February 2015

Multifamily Department Continues Preparations for 2015 HOME/Housing Credit Application Cycle


Multifamily Funding Applications to be Accepted in March

Applications for 2015 HOME funds and Housing Credits will be accepted by AHFA beginning at 9 a.m. on Tuesday, March 17 and ending at 5 p.m. on Thursday, March 19.

Continue to watch for news and updates relating to the 2015 application cycle at AHFA.com.

Annual HOME/Housing Credit Workshop Held in February

AHFA's 2015 HOME/Housing Credit application training was held February 17 in Montgomery. Nearly 200 members of the development community attended the event to learn about the changes to the 2015 HOME/Housing Credit application cycle.

Attendees are welcome to offer their feedback, via an online survey, on ways AHFA can improve this annual event. Click here to complete the survey.

This year, attendance certificates--which can be used for points on funding applications--were emailed out to registrants instead of being distributed at the close of the event. If you did not receive your certificate via email, please contact Dondra Houlditch for a hard copy.

Happy Customers

We love it when our customers tell us that we are doing our jobs well. 

A selection of recent comments:
  • "Please pass along to your manager how much I appreciate your care and concern and the way you've interacted with me during my time of uncertainty...Sometimes just knowing that a message has been received makes a tremendous difference and provides a sense of certainty.Your actions truly do reflect your passion for your work.--David Lyle of Latoya Ward
  • Paul Austin said that he was impressed with the level of customer service that was provided by Julia Manuel. He said that she was diligent and took time to follow up with him regarding his principal balance. He said that we have "one heck of an employee" and that he told all of his neighbors about the service he received from AHFA. 

Way to go, team!

Step Up Remains Affordable Alternative for Alabama Buyers

Tighter lending standards by some lenders in the wake of the housing crash are preventing people from getting into homeownership, says the Center for Responsible Lending. 

At AHFA, we continue to offer affordable financing to buyers whose incomes can afford a mortgage, but need help with the down payment and closing costs. 

To qualify for Step Up's 30-year, fixed rates and down payment assistance, you must buy a new or existing home in Alabama, have an annual household income of less than $97,300, have a credit score of 620 or higher, and apply for an FHA or conventional loan through one of our participating lenders. 

Alabama Residential Quarterly Report: "4th  Quarter Sales Highest Since 2007"


Reprinted with the permission of the Alabama Center for Real Estate (ACRE)


Alabama residential sales during the fourth quarter continued to gradually improve, up 7.5 percent compared to the same period a year earlier. The fourth quarter represents the best performing quarter in 2014 and an improvement over the 3.3 percent growth experienced in the third quarter. 


Total sales of 10,351 units represent the best fourth quarter since 2007 (11,343 units). With that said, fourth quarter sales are still 26.1 percent (was 25.2 percent last quarter) below the quarterly peak established in 2005 when 14,016 units were sold.


Supply: The statewide housing inventory average during the fourth quarter was 32,303 units, a decrease of 0.5 percent from the same period in 2013 and 15.8 percent below the fourth quarter peak in 2010 (38,360 units). There were 9.4 months of housing supply (8 months considered equilibrium during 4th quarter) in the fourth quarter 2014, representing a favorable decline of 7.5 percent from the same period last year (4Q). Historical data indicates that the fourth quarter inventory-to-sales ratio in 2014 decreased 27.7 percent from the 5-year average (12.0 months) and decreased 18.1 percent from the 3-year average. 


Demand: Historical data indicates that fourth quarter sales in 2014 increased by 16.9 percent from the most recent 3-year average ('11-'13) and 17.1 percent from the 5-year quarterly average ('09-'13).  


Pricing: The statewide median sales price during the fourth quarter was $130,122, an increase of 0.9 percent from the same quarter in 2013. Historical data indicates that fourth quarter median price in 2014 increased by 3.8 percent from the most recent 3-year average and 3.1 percent from the 5-year quarterly average ('09-'13).


Click here to view or print the full quarterly report.