AHFA Bids Gary Donegan Farewell

Gary L. Donegan, AHFA's research & planning manager, retired August 19 after more than 23 years of distinguished and outstanding service to AHFA and the citizens of Alabama.

Donegan led the Research & Planning division of AHFA since 1993 and oversaw the creation of AHFA's information systems and communications departments.

Throughout his career with AHFA, Donegan worked diligently to perform demographical housing research and needs analyses, as well as to compile historical and survey data about AHFA for Alabama's Consolidated Plan, the HOME Investment Partnerships Program annual action plan, and other publications. In addition, he provided leadership in outreach activities within the community, the State of Alabama, and with state agencies. 

Please join the AHFA board and staff in extending Gary Donegan sincere congratulations and best wishes for a long and happy retirement.
Box Joins AHFA Staff as New Servicing Administrator

AHFA is proud to anounce the addition of Anthony Box to its staff as servicing administrator. He will oversee the operations of ServiSolutions, AHFA's loan servicing department.

Box has 20 years of mortgage banking and loan servicing experience. He is an Alabama native and a graduate of the University of Alabama.

ServiSolutions is the largest mortgage loan servicer located in Alabama, with a portfolio of more than $5 billion in loans. In addition to the loans serviced by AHFA, ServiSolutions services loans for housing finance agencies in Mississippi, Missouri, North Carolina and Washington as well as community banks in Alabama.
Check Out the New & Improved ServSol.com

AHFA is proud to announce the launch of its newly redesigned website for ServiSolutions.

The redesign, which rolled out over the weekend of August 26-28, was implemented to add a News section to the home page and freshen the site's look and feel.

This will not affect functionality or content of the site from a user standpoint, so customers should not experience any issues accessing information or using the website.

Visit www.ServSol.com to see the site for yourself and let us know what you think.
New Income Limits for MCCs Begin September 1

AHFA has updated the maximum family income limits used for the Mortgage Credit Certificate program, effective September 1.

The newly revised income limits were released by the U.S. Department of Housing and Urban Development and are based upon the state's median income, which is $55,500. Home buyers can earn up to $83,250 in urban areas and $77,700 in rural areas, depending on family size and location.

The purchase price limits for the MCC program were updated earlier this year. Effective May 22, the maximum sales price in target areas is $312,361 and $255,573 in non--target areas.

Updated program documents, including recapture settlement disclosures, have been posted to Lender Online.

AHFA's Mortgage Credit Certificate program offers qualified buyers an annual tax credit to reduce the amount of federal taxes owed by a percentage of the mortgage interest paid each year. By reducing the amount of federal income tax owed, MCCs give potential home buyers more available income to qualify for a mortgage loan.

MCC recipients can change their income tax withholdings to reflect the lesser tax amount so that fewer tax dollars are withheld from their regular paychecks, increasing their take--home pay. MCCs are available with conventional fixed-rate, FHA, VA, Rural Development and privately insured mortgages as well as AHFA's Step Up program.

Click here to view the new limits for the MCC program.
Step Up Informational Flyer Now Available for Participating Lenders

AHFA has produced a Step Up program flyer, which can be distributed by participating lenders and Realtors, to inform Alabama homebuyers about Step Up.

The flyer allows participating lenders and Realtors to input their contact information prior to printing and matches other Step Up marketing materials. 

To download and print, click here.

Participating lenders, this new resource is also available under the Marketing Materials tab of Lender Online.
Step Up's Affordable Rates with Down Payment Assistance Helped Louisville Buyer with First Home Purchase

Step Up is AHFA's homeownership option designed specifically for moderate-income home buyers who can afford a mortgage, but need help with the down payment. The program is ideal for borrowers like Louisville's Kalvin Daffin who found independence with his first home purchase.

Daffin said, "I got my nice home, and I also got peace of mind in knowing I'm not working just to take care of the house. I wanted something that allowed me to live outside of making my payments, and I have that."

Read more of Daffin's story: http://bit.ly/2bMv5Uc

Newly Renovated Senior Housing Development Opens in Monroeville

An open house and ribbon cutting for Candlewick Senior in Monroeville was held August 25. The newly rehabilitated development was financed in part by $501,914 in Housing Credits administered by AHFA.

Specially tailored to the needs of adults 55 and older, Candlewick Senior offers a full range of amenities and conveniences. The development's one-and two-bedroom floor plans come pre-wired for cable and Internet, and all units are equipped with central heat/air, washer/dryer hookups, ceiling fans, ranges, microwaves, dishwashers, and refrigerators with ice maker.

Residents also enjoy a clubhouse with community room and laundry facilities, as well as a picnic area with gazebo. The complex is convenient to shopping and dining, while the on-site sheltered bus stop offers easy access to other parts of Monroeville.
Meet the Bethunes of Angela Meadows in AHFA's Latest Student Spotlight

Sisters Morgan and Taylor Bethune, residents of Angela Meadows Apartments in Albertville, have both benefited from the Alabama Affordable Housing Association's annual resident scholarship.

Morgan is now working in sales and marketing after graduating from the University of Alabama in 2010. Taylor continues to receive a scholarship award while she pursues a master's degree in secondary education at the University of Alabama.

Their father Robert, who is the resident manager of Angela Meadows, said, "I am very blessed for my girls and they are going to have a better start in life, but my family is so blessed to have the AAHA scholarship family to be there with us all the way."

Since 2000, the AAHA resident scholarship fund has awarded more than $500,000 in scholarships for residents of member-owned apartment properties in Alabama.

Read more of the Bethune family's Student Spotlight at http://bit.ly/2b1ds25.
Development Opens for Oneonta Elderly Residents

An open house and ribbon cutting for McCay Senior Gardens in Oneonta was held August 4. 

The newly constructed development, by Paladin, Inc. and Olympia Construction, Inc., was financed in part by more than $1.3 million in HOME Investment Partnerships program funds and $463,000 in Housing Credits, both administered by AHFA.
AHFA Offices to Close for Labor Day

The AHFA, ServiSolutions and Hardest Hit Alabama offices will be closed Monday, September 5 in observance of the Labor Day holiday.

We will reopen at 8 a.m. on Tuesday, September 6.

Please make a note of this date.
Alabama Housing Finance Authority | 334.244.9200 | Email | Website

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