February 2019
AHFA Accepts Competitive Applications in February

AHFA accepted applications for 2019 Housing Credits, HOME Investment Partnership Program funds, and National Housing Trust Funds on Feb. 13.

To view a list of the applications submitted in this year's competitive cycle, visit  http://bit.ly/2miRlc9 .

Continue to watch for news and updates relating to the 2019 competitive cycle here and at http://www.AHFA.com/ .
Success Story: Mary Ann Lamberth, Loxley
Mary Ann Lamberth of Loxley and her daughter Rachel wanted to buy a home for the first time.

Mary Ann’s lender, Bree Shores with FirstBank, said, “The MCC program made all the difference for them. It put them in a price range where they were able to find a newer home that required less maintenance, lower utilities, and better homeowner’s insurance rates. They would not have the home they have today without the MCC program.”

In addition, MCCs provide a tax credit to reduce the amount of federal taxes owed by a percentage of the annual mortgage interest paid each year. The remaining annual interest may be claimed as a mortgage interest deduction on the homebuyer’s federal tax return. Homebuyers receive a larger federal tax break or tax refund each year. 

Mary Ann shares their journey to buy a home and how using AHFA’s Mortgage Credit Certificate (MCC) program made it possible.
Development Spotlight: Cadence Point, Enterprise
AHFA’s latest Development Spotlight shines on Cadence Point in Enterprise. In 2017, Cadence Point (originally The Boulevard) restructured its 1995 HOME Investment Partnerships Program loan and received an allocation of additional Housing Credits for rehabilitation efforts.

Rowlett & Company, LLC acquired this expired HOME development in 2016 from the previous owner Boulevard, Ltd., utilizing Housing Credits from AHFA, a construction loan from Auburn Bank, and investment with Raymond James Tax Credit Funds, Inc. The funds were used to renovate all 48 units in the development.

“This program has allowed us to make this property more competitive in the market, more beautiful and comfortable to the tenants, and more attractive for the City of Enterprise, all while keeping the rents affordable for the targeted population,” said Rowlett. “There is no way that we would have ever been able to afford to make such an impactful renovation while keeping the rents affordable without this program from AHFA. We hope to continue to provide affordable housing with this development for the next twenty years.”

MortgageRight Joins AHFA as a Participating Lender

AHFA is pleased to welcome MortgageRight as a participating lender in the Step Up and Mortgage Credit Certificate programs.

MortgageRight has offices in Huntsville and Birmingham to serve potential home buyers. For more information, visit  https://www.mortgageright.com/ .
Q&A with Sally Mackin of Woodlawn Foundation: The Role of Nonprofits in the Development of Affordable Housing
Sally Mackin is the executive director of the Woodlawn Foundation based in Birmingham. She recently answered our questions about the opportunities and challenges for nonprofits interested in developing affordable rental housing and shared some of the successes of the Woodlawn Foundation.

Q: Why should nonprofits be involved in developing affordable rental housing?
A: I believe nonprofits bring a unique lens to all community development, not just the housing component. Having a social impact perspective is critical to the healthy redevelopment of a community.

Q: What successes has the Woodlawn Foundation had in terms of affordable housing?
A: We have co-developed 64 affordable homes through a 9% Low Income Housing Tax Credit (LIHTC) deal and have plans underway for another 8 affordable homes. We hope to do another LIHTC project within the next few years.

Q: What are some of the things nonprofits should have in place if they want to develop affordable housing?
A: I believe that strong leadership is important, and having a staff trained with specific technical skills is helpful. Affordable housing programs can be complicated, and having someone on the team with expertise and experience is a must. However, some of that expertise and experience can be provided by an outside team including legal counsel, financial analysts, consultants, board members, and sometimes volunteers. I can’t emphasize enough the importance of board leadership – having the expertise among board members who also understand and believe in the importance of affordable housing in a community. Finally, a clear strategy for planning and carrying out housing activities is important for any programmatic area of a nonprofit. We often have to shift our strategies, but having a clear mission and long-term goals is critical to avoiding “mission creep,” which can easily happen if you start chasing resources that do not align with your vision.

Grand Opening & Ribbon Cutting Held for The Village at Hixon Pond in Fort Payne
A grand opening and ribbon cutting was held January 31 in Fort Payne for The Village at Hixon Pond. The newly constructed affordable housing development was financed in part by $1.2 million in HOME Investment Partnerships Program funds and $795,575 in Housing Credits, both administered by AHFA.

The 56-unit development features two- and three-bedroom units complete with washer/dryer connections, energy efficient appliances, covered porches, a covered picnic area with grills, outdoor fitness area, and a community center.
New Resources for Lenders
AHFA has created a customizable flyer you can use to let customers know about the new Freddie Mac Home Possible Advantage program.

The latest flyer matches the Step up and Mortgage Credit Certificate (MCC) flyers that have been available for some time. The flyers allow you to input your contact information prior to printing.

Please contact AHFA's Communications Department  to request your digital files.
AHFA is now using AllRegs as a resource where you can find our program manuals, loan delivery guidelines, pertinent forms and documents.

Links to our Training Resources and Lender Notices may also be found there.

The link to AllRegs on the AHFA website is under Lender Resources .

It is also located on the ServiSolutions website on it's  Lender Resources  page.
2019 Manager of the Year Nominations Due April 26
Give your top managers the recognition they deserve by nominating them for AHFA's annual Manager of the Year award. Site and property managers for any development financed with AHFA-administered HOME funds and/or Housing Credits are eligible.

Nominations are due by April 26. The 2019 winner will be announced at the Alabama Affordable Housing Association's annual conference.

Click here for a nomination package:  http://bit.ly/2ixrGOY.
Lenders & Realtors: Want to Know More About AHFA's Homeownership Programs?
We'll come train you on the benefits of our homebuyer programs and how to utilize them. Our Step Up down payment assistance program and Mortgage Credit Certificates help make homebuying more affordable and help more people qualify to buy a home.

Want to know the details? We offer onsite, in-person training. These classes include training on our programs, borrower and property eligibility, processing, documentation, income calculations and more.

Contact us today to schedule a date and time! Email Cathy James at  cjames@ahfa.com .
Tips for Using DMS Online Management System for Reporting Tenant Event Data 
AHFA's Multifamily Compliance Department has compiled a list of tips for owners using the DMS Online Management System to report tenant event data.

  1. Instructions for the DMS Online Management System are available at http://www.ahfa.com/multifamily/compliance/online-management-system.
  2. It is best if the owners create a registration for themselves so they can manage which employees have permissions in the system.
  3. Updating the system as a tenant event happens will mean less work for the user when they finalize each year for a project.
  4. All users entering the tenant event data into the system must be granted Property Manager permission.
  5. Any questions regarding tenant event data or data entry need to be sent to MFCompliance@ahfa.com.
Education & Outreach in February
February 5: Home Builders Association of Alabama's winter meeting in Montgomery.
February 7: Alabama Center for Real Estate’s #ACRERes2019
event in Birmingham.
February 20: Alabama Bankers Association's 2019 Bank Operations & Management Summit in Birmingham.
FHLBank Atlanta's 2019 Affordable Housing Program Competitive Opening June 3 
FHLB Atlanta's 2019 Affordable Housing Program (AHP) Competitive will open on June 3 . Up to $500,000 per project will be awarded through a competitive application process.

These funds will help FHLB Atlanta member financial institutions and their community partners develop affordable owner-occupied and rental housing for very low- to moderate-income families and individuals. To find out more about this opportunity, go to http://corp.fhlbatl.com/services/affordable-housing-programs/ .

FHLBank Atlanta is offering multiple training webinars that will cover project eligibility, scoring, and the online application process. For more information about these webinars and to register, visit https://register.gotowebinar.com/rt/7017141879223952643
ServiSolutions' Pay-By-Phone Option is Quick and Convenient for Customers
Your time is valuable. You can make a payment with no wait using our automated phone pay option for a fee of $3 per transaction. Have your loan number or social security number available.

Call 866-339-2432 toll free ( for Washington customers 855-819-8081 toll free), and after hearing the last transaction on your account, select Option 2 for this service.
Alabama Housing Finance Authority | Montgomery, Alabama | 334.244.9200 | Email | Website