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Step Up+ Provides Affordable Financing with PMI Assistance for Qualifying Borrowers
This month, AHFA announced a new, temporary AHFA-administered 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. Additionally, the interested party contribution has been increased from 3 percent to 4 percent for this program.
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AHFA Announces 2017 Multifamily Housing Development Awards
On June 13, AHFA announced the 18 multifamily housing developments selected by its Board of Directors to receive allocations of 2017 Low-Income Housing Tax Credits (Housing Credits) or Housing Credits combined with HOME Investment Partnerships Program (HOME) funds.
Typically, construction on these approved developm
ents begins within 6 months, with an expected completion date within 18-24 months.
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Multifamily Division to Hold Public Hearing on 2018 Draft Plans
AHFA will conduct a public hearing concerning the proposed 2018 HOME Investment Partnerships Program Action Plan and the Housing Credit Qualified Allocation Plan on Monday, July 10 at 10 a.m. in Montgomery.
Interested parties are invited to submit written or oral comments at the public hearing regarding the distribution of HOME funds and Housing Credits in exchange for the new construction and substantial rehabilitation of low-income projects and for the monitoring of HOME funds and Housing Credits for all projects.
Additional written comments will be accepted through August 9.
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Environmental Workshop Mandatory for 2018 Applicants
AHFA will host an environmental workshop on Monday, July 17. During this workshop, AHFA will detail requirements for environmental report submissions.
Participation at this meeting is mandatory for all environmental professionals and applicants planning to submit an application during AHFA's 2018 competitive application cycle.
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AHFA Hosts #MyAlabamaHome Selfie Contest to Celebrate National Homeownership Month; Voting Going on Now
On June 1, AHFA launched the #MyAlabamaHome Selfie Contest to celebrate National Homeownership Month.
The contest was open to anyone who used an AHFA program to buy their home (or who closed on a home in June using an AHFA program).
Entrants simply needed to snap a selfie inside or outside their home and tell us what they love most about their Alabama home, post it to AHFA's Facebook page during the month, and use the hashtag #MyAlabamaHome.
Twenty entries were received, and voting began July 3. Facebook users can vote for their favorite selfie by liking a photo in the album. Voting will run through 11:59 p.m. CT on Friday, July 7. The customer who took the selfie with the most votes will win a $250 Visa gift card!
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Success Story
Kimyatta Banks
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2017 Manager of the Year
Kimyatta Banks, manager of Evangeline Heights in Phenix City and Legacy Senior Village in Eufaula, was recently honored as Alabama Housing Finance Authority's 2017 Manager of the Year (MOTY). Banks oversees the daily operations of the two developments' 96 affordable housing units.
Her nomination package was filled with letters from tenants supporting Banks' nomination and noting her positive attitude and constant smile, fairness, and the way she consistently goes above and b
eyond the call of duty. That sentiment was echoed by Brenda Holland, division manager at Olympia Management, Inc., who nominated Banks. She said, "Banks is dependable, pays attention to detail, takes great pride in curb appeal, and does an outstanding job managing the developments. She has a wonderful, fun-loving personality, and is very compassionate. She really cares about her community and goes the extra mile to accommodate others."
Banks calls it an honor to work in affordable housing because, "We're helping people truly make a home for themselves who wouldn't be able to if they had to pay conventional rent." When asked what she finds most rewarding about her job, Banks responded, "Helping people is the greatest reward. It's something that has been instilled in me through the years. We were put here to help one another, and when I know I've truly helped someone, that just makes my day."
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Development Spotlight
Evangeline Heights
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Phenix City
Development Info:
56 units, built in 2003
Serves:
single parents, families, and elderly residents
AHFA funding sources: Housing Credits: $367,836 (2003)
Amenities/Tenant Services:
Evangeline Heights offers amenities such as a community clubhouse, pool, gazebo, park benches, central mailboxes, on-site laundry room, and monthly pest control. Each of the 56 units has washer/dryer connections and a fully equipped kitchen.
Residents benefit from tenant services such as holiday parties and community events, fire safety and drug awareness programs, and a neighborhood watch program.
According to Debbie Smith, office manager of Olympia Management, Evangeline Heights is a special development because it gives low-income families an opportunity to "live in a safe and beautiful housing complex with a rent they can afford that offers lovely amenities just as a conventional community does."
Evangeline Heights is managed by AHFA's 2017 Manager of the Year Kimyatta Banks.
Smith said, "
Kim is a dedicated manager who goes above and beyond the call of a manager. She treats the property as if it is her own. She cares about the welfare of the residents and treats them like her family. Her residents are very proud of her win. Olympia is very proud of Kim; she has always, and will always, be outstanding to Olympia and the residents of Evangeline."
Heartfelt letters from residents of Evangeline Heights supporting Banks' nomination as a Manager of the Year candidate helped secure a win for their "Auntie Kim." (Read more about Banks above.)
Smith said, "Having a good manager at Evangeline Heights makes the community feel important. It provides a sense of security to the residents that if a problem arises Kim will be there to resolve the situation no matter what it is. A good manager has a good relationship with city officials and law enforcement, and also different agencies in the area to help tenants with different needs."
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Connect with AHFA on LinkedIn
AHFA is now posting news and program updates relevant to its housing industry partners on its LinkedIn business page.
Follow AHFA on LinkedIn.
Stay connected with AHFA across social media:
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Success Story
Shepherd's Cove
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Auburn
In 2012, Fred Bennett and his team received $839,000 in Housing Credits to fund the renovation of a nearly 20-year-old development in Auburn. The renovation of the buildings and grounds sparked a revitalization of the community now known as Shepherd's Cove.
Today, good times abound at Shepherd's Cove, and it's because of relationships the development's leadership has fostered with different community organizations. Parents with children can take advantage of a variety of activities hosted by the development. There is a bible study run by parishioners from Lakeview Baptist Church that features bible stories, music and games. Tutoring is also available for all ages, coordinated by Cornerstone Methodist Church with volunteers from the church and students from Auburn University.
Aside from the activities for their children, residents also talk about how much it means that they can live affordably at Shepherd's Cove. Cherrica Jones said, "It's very affordable for something this gorgeous. I tell people all of the time they can stay somewhere that's comfortable and nice, and affordable at the same time. It's really an A+ for me. I want to be a homeowner one day, but Shepherd's Cove is the closest I've come to feeling at home."
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Grand Opening & Ribbon Cutting
Lenox Park |
Huntsville
On June 15, AHFA staff attended the Grand Opening of Lenox Park Apartments in Huntsville. The 60-unit facility for the elderly has one- and two-bedroom layouts. Each unit has energy-efficient appliances and its own emergency call system. Tenants have access to other amenities including Wi-Fi, a computer center, picnic area with grills, gazebo, playground, community room, and fitness area with equipment. Lenox Park Apartments was financed in part by more than $714,000 in tax credits allocated by AHFA.
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Alabama Housing Finance Authority | Montgomery, Alabama | 334.244.9200 |
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Website
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