October 2019
Congratulations to AHFA's Fourth Quarter Leading Lenders!
Each quarter, AHFA recognizes the top loan officers who are closing the most deals using AHFA homeownership programs: Step Up, Affordable Income Subsidy Grant, and Mortgage Credit Certificates.

The top 3 Leading Lenders for Fiscal Year 2019, 4th Quarter are, in alphabetical order:

Congratulations to these lenders! We appreciate them utilizing our programs to make buying a home more affordable for Alabamians.
Fiscal Year 2019, Through the Fourth Quarter
Multifamily Division:
  • 39 affordable housing developments in the pre-construction phase
  • 25 developments under construction
  • 10 developments pending 8609s (IRS form to obtain housing credit allocation from AHFA)
  • Compliance audits have been completed on 346 of 395 developments

Single-Family Division:
  • $142.4 million in affordable mortgage financing to 939 Alabama families

  • 99,984 loans being serviced, totaling $7.925 billion

Hardest Hit Alabama:
  • 686 homeowners have been approved for $20.58 million in foreclosure prevention assistance ($7 million of which has already been disbursed)
Success Story: Bird Shi, Dadeville

Bird Shi was renting an apartment when his landlord informed him he would have to move out – quickly. In the video below, he shares his homebuying journey, including how his lender and Realtor made the process fast and easy. He also tells us how the Step Up program helped him buy the home that he and his wife and 4 kids now enjoy.

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. The down payment funds are secured by a 10-year second mortgage and are combined with a 30-year, fixed-rate first mortgage.

For even greater savings, Step Up can be combined with a Mortgage Credit Certificate, a tax credit that also frees up income to qualify for a mortgage. AHFA's down payment assistance and mortgage tax credits make homeownership affordable across Alabama.
Development Spotlight: John England Manor, Tuscaloosa
Development Info
Community Service Programs of West Alabama renovated John England Manor, its oldest multifamily development. There are 17 residential buildings consisting of 35 units located on 3.75 acres.  Each unit is equipped with a range, refrigerator, dishwasher, garbage disposal, washer/dryer hook-ups, and central heat/air. 

AHFA Funding Sources:
$352,053 in Housing Credits (2013)

Amenities/Tenant Services
Amenities include a community building that measures approximately 1900 sq. ft, which has a computer lab and recreational area as well as an equipped playground area for children. In addition, there are three handicap accessible units and one sensory-impaired unit. 

Developer Observations
“This upgraded development, along with a recently developed public housing complex, with the same co-developer, has spurred economic growth in this west Tuscaloosa area,” said Cynthia W. Burton, president of John England Manor, Ltd. 

“Refurbishment has inspired tenants to participate in maintaining the cleanliness of the development, which enhances quality of living in the area,” added Brian Hollyhand, President of Hollyhand Companies, development property manager.
2020 CHDO Application Packages Due December 2
The HOME Investment Partnerships Program (HOME), administered by AHFA, is required to reserve a minimum of 15 percent of the annual HOME allocation for Community Housing Development Organization (CHDO) projects.

The set-aside may only be reserved for the following:
  • A non-profit organization meeting the definition of a CHDO (24 CFR §92.2)
  • An eligible project which the organization will own, develop or sponsor in accordance with 24 CFR Subpart G §92.300
  • An organization with demonstrated experience appropriate to the role the organization will play in the project

The 2020 CHDO Application is available on AHFA’s website at the following link:  http://www.ahfa.com/multifamily/multifamily-programs/home-housing-credits/chdos .

To be considered for the CHDO set-aside in the 2020 Competitive Application Cycle, organizations must submit an AHFA 2020 CHDO application to AHFA by 5 p.m. on Monday, December 2, 2019.

AHFA anticipates notifying applicants of its determination of CHDO eligibility from AHFA two weeks prior to the application date for the 2020 Competitive Application Cycle.

Questions regarding the CHDO Application should be sent to  ahfa.mf.chdo@AHFA.com .
Outreach & Education in October
Lender & Realtor Lunch and Learn with FirstBank Mortgage, Fairhope
Realtor training with ERA Ben Porter Real Estate, Huntsville
Opening Doors to Homeownership with National Association of Real Estate Brokers, Mobile Chapter
First-time Homebuyer Seminar in Tuscaloosa with Community Service Programs of West Alabama
Upcoming Events for November

  • November 5: Grand opening & ribbon cutting for Peyton Ridge Multifamily Development, Athens
  • November 7: Grand opening & ribbon cutting for Orchard View Multifamily Development, Scottsboro
  • November 15: Open house & ribbon cutting for The Villas at Titusville, Birmingham
Residents of Huntsville Development Benefit from Construction Training Program
While working on an affordable multifamily development in Huntsville, Neighborhood Concepts, Inc. (NCI) was struck by the marked increase in construction pricing when cost estimates increased 34 percent in less than 18 months. A booming local economy, material costs and tariffs all played a role in the price increases, as did the construction labor shortage. NCI saw an opportunity to implement a program that could help fill the trade gap while also providing an opportunity for advancement for residents at one of NCI’s properties.

With a grant from Wells Fargo, NCI offered a pilot craft training program at Spring Branch Apartments, an NCI affordable community where 46 percent of residents receive Section 8 rental assistance, and the average resident household income is $17,478. 

Working with the North Alabama Craft Training Foundation and the Alabama Association of Builders & Contractors’ North Alabama chapter, NCI offered the National Center for Construction Education and Research (NCCER) Core curriculum program at Spring Branch. Eight residents of Spring Branch and three residents of public housing initially signed up for the 8-week, 72-hour training. Classes covered basic construction safety, material handling, and construction math, as well as an introduction to construction tools, construction drawings, and basic rigging. The curriculum also included basic communication and employability skills. Four of the participants ultimately passed all the required assessments and received their NCCER Core certification, a pre-requisite for further trade-specific NCCER training. 

AHFA Offices to Close for November Holidays
AHFA, ServiSolutions, and Hardest Hit Alabama will be closed Monday, November 11 in observance of the Veterans Day holiday, and Thursday, November 28 and Friday, November 29 for the Thanksgiving holiday. Please make a note of these dates.
Alabama Housing Finance Authority | Montgomery, Alabama | 334.244.9200 | Email | Website