In response to comments received from various non-profit organizations and advocacy groups regarding requests for more flexible funding sources for smaller size affordable rental developments, AHFA implemented the state’s initial allocation of 2016 National Housing Trust Funds (HTF). HTF funds are designed to enable developers to address the housing needs of tenants in underserved and rural communities, particularly those catering to extremely low-income (ELI) individuals, including veterans, individuals with disabilities, and the elderly.

The development of smaller scale affordable housing projects presents several challenges for non-profit organizations since they may not have the staff, financial capacity or experience to apply, compete and build affordable housing developments. In addition, they are likely to face challenges locating experienced development team partners, including contractors, builders, and other professionals necessary to support their efforts.

A new 10-unit single-family rental development utilizing HTF has been successful in meeting these challenges. Jordan Meadows, developed by Dewayne Richardson, currently boasts more than 50 applications on its waitlist in anticipation of the development’s opening in Eufaula next month. AHFA’s multifamily team recently met with Richardson at the property to tour the homes and discuss the significant role HTF played in this project and the challenges he overcame to bring these much-needed affordable rental homes to fruition.

Richardson brings more than 20 years of varied affordable housing experience to the table. He began his career as a HUD-certified housing counselor, and later assisted first-time homebuyers with one of Alabama’s largest builders. Richardson has a passion for constructing single-family homes, rather than standard apartment complexes. He aims to address the needs of small communities with solutions like the use of HTF. 

“Living in rural America, especially Alabama, it is hard to develop because costs are real,” said Richardson. “The Housing Trust Funds are a perfect mix for the longevity of a project to provide for the homeless and extremely low-income population.”

By analyzing the market and participating in local housing authority and Chamber of Commerce meetings, he discovered the region was losing

"Living in rural America, especially Alabama, it is hard to develop because costs are real. Alabama Housing Finance Authority's commitment to smaller developers is essential to the longevity of the project.”

Dewayne Richardson, Developer

Ten new rental homes like this will open next month in Eufaula’s Jordan Meadows for extremely low-income residents, thanks to an allocation of Housing Trust Funds from AHFA and a development team led by Dewayne Richardson.

industrial jobs, schools and hospitals because of inadequate housing. HTF can play a crucial role in addressing this demand by creating a smaller development that features single-family rental homes, helping to decentralize large complexes that may not effectively meet a rural community’s needs.

“This project demonstrates how developers can utilize HTF funding to create much-needed, smaller-scale projects in less populated communities statewide while partnering with local stakeholders to meet the needs of extremely low-income families,” said AHFA Multifamily Administrator David Young.

Richardson is deeply passionate about his work. He aims to extend his reach throughout the state, assisting fellow developers in creating smaller projects for underserved communities in Alabama.

“That would be a tremendous opportunity to me,” Richardson said. “Alabama Housing Finance Authority’s commitment to smaller developers is essential to the longevity of the project.”

Richardson felt pressure from the community, which expressed a preference for developments consisting of houses rather than apartments. In response, the local housing authority successfully partnered with him as a non-profit to advance this project. 

“Looking at the Housing Trust Funds, we were able to get a community bank, Servis 1st, who were interested in supporting affordable housing and community reinvestment,” said Richardson. “Once that award was granted, they were able to provide other financing, like construction. They were more than willing to do this because the risk was minimized.” 

He explained that other partners were needed after Covid because of the increase in costs. Federal Home Loan Bank of Atlanta recognized the cost increase, and they offered an additional grant that mirrored AHFA funding. OTTM Group, who specifically wanted to build single-family homes, was the homebuilder for this development. Richardson’s team focused on the development of affordable housing that would most effectively serve their surroundings. Through their efforts, 10 of Eufaula’s extremely low-income families will soon be able to start new lives in homes uniquely suited for their community.

AHFA will be closed Monday, November 11, for Veterans Day. We will reopen at 8 a.m. on Tuesday, November 12.

AHFA will be closed Thursday and Friday, November 28-29, for Thanksgiving break. We will reopen at 8 a.m. on Monday, December 2.