Alabama Multifamily Loan Consortium Celebrates 20th Anniversary

The Board of Directors and other members of the Alabama Multifamily Loan Consortium (AMLC) recognized the organization's recent 20th anniversary during its annual membership meeting on April 7.

The mission of AMLC is to facilitate development and preservation of affordable housing for low and moderate income persons, combat community deterioration, and lessen the burden of government housing programs. The organization unites bankers, developers and communities in this mission.

Formed in 1996 by bank representatives in the state under the sponsorship of the Alabama Housing Finance Authority (AHFA) and the Alabama Bankers Association, Inc., the non-profit now has nearly 60 member banks across the state assisting in funding loans.
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Remembering April 27, 2011

In April 2011, tornadoes and heavy winds carved 1,100 miles of destruction across Alabama. When the weather cleared, nearly 250 people were dead and 23,000 structures were damaged or destroyed.

The damage stretched like a scar across our state. Forty-three counties were declared disaster areas eligible for individual assistance under the authority of the Robert T. Stafford Disaster Relief and Emergency Assistance Act.  

The Alabama Housing Finance Authority corralled its resources to serve storm victims and help Alabama rebuild.

Through its multifamily programs, AHFA funded 45 projects in the disaster counties (69% of the total number of projects funded in 2011-2014), creating 2,822 affordable housing units with $33.2 million in Housing Credits and $25.7 million in HOME funds. 

In addition, AHFA allocated another $3 million, targeted specifically to disaster relief efforts in the wake of the April tornadoes, to the Habitat for Humanity Loan Purchase Program. Through this program, AHFA purchases mortgage loans from the state's Habitat affiliates. 
Rate Reduction Makes Step Up Even More Affordable

In April, AHFA lowered the interest rates for its Step Up homeownership product to 3.50 percent for FHA loans and 3.75 percent for 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.

For more information about Step Up, including a list of participating lenders, visit: http://bit.ly/1I6F1VP
Hardest Hit Alabama Helps Huntsville Homeowner Avoid Foreclosure & Keep Retirement Intact

Rich Cantwell started his career in the Navy and then worked as an instructor at a tech company for five years. After a stint selling insurance, Cantwell began a successful 30+ year career selling electronic components like chips and semiconductors that regularly had him travelling throughout the United States and Canada. But in July 2014, Cantwell was laid off from his job.

To find out more about Rich's story and how Hardest Hit Alabama was able to help him keep his home, visit http://bit.ly/1Udeyua.
AHFA Introduces New Advertising Campaigns for Homebuying Season

Pandora and Zillow users, keep watching for ads coming from AHFA this homebuying season.

AHFA is targeting millennials with the "Your Home. Your Vibe." campaign for streaming music service Pandora. 

The "Find the Way Home" campaign for top-rate real estate app Zillow should reach a broader audience.

Both campaigns kicked off April 1, and will run throughout the spring and summer.
AHFA Offices to Close for May Holiday

The AHFA, ServiSolutions and Hardest Hit Alabama offices will be closed Monday, May 30 in observance of the Memorial Day holiday. 

We will reopen at 8 a.m. on Tuesday, May 31.
Alabama Housing Finance Authority | 334.244.9200 | Email | Website
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