February 2020
AHFA Accepts Competitive Applications in February
AHFA accepted applications for 2020 Housing Credits and HOME Investment Partnership Program funds on February 12.

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

AHFA administers multifamily programs to create affordable rental housing by providing funding and tax incentives that help developers build or rehabilitate properties for Alabama’s low-income families.

Continue to watch for news and updates relating to the 2020 competitive cycle  http://bit.ly/2ktkyUa .
Success Story: Zachary McCraw, Spanish Fort

School counselor and graduate student Zachary McCraw spent six years living in apartments after he moved to Spanish Fort for his job. In 2019, he decided that it was time to make the step to becoming a first-time homebuyer. 

McCraw credits lender Karen Campbell with FirstBank Mortgage in Fairhope with steering him to a Mortgage Credit Certificate (MCC), available through AHFA.

An MCC reduces the amount of federal income tax homebuyers must pay, which in turn frees up income to qualify for a mortgage. Borrowers can claim a tax credit up to 50 percent of the mortgage interest paid per yer, capped at $2,000 annually. It is a dollar-for-dollar reduction against a borrower's federal tax liability.

To receive immediate savings from the MCC, the borrower must file a revised W-4 withholding form with their employer, which should reduce the yearly tax contribution and increase the borrower's take-home pay. Borrowers can also choose to realize the savings once a year through the federal income tax return to be filed.

MCCs may be paired with AHFA's Step Up program or any other 30-year, fixed-rate, amortizing mortgage offered by a participating lender. 

AHFA's down payment assistance and mortgage tax credits make homeownership affordable across Alabama.
Welcome New Lender!

AHFA is pleased to welcome New American Funding as a participating lender in our Step Up program.

Step Up provides down payment assistance and a competitive 30-year, fixed interest rate for homebuyers who earn less than $97,300 and meet standards for creditworthiness.

New American Funding has offices conveniently located in Decatur and Huntsville to serve potential home buyers.

For more information, visit  https://www.newamericanfunding.com/ .
Education & Outreach: February
February 6: Lender training with Northpointe Bank in Birmingham
February 12 & 13: Home Builders Association of Alabama's winter meeting in Montgomery
AHFA Mourns Death of Thomas H. Cooksey, Sr.
Thomas H. Cooksey, Sr. passed away February 13. Since 1986, the Cooksey family has developed and managed many rental housing communities throughout the state, including several AHFA-financed developments.

AHFA extends its sympathy to the Cooksey family and sincere appreciation for his efforts to advance the development of affordable rental housing, benefiting thousands of Alabama families. 
Applications Accepted for 2020 Manager of the Year
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 or Housing Credits are eligible.

Nominations are due April 24.

The 2020 winner will be announced at the Alabama Affordable Housing Association's annual conference May 19-22.

For a nomination package, visit  http://bit.ly/2ixrGOY.
FHLBank Atlanta Opens 2020 AHP Competitive Round February 6
Applications for FHLBank Atlanta's 2020 Affordable Housing Program (AHP) Competitive round opened February 6. Through a competitive application process, FHLBank Atlanta member financial institutions and their community housing partners will be awarded up to $500,000 for individual AHP developments.

AHP Competitive is one of the largest sources of private funding available for affordable housing, and funding can be used to help finance the acquisition, construction, and rehabilitation of either affordable rental housing or affordable homeownership units.

FHLBank Atlanta member financial institutions use AHP Competitive grants to expand their customer base, achieve business development and community lending goals, and facilitate economic development in the communities they serve every day.

Since 1990 FHLBank Atlanta has awarded more than $790 million in AHP Competitive grants. This funding has provided more than 125,000 housing opportunities for moderate, low-, and very low-income households.

The deadline for submitting applications for 2020 AHP Competitive funding is April 2.
For more information, please visit  http://ow.ly/SE8d50ydxOZ .
Alabama Housing Finance Authority | Montgomery, Alabama | 334.244.9200 | Email | Website