AHFA Board Meets March 21

The AHFA Board of Directors met in March. The meeting's business included:
  • Approval of the Draft 2017 Housing Trust Fund Allocation Plan, which will be submitted to HUD for final approval
  • The approval of up to $15 million in multifamily bonds for the acquisition/rehabilitation of Dauphin Gate Apartments in Mobile
  • The approval of up to $10 million in multifamily bonds for the acquisition/rehabilitation of W.C.Handy Place Apartments and Cypress Pointe Apartments in Florence
  • The approval of up to $12 million in multifamily bonds for the acquisition/rehabilitation of Summit Ridge Apartments in Birmingham
Multifamily Final 2017 Funding Applications Accepted in March

AHFA's multifamily staff accepted 34 final applications for HOME Investment Partnerships and Housing Credit program funding during this year's application cycle.

To view a list of final applications submitted for 2017 program funding, visit  http://bit.ly/2miRlc9.

AHFA is in the process of reviewing the HOME/Housing Credit applications, point scoring, and conducting site visits.

Continue to watch for news and updates relating to the 2017 application cycle here and at  www.AHFA.com.
Step Up Financing Ideal for Family of Three Building A Life in Birmingham

After separating from her husband and moving back home to Birmingham with her young daughter Evelyn, Charlie Duffield finished classes at Auburn University and completed the paralegal certificate program one week before giving birth to Evelyn's little sister, Scarlette. After securing a job as a paralegal, the next phase of Duffield's journey introduced her to AHFA and the Step Up program.

While she knew what she was looking for in a home, her mortgage lender, Ben Crew with InterLinc Mortgage Services in Birmingham, was the one who told Duffield about the Step Up program and how it could make her homeownership dream a reality. 

Today the Duffield "Three Musketeers," as Charlie refers to herself and the girls, are building a life in a three-bedroom home, located in a quiet and convenient cul-de-sac. Watch the video below to hear more of their story:

AHFA Accepting Comments Regarding Draft 2017 National Housing Trust Fund Plan

AHFA and the Alabama Department of Economic and Community Affairs (ADECA) conducted a public hearing March 29 regarding the Draft 2017 AHFA National Housing Trust Fund Allocation Plan (HTF) and the proposed PY2017 One-Year Annual Action Plans for the Community Development Block Grant Program (CDBG), the Emergency Solutions Grants Program (ESG), and the Housing Opportunities for Persons with AIDS Program (HOPWA).

AHFA will accept written comments for the Draft 2017 HTF Plan until 5 p.m. on April 28. 

For more information, visit  http://bit.ly/2oeeIok.
Lender Spotlight
Ben Crew | InterLinc Mortgage Services, Birmingham

Ben Crew is an accredited mortgage banker and loan officer who has been in the mortgage business since 2010. Named Rookie Loan Officer of the Year in 2011, he took his talents to InterLinc Mortgage Services in 2014. Crew has been using AHFA's Step Up program since the beginning of his mortgage career, and attributes about 30% of his monthly production to the programs.
Q: What do you think is the greatest benefit of Step Up?
A: AHFA provides opportunities for families that might not have a down payment to become homeowners earlier. I had a young lawyer and his wife who was a retail associate. They were expecting a child and wanted to buy a home with a baby's room. They were so excited about not having to sink all their savings into the down payment and to be able to decorate the baby's room. Now that is what it is all about.
Q: What do you like most about Step Up?
A: Working as a loan officer means listening and helping the customer find the right loan program to meet their need. It is a simple concept that people understand, and it is well managed.
Q: What do you find most rewarding about your job?  
A: I love the fact that we become part of one of the largest investments a family will make in their life. We have to be right and efficient. I learned that I had to have systems and procedures in place to perform consistently and improve. Seeing the behind the scenes work that results in the customer never having frustration or issues is very rewarding.
Q: What do you enjoy most about your job?
A: My customers; they are the best. It is an awesome feeling to see them again after closing - they sometimes come over to say hello and thank you again - and to know that they are better off because we helped them.
Q: Is there anything else you'd like to say?
A: Alabama Housing Finance Authority stands tall as a creditable, honorable organization. That just does not happen without the commitment and hard effort of their employees. The result is happy families and peace of mind for loan officers! 
2017 Manager of the Year Nominations Due April 28

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. 

The 2017 winner will be announced May 25 at the Alabama Affordable Housing Association's annual conference. Click here for a nomination package:   http://bit.ly/2ixrGOY.
Togo Native & Single Mother in Mobile Becomes Homeowner with Habitat Help

For Afi Adjessom, the journey to homeownerhip started 8 years and almost 6,000 miles away when she made the decision to follow her father from Togo, Africa to Mobile in 2009. With a toddler and a baby on the way, Adjessom needed more space than a tiny, one-bedroom apartment could offer. Then she heard about Habitat for Humanity.

Thanks to Habitat for Humanity of Southwest Alabama, Afi, Mary and baby Rebecca are now proud homeowners. Adjessom said, "I'm actually paying less  now for a three-bedroom house than what I was when I rented a one-bedroom apartment." She said the neighborhood and space is what she enjoys the most. "I have a lot of space for me and my children. I have a room for them now, where before I didn't."

Adjessom's mortgage was purchased by AHFA as part of a program through which AHFA purchases loans from Habitat affiliates. This allows affiliates to continue building efforts while AHFA receives mortgagors' monthly payments for the life of the loan.

To read more of Adjessom's success story, visit  http://bit.ly/2mYBAGE.
New Sales Price Limits for MCCs Effective March 23

AHFA has revised the sales prices limits for borrowers using a Mortgage Credit Certificate. The maximum home purchase price for a loan with a MCC is $253,809 (borrowers in a target area can buy a home costing as much as $310,211).

A Mortgage Credit Certificate 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 federal tax credit worth 20 to 50 percent of mortgage interest paid each year, capped at $2,000 annually. MC Cs can be combined with AHFA's Step Up financing to maximize affordability.

AHFA's sales price limits for the MCC program are based on FHA's program loan limits. The new nationwide limits went into effect for all loans and MCCs originated as of March 23.

For more information, visit  http://bit.ly/2mUvmr8.
#OurAlabamaHome Visited Birmingham and Mobile in March

This month, the #OurAlabamaHome tour made stops in Alabama's two largest cities to collect customer success stories. We saw the USS Alabama docked in Mobile Bay and Birmingham Botanical Gardens in Birmingham.

#OurAlabamaHome is AHFA's theme for 2017. We regularly take road trips to visit with customers who have bought their home or found affordable rental housing because of AHFA programs.

As we travel to visit these customers, we're also highlighting the city or town they live in to celebrate Alabama and illustrate how AHFA's programs reach across the state. Together, our customers' testimonials bring #OurAlabamaHome to life.

Keep track of our travels on AHFA's Facebook page and AHFA.com.

USS Alabama, Mobile
Birmingham Botanical Gardens, Birmingham
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Alabama Housing Finance Authority | 334.244.9200 | Email | Website

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