AHFA Board Meets December 15

The AHFA Board of Directors met in December. The meeting's business included:
  • The Multifamily Division's 2017 HOME Investment Partnerships Program Action Plan and the Housing Credit Qualified Allocation Plan (see next article for further information).
  • The conversion of 2013 volume cap to Mortgage Credit Certificates.
  • The allocation of up to $14 million in Multifamily Bonds for the acquisition/rehabilitation of Valley Brook Apartments in Birmingham.
2017 HOME/Housing Credit Allocation Plans Approved

The AHFA Board of Directors approved the 2017 HOME/Housing Credit allocation plans during its December 15 meeting. 

The allocation plans will be used to direct the application process and funding awards for 2017 HOME Investment Partnerships funds and Housing Credits.

The plans are available for download at http://bit.ly/2i82idW.

2017 HOME/Housing Credit Application Workshop Scheduled for January 26 in Montgomery

AHFA is hosting the 2017 HOME/Housing Credit Application Workshop January 26 in Montgomery. This workshop is specifically designed for potential applicants. For more information or to register, visit http://conta.cc/2h2sA3p.

In conjunction, AHFA is also offering training for property managers that addresses compliance issues and training for non-profit organizations interested in learning about the Community Housing Development Organization (CHDO) set-aside for the HOME Program.

Interested individuals should register for each event separately. 

For AHFA Multifamily Compliance Property Manager Training, visit http://conta.cc/2h2kSqh.

For AHFA Multifamily CHDO Training, visit http://conta.cc/2h2gtUk.

AAHA Resident Scholarship Student Spotlight 
Julien Gratton | Harbor Run, Theodore
In 2000, the Alabama Affordable Housing Association (AAHA) created a scholarship program for residents of member-owned apartment properties in Alabama. The scholarship funds are donated by the owners, contractors, architects, accountants, property management companies, investors, lenders, developers, and various vendors that make up AAHA's membership as well as other non-member individuals. Since its inception, the AAHA resident scholarship fund has awarded more than $500,000 in scholarships.
Meet Julien Gratton of Harbor Run in Theodore:

Julien Gratton was encouraged to apply for an AAHA resident scholarship by the manager of Harbor Run Apartments in Theodore, where he and his mother live. He said, "I thought it would be a great opportunity."

Scholarship recipients receive a cash award, typically $1,500 annually, to help finance their college education. Gratton, along with the other 2016 scholarship winners, was honored during AAHA's annual conference in May.

Gratton is applying the funds at Faulkner State Community College, where he is a sophomore studying animation, interactive technology, video graphics, and visual effects (CGI). The budding entertainer is well on his way, writing and producing short films for his own YouTube channel.

Gratton balances his time between school, work at The Grand Hotel in Point Clear, and his artistic endeavors. He said the scholarship funds will help relieve some of the stress that comes with being a working, commuting college student. "I won't have as much of a struggle," he said.

For more information about the resident scholarship program, please contact Arrice Faught, AAHA's executive director at [email protected] or 205.331.8668.
Grand Opening & Ribbon Cutting Held for Pelican Landing in Mobile

An open house and ribbon cutting for Pelican Landing Apartments in Mobile was held December 6. The newly constructed development was financed in part by $715,827 in Housing Credits administered by AHFA.

Pelican Landing provides 64 affordable apartments for families and individuals in the Mobile County area.
AHFA is proud to play a part in the coming renovations at Highland Manor in Birmingham

The 16-story Highland Manor Apartments located in Birmingham will soon undergo its first major renovation in more than 30 years.

The high-rise apartment complex for senior citizens in Birmingham's Southside will receive a new roof, windows, exterior paint and HVAC and plumbing systems. Each apartment will be equipped with new kitchen appliances and bathroom fixtures. New flooring will be installed in common areas.

Highland Manor features apartment homes for seniors age 65 and older and those who are mobility impaired. The rent is based on income and utilities are included in the rent.

The renovations will be funded, in part, by $950,138 in Housing Credits administered by AHFA.

A redevelopment kick-off event was held December 1 in Birmingham.

Real Estate aggregator Trulia released a report on November 16 titled, "There Doesn't Go the Neighborhood: Low-Income Housing Has No Impact on Nearby Home Values." The report studied the impact of new Low Income Housing Tax Credit (Housing Credit) developments on nearby home values between 1996 and 2006.

The article concluded, "The bottom line for NIMBYs who fear that property values will take a hit when a low-income housing project locates nearby is that their anxiety is largely unfounded - at least in cities where housing is either expensive or in short supply." 

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HHA Eases Financial Burdens for Dothan Family Facing Medical Crisis

Hardest Hit Alabama (HHA) has helped thousands of homeowners across the state pay their mortgages, including a family in Dothan dealing with an unexpected cancer diagnosis.

Hardest Hit Alabama
She said, "As the financial burdens mounted, our mortgage had gotten so lapsed that even partial payments were no longer being accepted and we found ourselves in peril. We had applied for disability but were rejected. Unemployment was an absolute nightmare to navigate through and after almost two months of that fight he was awarded a mere fraction of his earnings. Then I received the mortal death sentence from our mortgage company. A foreclosure date. Just when I thought things could not sink any lower, we reached out to [Hardest Hit Alabama]."

HHA was able to provide mortgage payment assistance that kept this family in their home. Read more of their story at http://bit.ly/2hJ1o7i.

Hardest Hit Alabama is a foreclosure prevention program administered by AHFA and funded by the U.S. Treasury Department.
Redesigned AHFA.com Rolls Out in December

AHFA is proud to announce the relaunch of www.AHFA.com.

The redesign, which rolled out December 13, was implemented to modernize the site's look and feel and improve mobile responsiveness.

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.AHFA.com to see the site for yourself and let us know what you think.

AHFA Offices to Close for January Holiday

AHFA, ServiSolutions and Hardest Hit Alabama will be closed Monday, January 16 in observance of the King/Lee holiday. Please make a note of this date.
Alabama Housing Finance Authority | 334.244.9200 | Email | Website

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