AHFA Celebrates 25 Years of HOME

This month, AHFA recognized its 25th anniversary of administering the HOME Investment Partnerships Program (HOME) for the State of Alabama. AHFA was designated to administer HOME on February 22, 1991.

Throughout February, AHFA shared HOME Success Stories on its Facebook page, in celebration of the many families helped over the years.

HOME is a federally funded housing program created in 1990 as part of the Cranston-Gonzalez National Affordable Housing Act (NAHA). The program provides states and local governments the opportunity to administer federally funded programs in accordance with the goals of their Consolidated Plans, comprehensive planning documents and demographic surveys that outline affordable housing needs. The HOME program is intended to create partnerships among federal, state and local governments and those in the for-profit and nonprofit sectors who build, own, manage, finance and support low-income housing. The funds are allocated to states and local governments on a needs-based formula.

AHFA is proud to administer a program that empowers people and communities to design and implement strategies tailored to their own needs and priorities, puts an emphasis on consolidated planning, and expands and strengthens partnerships among all levels of government and the private sector in the development of affordable housing.

We want to send a sincere Thank You to all of the organizations and people we work with on a daily basis who contribute to the success of HOME and affordable rental housing in Alabama.
Multifamily Funding Applications to be Accepted in March

Final applications for 2016 HOME funds and Housing Credits will be accepted by AHFA beginning at 9 a.m. on Wednesday, March 9 and ending at 5 p.m. on Thursday, March 10.

Click here to view a list of applicants who have submitted initial application items.

Continue to watch for news and updates relating to the 2016 application cycle at www.AHFA.com.
Annual HOME/Housing Credit Workshop Held in February

AHFA's 2016 HOME/Housing Credit final application training was held February 16 in Montgomery. More than 150 members of the development community attended the event to learn about the changes to the 2016 HOME/Housing Credit application cycle.

While attending this seminar is not mandatory, those who participated will receive additional points on each application they submit during the 2016 HOME and Housing Credit program funding cycle.
AHFA Lowers Step Up Interest Rate to 3.75%

AHFA is making homeownership even more affordable by lowering the interest rate for its Step Up product to 3.75 percent for FHA and conventional loans. 

Step Up combines 30-year, fixed-rate financing with down payment assistance and is available to homebuyers who earn less than $97,300 and meet standards for creditworthiness.

AHFA Represented at ABA Bank Operations & Management Summit

AHFA staff members manned our trade show booth February 23 & 24 at the Alabama Bankers Association's 2016 Bank Operations & Management Summit in Birmingham.

Conference attendees were able to learn more about utilizing ServiSolutions for their mortgage loan servicing.

Bankers interested in participating in BankServ by ServiSolutions can visit www.ServSol.com for more information.

Hardest Hit Alabama Helps Customer in Mobile After Medical Expenses, Family Tragedy, and Job Loss

The customer, who asked that their identity be withheld, writes, "Hardest Hit Alabama (HHA) has made a HUGE difference to our family. We got behind because our family had to pay a large deductible on my cancer surgery before the surgery could be performed. My husband was also hospitalized, my dad was killed crossing the street, and I lost my job three days before Christmas. Our family had an extremely rough year, but Hardest Hit helped us get through a tough time in our family life by saving our only form of shelter.

We went from months of dealing with our lender for a modification that was more than likely not going to happen, to getting our home saved and caught up on within weeks of applying with Hardest Hit. The staff was very caring, precise, professional, and helped our family through this process every step of the way and in a timely manner. 

Our family cannot express our gratitude in words because it's beyond that. To see my kids in their home, and loving to come home and not worry means the world to my husband and me."

If you know of someone that needs assistance, HHA has helped this homeowner and many others across the state pay their mortgages. HHA offers programs including mortgage payment assistance for unemployed or underemployed homeowners, as well as loan modification and short sale options for borrowers facing financial hardships.

Hardest Hit Alabama is a foreclosure prevention program administered by AHFA and funded by the U.S. Treasury Department.

Visit www.HardestHitAlabama.com for full program details and eligibility requirements.
Grand Opening & Ribbon Cutting Held for Cobblestone Village in Clanton

A grand opening for Cobblestone Village in Clanton was held on February 4. The 56-unit development was financed in part by $812,048 in Housing Credits administered by AHFA. Located close to shopping, Cobblestone Village offers one- and two-bedroom units for individuals 55 and older. 
We're Looking for a Few Good Managers

Give your top managers the recognition they deserve by nominating them for AHFA's annual Manager of the Year award.

Site and property managers for any development financed with AHFA-administered HOME funds or Housing Credits are eligible.

Nominations are due April 29. 

The 2016 winner will be announced May 26 at the Alabama Affordable Housing Association's annual conference. 

Click here for a nomination package: http://bit.ly/1VoC4RG
FHLBank Atlanta to host Webinars for AHP Competitive Applicants

FHLBank Atlanta's 2016 Affordable Housing Program (AHP) Competitive Round will open on March 1. Up to $500,000 per project will be awarded  through a competitive application process to FHLBank Atlanta member financial institutions and their for-profit, nonprofit, and quasi-governmental developer customers.

The deadline for submitting applications is April 7.

In preparation, FHLBank Atlanta is offering a series of webinars to learn about AHP Competitive requirements for 2016 and important tips for submitting a successful application, with sessions for new project sponsors and experienced sponsors.

Multifamily Housing Developers/Managers, Help Us Promote Your Work!

AHFA's Communications Department collects ideas throughout the year for Success Stories & Development Spotlights.
These features promote developments and illustrate the relevance of programs that make affordable multifamily housing possible.  
Success Stories & Development Spotlights are used on our websites and social media as well as various publications and marketing materials. Your project could be the next featured!

What makes a good Success Story or Development Spotlight? It could be any number of things - a tenant story, special collaboration, exceptional amenities, innovative financing structure, etc.

Visit http://bit.ly/1L6EAvH to submit your ideas and help us promote your work!
Alabama Housing Finance Authority | 334.244.9200 | Email | Website

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