#LendersTakeASelfie began June 1!

To celebrate National Homeownership Month in June, AHFA is hosting #LendersTakeASelfie!
Participating Step Up lenders can snap selfies while talking to customers about the Step Up program, and use the #LendersTakeASelfie sign and hashtag for a chance to win a $1,000 gift card for you and a client!
Enter as many times and with as many customers as you want. But get creative, because that's what will win you the $$$! A panel of judges will pick the top 5 selfies, and then it's up to Facebook users to vote for the most creative selfie!

To enter:
Also, throughout the month, a "Surprise squad" will randomly surprise some lenders who have entered with special gifts!
For more information and full contest details, visit http://bit.ly/1YlOk7l

Greensboro Manager Honored for Exceptional Service, 2016 Scholarship Recipients Named at AAHA Annual Conference

LaWanda Miller of Morrow Realty Company, manager of Canterbury and Griffin-Mandela Apartments in Greensboro, has been honored as AHFA's 2016 Manager of the Year.
The Manager of the Year award recognizes outstanding management staff at AHFA-funded multifamily housing developments. Nominees were evaluated on tenant relations, experience and education, the complex's curb appeal, and AHFA program compliance. 

Miller received her award May 26 as part of the Alabama Affordable Housing Association (AAHA) annual conference. 

In conjunction, AAHA announced this year's recipients of its annual resident scholarships. 
Seventy-eight scholarships were awarded for 2016, 29 were renewals to past scholarship recipients and 49 went to new applicants. 

The scholarship program is open to qualified tenants and resident family members living at an AAHA-member apartment complex and to property/divisional management staff of AAHA-member companies and their children. Applicants must be accepted or enrolled in an accredited vocational or technical school, college, or university; have at least a "B" average or 3.0 GPA; and meet all other application criteria.

In addition, AHFA staff led sessions to update conference attendees on changes to AHFA's allocation and compliance monitoring procedures.

Development Spotlight:

50 new construction single-family homes
Serves: seniors aged 55 and older
AHFA funding sources: HOME Funds: $1.1 million (2012) | Housing Credits: $720,300 (2012)
The path of the April 27, 2011, tornado that devastated Tuscaloosa was within a block of the Hurricane Creek Trace site. Many of the displaced residents were seniors who lived in single-family homes. Community Service Programs of West Alabama, Inc. (CSP) and its partners developed Hurricane Creek Trace to assist the city in its response to the housing displacement resulting from the tornado. Hurricane Creek Trace was designed as a single-family development to best meet the post-tornado needs of the community, and because it was the most appropriate building type to match the neighborhood and existing site.
Amenities/Tenant Services:
  • Homeownership conversion option for residents:
    • Residents will have an opportunity to purchase their rental home at the end of the development's compliance period
    • They will be encouraged to participate in workshops regarding managing their finances, home maintenance and other homeownership counseling
    • A conversion strategy will include helping residents apply for state, government or federal assistance programs and working with mortgage lenders to obtain approval
    • Units will be offered for sale to residents at a price to cover a prorated portion of existing debt, which is anticipated to be less than 80% of the appraised value, thereby creating immediate equity for residents
  • Gazebo
  • Clubhouse with computer center & free Wi-Fi
  • Picnic area with grills
  • Homes offer a built-in storm shelter
Item of Interest:
In addition to helping the City of Tuscaloosa rebuild after the tornado, Hurricane Creek Trace also helped to eliminate an environmental problem. The site was a dormant, partially-developed single-family subdivision that created substantial stormwater runoff into the nearby Hurricane Creek watershed, was cited for environmental violations, and was a major eyesore in the community. CSP and its development partners consulted regularly with local river keeper organizations, along with ADEM, to ensure the development was constructed in a way that minimized impact on the watershed. 

With financing from AHFA, the City of Tuscaloosa, and Alabama Department of Economic and Community Affairs (ADECA), Hurricane Creek Trace is an example of how to transform a real problem into beautiful new housing.  
AHFA Updates MCC Sales Price Limits, Effective May 22

AHFA has revised the sales prices limits for borrowers using a Mortgage Credit Certificate. The maximum home purchase price for a loan with a MCC is $255,573 (borrowers in a target area can buy a home costing as much as $312,361).

A Mortgage Credit Certificate reduces the amount of federal income tax homebuyers must pay, which in turn frees up income to qualify for a mortgage. Borrowers can claim a federal tax credit worth 20-50 percent of mortgage interest paid each year. MCCs can be combined with the AHFA's Step Up financing to maximize affordability.

AHFA's sales price limits for the MCC program are based on FHA's program loan limits. The new nationwide limits take effect for all loans and MCCs originated as of May 22.

For more information: http://bit.ly/1P51QdK
AHFA's Step Up Financing Helps Auburn Buyers Find a Larger Home for Their Growing Family

Jennifer and Jay Stroud recently welcomed baby number three and found themselves in need of more space and a place to make their forever home. They got what they wanted with the help of AHFA's Step Up program.

Introduced to Step Up by their lender, Julia McCreight at Auburn Bank, the Strouds had been pushed to their space limits in the house that Jay purchased in 2008. Jennifer said, "We were right on top of each other - it was just so cramped."

However, right after Jay purchased the home the real estate market crashed. Even though the Strouds desperately wanted a bigger and more convenient home for their family, they were upside down on what they owed. Jay said, "Being upside down, pretty much everything we saved up in hopes of buying a new house and making a down payment had to put into the closing and payoff of the other house. So, using Step Up let us be able to get 100% financing to get into this new home without having to worry about coming up with down payment money."

To read more of the Strouds' story, visit http://bit.ly/1qHUNib.
Grand Opening & Ribbon Cutting Held for The Park at Wood Station in Birmingham

A grand opening for The Park at Wood Station in Birmingham was held May 9. The 64-unit development was financed in part by more than $1.1 million in Housing Credits administered by AHFA. The Park at Wood Station is part of an effort to revitalize the Woodlawn area of Birmingham. The development is comprised of townhouse-style buildings with 28 two-bedroom units and 36 three-bedroom units, all more than 1,700 square feet.
Paying Your Mortgage Shouldn't Be A Hassle

ServiSolutions customers can manage their accounts online via the Customer CareNet (CCN) service available at www.ServSol.com.

CCN allows ServiSolutions customers to make payments, review statements, view basic loan balances, get account notifications and much more. Plus, CCN is mobile friendly!
AHFA Offices to Close for July Holiday

The AHFA, ServiSolutions and Hardest Hit Alabama offices will be closed Monday, July 4 in observance of the Independence Day holiday. 

We will reopen at 8 a.m. on Tuesday, July 5.
Alabama Housing Finance Authority | 334.244.9200 | Email | Website

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