April 2014

Annual Board Meeting Scheduled for June

The AHFA Board of Directors will meet in public session at 11 a.m. on Tuesday, June 3 in the AHFA offices.

Apartments Now Under Construction-

Part of Phil Campbell Rebuilding Efforts

Ground-breaking ceremonies were held on April 25 for The Village at Oliver Place, an AHFA-financed development that will create 24 units of affordable housing in Phil Campbell, one of the areas hardest hit by the April 27, 2011, tornadoes.

According to Michael Tubbs, executive director of the Community Action Partnership of North Alabama, The Village at Oliver Place will feature 14 two-bedroom/two-bath apartments and 10 three-bedroom/two-bath apartments, two of which would be handicap accessible.

Tubbs said the units would be all-electric and would include energy efficient HVAC, Energy Star appliances, storm doors, washer and dryer connections, low-flow plumbing fixtures, compact fluorescent lighting, nine-foot ceilings, a porch/covered patio area and available storage for each unit.

He also said that within the "village" type area, there would be an outside gazebo, a playground, a grill and picnic area; and a community building that would feature wireless Internet, a community cable TV, a laundry facility, an exercise room and a computer room.

"We want this to be a great, family-friendly place that will bring beauty and a sense of pride to the town," said Tubbs. "We believe it will be a valuable asset, especially as families look to return to the area after moving away following the tornado three years ago."

Construction is expected to be completed in December.

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Step Up Borrower Featured on Real Estate Blog

First-Time Homebuyer Emily Dykes Speaks Out About Home Purchase

Emily Dykes of Birmingham spoke to Bham Bricks, a blog about Birmingham and real estate. Dykes financed her home purchase with a Step Up loan through AHFA.

"Honestly, I had no idea that home buying could be as good as my experience turned out to be," said Dykes.

AHFA's Step Up program is designed specifically for moderate-income homebuyers who can afford a mortgage, but need help with the down payment.

Beginning March 2014, qualified Step Up borrowers will be eligible for assistance through the Alabama Home Buyer Initiative--a limited time offering which will provide private mortgage insurance (PMI) at no cost to the borrower. The initiative will pay the up-front single PMI premium--saving the average homebuyer approximately $100 each month.

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Area Charity to Benefit from Employee Generosity

On April 25, a number of AHFA employees donated their time and labor to assist at the 10th annual River Region BBQ Pig out, which raises funds each year for Children's Harbor.

Located on Lake Martin, Children's Harbor is a non-profit organization which provides free counseling and support services to children with chronic illnesses and their families.

In addition, AHFA employees contributed $2,400 in monetary donations to the event's nearly $50,000 grand total.

AHFA Offices to Close for May Holiday

The AHFA offices will be closed Monday, May 26 in observance of the Memorial Day holiday.

1st Quarter Home Sales Highest Since 2008

According to the Alabama Center for Real Estate (ACRE), Alabama residential sales during the first quarter while sluggish continued to gradually improve, up 1.2 percent compared to the same period a year earlier.

Total sales of 9,120 units represent the best first quarter since 2008 (10,145 units). With that said, first quarter sales are still 31.7 percent below the quarterly peak established in 2006 when 13,350 units were sold.

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