June 2021
HOME Replacement Reserve Account Guidelines for Use
The replacement reserve account is established by the borrower(s) at the time of the HOME loan closing and must be maintained for the entire 20-year affordability period. AHFA has established specific requirements for the replacement reserve accounts to safeguard the availability of funds for capital needs as the project will require for maintaining a viable project throughout the 20-year affordability period.

  • No withdrawals may be requested within the first 60 months after the AHFA HOME loan has closed.

  • A request for withdrawal will be approved or denied by written notification to the owner or management company within 30 days of receipt of the request.

  • A request for withdrawal may not be made more than 120 days after the invoice date.

  • A single withdrawal may not draw the reserve balance below a balance equal to 12 months of reserve deposits as specified in the HOME Commitment/Written Agreement.

  • If a single item request exceeds $5,000, an inspection may be done prior to the release of funds.


The full AHFA HOME Replacement Reserve Account Policy and Replacement Reserve Withdrawal Request Form can be found at http://www.ahfa.com/multifamily/asset-management/replacement-reserve-accounts.
Compliance Updates
We are currently conducting electronic file audits. We ask that ownership/management submit the information requested for the audit as soon as possible, preferably within 3 business days.

Also, please remember to submit the Property Damage Notification form whenever a property receives damage. The Property Damage Notification form is available at https://www.ahfa.com/multifamily/compliance/property-damage-report. 
Nominees for Manager of the Year Award Announced
Each year, The Manager of the Year (MOTY) award recognizes outstanding management staff at AHFA-funded multifamily housing developments. Nominees are evaluated on tenant relations, management experience, and education as well as the complex's curb appeal and AHFA program compliance.

AHFA received six nominations for the 2021 MOTY award. This year’s nominees are:

  • Stephanie Bentley, Hallmark Crestmoor in Hartselle
  • Edra Gray, Lodges on Lincoln in Selma
  • Rene’ Hendrix, Emerald Valley in Evergreen
  • Lori Posey, Villas at Cloverdale in Cullman
  • Paige Smith, High Forest I & II in Jasper
  • Christy Stuckey, The Plaza at Centennial Hill in Montgomery

Who will win?? We can’t tell you just yet! We have a special surprise planned for this year’s winner and don’t want to spoil it. So check back in June for an announcement of the 2021 Manager of the Year.

Congratulations to this year’s nominees! We appreciate all of you and your hard work and dedication!
Alabama Housing Finance Authority | www.AHFA.com