July 2019
Comments Accepted on 2020 Allocation Plans
Following a June 27 public hearing, AHFA accepted public comments through July 29 concerning proposed 2020 program plans: the HOME Investment Partnerships Program Action Plan, the Housing Credit Qualified Allocation Plan, and the National Housing Trust Fund Allocation Plan. AHFA received a total 188 comments regarding the draft plans.

The proposed plans and comments are available for download at http://bit.ly/2i82idW.
Congratulations to AHFA's Quarterly Leading Lenders!
AHFA recently announced the top five loan officers who are closing the most deals using AHFA homeownership programs: Step Up, Affordable Income Subsidy Grant, and Mortgage Credit Certificates.

The top five Leading Lenders for Fiscal Year 2019, 3rd Quarter are :


Congratulations to these lenders! We appreciate them utilizing our programs to make buying a home more affordable for Alabamians.
Success Story: Barry & Rhonda Meredith, Hardest Hit Alabama
After many years of working with AT&T, Barry Meredith was laid off. That's when he and his wife Rhonda heard about Hardest Hit Alabama (HHA). They contacted HHA and were approved for mortgage payment assistance. 

HHA is a foreclosure prevention program that helps eligible homeowners facing temporary financial hardships keep their home. Sometimes through no fault of their own, homeowners run into financial difficulty - a lost job or unexpected medical expenses - and they find themselves struggling to make their mortgage payment.

HHA offers programs including mortgage payment assistance for unemployed or underemployed homeowners, as well as loan modification and short sale options for borrowers facing financial hardships. Hardest Hit Alabama is administered by AHFA and funded by the U.S. Treasury Department. Visit http://www.HardestHitAlabama.com/ for more information. 

In the video below, the Merediths share what HHA assistance meant to them and how it allowed them to keep their home.
Lender Spotlight: Tracy Causey, Supreme Lending, Birmingham
Tracy Causey is the subject of our latest Lender Spotlight. Tracy was just named one of AHFA’s Leading Lenders for the 3rd quarter of FY19. During that time, she was one of the top five loan officers closing the most loans using AHFA homeownership programs. Tracy is with Supreme Lending in Birmingham and has been in the mortgage business for three years. She spent 18 years before that as a lender in retail banking. Tracy has been with Supreme Lending for most of her time in the mortgage business and is one of the company’s top lenders in the region.

Q: How did you hear about AHFA programs?
A: The bank I worked at when I was in retail banking offered the Step Up program to their clients. When I came to Supreme Lending, I made sure the product was offered.

Q: What percentage of your monthly production includes AHFA programs?
A: I’d say 30 to 40 percent.

Q: What do you like most about AHFA programs?
A: AHFA makes housing affordable and allows families to realize the dream of homeownership. The Step Up rates are very competitive, and it’s a great product to help with down payment assistance. Most families don’t have enough money to pay for down payment, appraisal, and home inspections. The Step Up program has allowed some of my clients to purchase a home because they needed reserves and down payment. I have a client who was turned down for a loan at another lender. I looked at her credit and realized she needed reserves and down payment due to her limited credit history. I used Step Up to get her approved, and they were able to buy their home!
 
Q: What do you enjoy most about your job?
A: When I was at the bank, I taught budgeting, credit, and how to buy a home. I worked with a lot of families to get their finances together and credit score improved so they could buy a home or achieve their financial goals. I still carry this over in to my job as a mortgage lender. I also love sitting at the closing table and watching buyers purchase their first home or buy their dream home. The look of joy on their faces is priceless!
ACRE Podcast Features AHFA
Business Development Manager Cathy James was recently a guest on the  Alabama Center for Real Estate's   Real Estate Matters podcast  to discuss AHFA's vision and the impact it has had in creating housing opportunities in Alabama.

Social Media Campaign Highlights the Faces of Affordable Housing
AHFA recently announced its 2019 funding awards. Funding will be allocated to help build 19 multifamily developments providing 1,119 units of affordable housing in Alabama.

Why is this important?

Housing affordability issues are no longer just about those living on low incomes. People across a much wider socioeconomic spectrum are increasingly facing the same problem. Quality rental homes are scarce and increasingly expensive, yet wages are stuck in place.

According to a study by the Enterprise Community Foundation and Frameworks Institute, tight standards for mortgage loans and high home prices in recent years have made it impossible for many people to buy homes, causing more people to become renters. Growing numbers of renters and an insufficient supply of rental housing have driven up rent costs.

While rent has increased, wages for low- and middle-income households have not. This forces more families to spend large portions of their incomes on housing and leaving less money for other needs like nutritious food, good health care, and quality child care.

Studies show that people who live in safe, stable, affordable housing are more likely to hold steady jobs, pursue education, weather tough times, and contribute to their communities. 

The #FacesofAffordableHousing ran as a four-part series on AHFA's social media channels in July.
Fiscal Year 2019, Through Third Quarter
Multifamily Division:
  • 39 affordable housing developments in the pre-construction phase
  • 25 developments under construction
  • 15 developments pending 8609s (IRS form to obtain housing credit allocation from AHFA)
  • Compliance audits have been completed on 239 of 394 developments

Single-Family Division:
  • $97.6 million in affordable mortgage financing to 703 Alabama families

ServiSolutions:
  • 99,547 loans being serviced, totaling $7.93 billion

Hardest Hit Alabama:
  • 449 homeowners have been approved for $13.47 million in foreclosure prevention assistance ($7.5 million of which has already been disbursed)
Outreach & Education in July
Lender visit with Caliber Home Loans, Birmingham
Lender visit with Renasant Bank, Decatur
Lender visit with Synovus Mortgage, Athens
Lender visit with Trustmark, Tuscaloosa
Lender visit with SWBC, Mobile
Upcoming Educational Opportunities
AHFA will be hosting or speaking at the following events in August:
AHFA Offices to Close for Labor Day
The AHFA, ServiSolutions, and Hardest Hit Alabama offices will be closed Monday, September 2 in observance of the Labor Day holiday.

We will reopen at 8 a.m. on Tuesday, September 3 .
Alabama Housing Finance Authority | Montgomery, Alabama | 334.244.9200 | Email | Website