ceremonies this month. The $3 million acquisition/rehabilitation by Neighborhood Concepts was financed in part by $774,533 in AHFA-administered Housing Credits.
This community features two-to-four bedroom apartments units with new flooring, cabinets, countertops, appliances, plumbing fixtures, water heaters, HVAC units and more. Exterior upgrades include new building facades, community garden, splash park and clubhouse. There's also a computer learning center with Wi-Fi access and laundry facility.
"In addition to providing quality housing, it was important to us that we include amenities that would be beneficial to our residents, such as the learning center where children can come in the afternoon to access the Internet, work on homework or just relax with friends," said Neighborhood Concepts Executive Director Mary Ellen Judah.
Formerly named Burgundy Square, the development was named Spring Branch after a nearby waterway.
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ServiSolutions Holiday Funding Schedule
The ServiSolutions offices will be closed on the following holidays through the end of 2013:
- Christmas, December 24 & 25
- New Year's, January 1
The following funding schedule should be used for the weeks noted below:
| Loan Submission Date: |
Funding Date:
| | December 18-19 | December 27 | | December 23-27 | January 3 |
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AHFA Offices Closed December 24 & 25
The AHFA offices will be closed Tuesday, December 24 and Wednesday, December 25 in observance of the Christmas holiday and Tuesday, January 1 for the New Year's holiday. Please make a note of these dates.
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AHFA Staffer Welcomes Baby Boy
The AHFA staff extens best wishes and congratulations to Assistant Communications Manager Amber Moore and her husband Steve on their adoption this month of son, Nicholas Cole, born October 17, 2013.
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