AHFA Board of Directors to Meet in December

The AHFA Board of Directors will meet Tuesday, December 5 at 11 a.m. in the AHFA offices.
Register for AHFA's 2018 Application Workshop in December

Registration is now open for AHFA's HOME/Housing Credit/Housing Trust Fund Application Workshop, scheduled for Friday, December 8 at the Embassy Suites Hotel & Conference Center in Montgomery. 

During the event, AHFA staff will discuss changes in the 2018 Plans to include application, underwriting, environmental, and compliance procedures, and new DMS online application features. The 2018 HTF application process will be discussed in the afternoon. 

Attendance at this year's seminar is not mandatory, and no points will be awarded for attending the workshop.

For more information or to register, visit  http://conta.cc/2ALWDne .
CHDO Applicants Educated in November; Applications Due in December

On November 13, AHFA hosted a workshop to review the 2018 CHDO Certification Application and discuss best practices for completion of a CHDO application. 

All applications for 2018 CHDO designation are due to AHFA no later than Wednesday, December 13 at 5 p.m. Only applications from applicants with a CHDO designation will be considered for the CHDO set-aside in the 2018 competitive cycle.
Step Up Success Story: Juan & Alexandrea Irby, Huntsville

The Irbys were finalists in our 2017 #MyAlabamaHome selfie contest. They bought their home in Huntsville using AHFA's Step Up program. Juan said, "I had always wanted to build my own home. That's been my dream since I was young. Lo and behold, this is it!" After hearing about Step Up from their lender, Alexandrea said, "I started researching it, and saw people who have used the program and saw you can have a nice home...live in a neighborhood you want, and have a new home."  

Watch more of their Step Up Success Story below:



Lender Spotlight: Erika Westcott, First Federal Mortgage, Gadsden

Erika Westcott has been in the mortgage business for 21 years, and next year will celebrate her 20th anniversary with First Federal Bank. The Auburn University graduate and mom to three served as the affiliate director for the Northeast Region of Alabama Association of Realtors for six years, was honored as the Etowah-Cherokee County Association of Realtors' Affiliate of the Year in 2002, and has been a Top 10 Producer for First Federal Mortgage for the last four years.
 
Q: How long have you worked with AHFA's homeownership programs?
A: I believe you all introduced us to the Step Up program when it first rolled out in 2005. We were Etowah County's first AHFA lender.
 
Q: What do you think is the greatest benefit of AHFA programs?
A: The greatest benefit I've seen is borrowers being able to utilize the down payment option for ANY home in ANY area. Having higher income limits than other programs has also helped several of my buyers take advantage of low down payment options. I love how the Mortgage Credit Certificate allows a buyer to afford more home by taking advantage of the tax credit during the year. I also love the fact that the loans are serviced in Alabama, which is a comfort to buyers when it comes to loan servicing. AHFA loans have been a large part of our company's portfolio for many years, and I feel it has set us apart from competition in our area (not to mention the staff at AHFA is top notch)! AHFA's down payment assistance products have been a great contributor to First Federal's success in Etowah and surrounding counties. These products have held true over 10 years, and we love working with AHFA. I have agents that refer buyers here specifically for Step Up loans.
 
Q: What do you enjoy most about your job?
A: I feel my duty as a loan officer is to educate. I love to explain the process to first-time buyers and educate them on what is going to happen. I am a people person. I LOVE people...meeting them, talking to them, singing to them (just kidding). This career has allowed me to meet so many wonderful people from all walks of life. I am now in the phase of life where I am making mortgage loans to people I babysat, coached on swim team, taught gymnastics to, etc. It is so neat to see people I knew as children growing up and becoming homeowners. That is the part that is most rewarding to me. 
Welcome, New Lender!

AHFA is pleased to welcome  HomeBridge Financial Services, Inc. , as a participating lender in the Step Up and MCC programs. 

HomeBridge is conveniently located in Hoover to serve potential homebuyers.

For more information, visit  https://www.homebridge.com/ .
Several Grand Openings & a Groundbreaking Held in November

Grand opening and ribbon-cutting ceremonies were held across the state for six multifamily housing developments in November. All of the developments received allocations of HOME Investment Partnerships program funds and/or Housing Credits from AHFA.

The event dates, project information, and funding amounts:
  • Nov. 1: Bedford Pines in Butler; 44 units: $332,801 in 2015 Housing Credits
  • Nov. 3: Pinewood Manor in Demopolis; 30 units; $219,087 in 2015 Housing Credits
  • Nov. 7: Jackson Apartments in Tuscaloosa; 80 units; more than $1.18 million in 2015 Housing Credits
  • Nov. 14: Shiloh in Opelika; 56 units; $1.2 million in 2015 HOME funds and $765,692 in 2015 Housing Credits
  • Nov. 16: Mountain View Village in Columbiana; 60 units; $829,500 in 2015 Housing Credits
  • Nov. 28: Jasmine Trails in Gulf Shores: 72 units; $828,342 in 2015 Housing Credits
In addition, a groundbreaking celebration was held for Hidden Hills Trace in Phenix City on November 9. Hidden Hills received nearly $1.13 million in 2016 HOME funds and, when complete, will provide 84 new housing units for families in the area.
Step Up + Extended Until December 31

In June, AHFA announced a temporary Step Up+ mortgage enhancement that will pay the upfront split private mortgage insurance premium (up to $1,500) for homebuyers who earn less than 80 percent of the area median income. In turn, homebuyers will pay a lower monthly premium as part of their mortgage payment.

The program was originally slated to run through September 30, but was extended until December 31, 2017.

For more information, qualifications and procedures, visit  http://bit.ly/2i6ThqQ .
ServiSolutions Customers Can Register for Online Year-End Statements

ServiSolutions is preparing Year-End Statements (also known as IRS Form 1098) for all servicing customers for income tax reporting purposes. This statement includes the total amounts of interest paid and property taxes paid from your escrow account (if you have one) for the entire year.
 
If you register by December 25, you can view, print and download your statements online and will not have to wait for a paper copy to be mailed to you. This online option is free, secure, and reduces clutter.
 
Sign up for your online Form 1098 by logging into your  Customer CareNet (CCN) account and selecting Statements and Documents. You can then select Year-End Statements and click the "Change My IRS Form 1098 Electronic Consent" button.
 
Check the box next to the statement, "I wish to access my IRS Form 1098 electronically. I understand that I will no longer receive a paper copy." Click submit.
 
You'll then see a message confirming the change, and an email will be sent to the email address on file also confirming this change.
 
If you are registered for Online Year-End Statements, you will receive an email notification when your statement is available. If you receive your statement by mail, we will mail it to you by January 31, 2018. In addition, you can obtain your paid interest and taxes totals for the year after January 7, 2018, by logging into your CCN account.
 
You may also receive one or more of the following Form 1099s from us: 
  • Tax Form 1099-A: Used to report a loss, such as a completed foreclosure or deed in lieu
  • Tax Form 1099-C: Used for properties sold in a short sale or on loans where any portion of the debt was forgiven. Examples of debt forgiveness include principal reduction modifications and incentive modification programs.
AHFA Offices to Close for December/January Holidays

AHFA, ServiSolutions, and Hardest Hit Alabama will be closed Friday, December 22 and Monday, December 25 in observance of the Christmas holiday. 

We will also be closed Monday, January 1 in observance of the New Year's holiday.

Please make a note of these dates.
Alabama Housing Finance Authority | Montgomery, Alabama | 334.244.9200 | Email | Website
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