FY17 Annual Report Released

AHFA is pleased to announce the release of our FY17 Annual Report. 

#OurAlabamaHome  was AHFA's theme for FY17. We regularly travel to visit with customers who bought their home or found affordable housing through AHFA programs. As we traveled to visit these customers in FY17, we also highlighted their city or town to celebrate Alabama and to illustrate how AHFA's programs reach all across the state. 

This year's Annual Report highlights our achievements in FY17 and also includes a link to our financial statements. 

To view the report, visit  http://online.flipbuilder.com/ahfa/epga/.
AHFA Board Meets December 5

The AHFA Board of Directors met in December. The meeting's business included:
  • Election of officers
  • Conversion of 2014 volume cap to Mortgage Credit Certificates
  • Allocation of up to $10 million in Multifamily Bonds for the acquisition/rehabilitation of Huntsville Adventist Apartments in Huntsville
Annual Application Workshop Held in Preparation for February Competitive Application Cycle

AHFA multifamily staff and nearly 100 members of the development community gathered December 8 in Montgomery for AHFA's 2018 Application Workshop.

During the event, AHFA staff discussed changes in the 2018 HOME/Housing Credit Plans including application, underwriting, environmental and compliance procedures, and new DMS online application features. The 2018 HTF application process was also covered. 

This annual event helps developers prepare their applications for the HOME, Housing Credit, and/or National Housing Trust Fund programs. AHFA will accept applications for 2018 Housing Credits, 2018 HOME Investment Partnership Program funds, and 2016/2017 National Housing Trust Fund Program funds on Thursday, February 1st from 9 a.m. until 5 p.m. CST.

All application information is posted at http://ow.ly/f6qV30h9i05.

Success Story: Wellington Terrace | Roanoke

Wellington Terrace is an established family development, financed in 2010 with $977,300 in HOME funds and $977,300 in Housing Credits administered by AHFA. It is located in Roanoke, a city of 6,000 situated near the Alabama/Georgia border.

We visited Wellington Terrace, in its fifth year of operation, to speak to residents about life in the quiet apartment community.

Frances, a retired grandmother of three, was looking to move from another development where she had experienced trouble with a neighbor. She found Wellington Terrace when it was under construction. "I didn't feel comfortable in my old development anymore," she said. "I put in an application here, and they approved me. I was the first resident to move in."

Another long-time resident, Beulah said, "I was renting a house across town that needed work. I put my application in, and I've been here ever since."

Wellington Terrace is a 36-unit development that features a playground and an office/community building with a gazebo for community activities and events. Each of the one-, two-, and three-bedroom units has a covered porch, outside storage, a full kitchen, and washer/dryer connections.

The HOME and Housing Credit programs provide funding and tax incentives that help developers build properties like Wellington Terrace. The equity generated allows developers to rent units at below market rates.

Frances said, "I had never lived in affordable housing before, but the apartments are real nice. I've enjoyed living here."  Beulah added, "I like the way that my apartment is set up. I like that it has two bathrooms. I'm very satisfied."
Grand Opening & Ribbon Cutting Held for Village at Mill Creek in Millbrook

A grand opening and ribbon cutting was held December 5 in Millbrook for Village at Mill Creek. The newly constructed senior housing development was financed in part by $914,250 in HOME Investment Partnerships Program funds and $751,737 in Housing Credits, both administered by AHFA.

The 56-unit apartment community, conveniently located just off Highway 14, features energy-efficient two-bedroom units with full kitchens and washer/dryer connections and is reserved for residents age 55 and older.
Student Spotlight:
Kyriq & Khalil McDonald | Eagle Pointe, Madison

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 the McDonald brothers of Eagle Pointe in Madison:

Twenty-year-old Khalil received an AAHA resident scholarship for two years before accepting a University of South Alabama football scholarship for his junior year. The Jaguars linebacker said the AAHA scholarship was a huge benefit. "I wasn't on football scholarship for my freshman and sophomore years. I was a walk-on, so most of my funds came out of pocket or loans," said Khalil. "The AAHA scholarship certainly did help."

Younger brother Kyriq, 17, is attending the University of Alabama. Also a football player, he was selected for an AAHA scholarship before receiving a football scholarship. AAHA still chose to recognize him as an honorary resident scholarship recipient for 2017. The Crimson Tide freshman said, "The free education is about getting my degree. I'm majoring in business and ultimately want to pursue mechanical engineering."

The McDonald brothers were encouraged to apply for AAHA resident scholarships by the manager of Eagle Pointe Apartments, the 48-unit affordable housing development in Madison, where they live with their mother.

Khalil offered this sage advice about college to Kyriq and all incoming students, "It's about time management and knowing yourself. If you didn't have that self-control in high school, then you have to adapt and learn as you go. If you don't adapt, you fall behind."
For more information about the resident scholarship program, please contact Arrice Faught, AAHA's executive director at arrice@theaaha.org or 205.758.1158.
AHFA Offices to Close for January Holiday

AHFA, ServiSolutions, and Hardest Hit Alabama will be closed Monday, January 15 in observance of the King/Lee holiday.  Please make a note of this date.
Alabama Housing Finance Authority | Montgomery, Alabama | 334.244.9200 | Email | Website