July 2020
HOME, Housing Credit, & HTF Programs Citizen Participation Processes To Begin Soon

AHFA will conduct a public hearing concerning the draft plans on  Tuesday, July 21 . Interested parties are invited to submit written or oral comments at the public hearing. Additional written comments will be accepted until 5 p.m. on August 20.

The following are details regarding the public comment and citizens participation process:

  • This process is required by HUD and the IRS
  • Remember that the plans must encompass affordable housing needs statewide
  • All affordable housing stakeholders are invited to provide comments at the public hearing or in writing
  • Prospective applicants are encouraged to:
  • Review the plans in the context of proposed applications
  • Evaluate any proposed project application in the context of the plans
  • Make comments regarding perceived barriers which might affect their application
  • Take the time to explain or justify why your proposed changes to the plans are needed - do not simply cut and paste language from the plans
  • Use AHFA provided formats
  • The 2021 Plan Comment Form will be made available at or after the Public Hearing and will be found at www.ahfa.com

If you have any questions about the citizen participation process, contact the Multifamily Division at  ahfa.mf.qap@ahfa.com .
Benefits of Applying for Tax Exempt Revenue Bonds as a Source of Funding
Interested in Multifamily Housing Revenue Bonds as a source of funding? Read on to find out why they are a useful option.

  1. Not subject to the Competitive Application Cycle: Multifamily Housing Revenue Bond applications are accepted on a first-come, first-served basis. They do not compete with other applications during the Competitive Application Cycle for Housing Credits, HOME funds, and National Housing Trust Funds (HTF).
  2. Finance multiple projects in one transaction: Multiple projects may be “pooled” together under one bond issue to help mitigate the bond costs. 
  3. Access soft (gap) funding sources subject to eligibility: New construction Multifamily Housing Revenue Bond applications may be eligible to apply for HTF and HOME funds as additional sources of funds. 
  4. Not limited to the states per capita credit pool: If at least 50% of the project’s aggregate basis (land plus depreciable basis) is financed by tax exempt bonds, the project qualifies for the 4% tax credit.

For more information about Multifamily Housing Revenue Bonds, contact chert@ahfa.com .
Updates to Compliance COVID-19 FAQs
There has been an update to a Compliance COIV-19 FAQ:

Q: Due to COVID-19 will AHFA allow a temporary suspension of recertifications until this national emergency has subsided?

A: Please reference IRS Notice 2020-53 suspending the owner requirement to perform tenant income recertifications for the period beginning April 1, 2020 and ending December 31, 2020.

A question has also been added to the FAQs. See below:

Q: Are there any waivers for medical personnel or other essential workers providing services during the COVID-19 pandemic?
 
A: Reference IRS Notice 2020-53, which allows medical personnel or other essential workers providing services during the COVID-19 pandemic to temporarily occupy Housing Credit and/or Multifamily Bond-financed units in accordance with the emergency housing provisions of IRS Revenue Procedures 2014-59 and 2014-50. Visit https://www.ahfa.com/multifamily/disaster-relief/displaced-households for the request form.
Income Limits & Rent Limits Updated
The 2020 income and rent limits for the HOME Investment Partnerships Program and the National Housing Trust Fund became effective July 1. The new limits are available on our website at  https://www.ahfa.com/multifamily/compliance/income-rent-limits .

If you have any questions, please contact mfcompliance@ahfa.com . 
Alabama Housing Finance Authority | www.AHFA.com