February 2022
AHFA Hosts Planning Meeting to Develop HOME-ARP Plan
AHFA's Multifamily Division recently hosted a planning meeting with representative stakeholders from organizations representing or serving HOME-ARP qualifying populations regarding the future development of AHFA’s initial HOME-America Rescue Plan program.

The American Rescue Plan (ARP), enacted in March 2021, provides $5 billion to provide housing, rental assistance, and supportive services to reduce homelessness and increase housing stability across the country. These grant funds will be administered through HUD’s HOME Investment Partnerships Program (HOME). AHFA was allocated $35.3 million in HOME-ARP program funding in September 2021. 

Target populations to be served by HOME-ARP funds include Alabamians who are homeless; at risk of homelessness; those fleeing or attempting to flee domestic violence, dating violence, sexual assault, stalking, or human trafficking; and other qualifying populations.

Per HUD’s HOME-ARP allocation plan requirements, AHFA consulted with continuums of care serving the jurisdictions’ geographic area, homeless and domestic violence service providers, veterans’ groups, public housing agencies, public agencies that address the needs of the qualifying populations, and public/private organizations that address fair housing, civil rights, and the needs of persons with disabilities.

Thirteen representative stakeholders attended the planning meeting to share information that will assist AHFA in identifying unmet needs and gaps in housing or service delivery systems for targeted populations. Participant Mary Ellen Judah, executive director of Neighborhood Concepts, Inc. and board member of the Low Income Housing Coalition of Alabama, said of the session, “Although the lack of affordable housing is a pressing concern throughout our state, the needs of each city and community are varied. AHFA’s work to assemble a diverse group of organizations to share their experiences and perspectives will help ensure that the state’s use of HOME-ARP will address the varied and critical needs in our communities.”
Utilizing meeting feedback, additional housing information, and other factors, AHFA will develop a draft AHFA HOME-ARP Allocation Plan. Details about a public hearing to present the plan and open a public commenting period will be forthcoming.
Lender Spotlight: Tyler Wilson, loanDepot, Huntsville
After two lackluster experiences buying a house, Tyler Wilson decided to capitalize on his financial background to enter the mortgage world and help give homebuyers a better experience. That was more than 9 years ago, and the list of accolades he has acquired in that time proves he was right to join the mortgage industry. He has been named in the top 1% mortgage loan originator nationally for several years running, and has earned several local and national awards with loanDepot. He has spent the last 4 years of his career at loanDepot. Wilson has been recognized many times as an AHFA quarterly Leading Lender.

Q: How did you hear about AHFA programs?  
A: It was about 8 years ago through programs and product education. 

Q: What do you think is the greatest benefit of Step Up for homebuyers? 
A: With seller’s not paying much in closing costs, having the down payment covered helps the buyer to have any funds needed to cover additional financing costs. Without Step Up, homebuyers would need to get gift funds. There are not many options for 100% financing that do not have geographical restrictions. Also, the new option of allowing assistance to also go towards closing costs is a great additional benefit.

Q: What makes you recommend the Step Up program to your customers? 
A: I have had many customers that were able to qualify credit wise but did not have the 3% or 3. 5% down payment. The Step Up program assisted many of my first-time homebuyers who needed the down payment to ensure they did not exhaust all their funds to purchase a house. The assistance is such a tremendous blessing.
Q: What do you like most about working with our programs? 
A: The ease of the team at AFHA for underwriting and compliance. Easy to work with and the program has many benefits to all types of buyers looking for assistance. It’s also super easy to use your Lender Online portal.

Q: What do you enjoy most about your job?
A: Providing bedrooms and backyards for children. The Clear To Close Team truly values our partnership with AHFA. It allows us to have the options we believe are beneficial to offer the families we serve. 
Lenders & Realtors: Want to Know More About AHFA's Homeownership Programs?
We'll come train you on the benefits of our homebuyer programs and how to utilize them. Our Step Up down payment assistance program and Mortgage Credit Certificates help make homebuying more affordable and help more people qualify to buy a home.

Want to know the details? We offer onsite, in-person training. These classes include training on our programs, borrower and property eligibility, processing, documentation, income calculations and more.

Contact us today to schedule a date and time! Email Tony Lee at tlee@ahfa.com.
Emergency Rental Assistance Alabama: Expands Streamlined Process for Additional Developments
In addition to AHFA-funded projects, AHFA participating management companies will now be able to utliize a streamlined process to provide rental assistnce to all othe rental properties in their management portfolio.

For these projects, benefits include:

  • Save time in assisting tenants applying for rental and utility assistance
  • Allows bulk upload of tenant information by project
  • Certify previously documented tenant information in bulk
  • Improve collection of rental fees (past due and future amounts) up to 15 months
  • Reduce the burden of costly evictions
  • Minimum documentation requirements

The first developer to take advantage of this expanded option was Arbour Valley Management. President Stephanie Tinney shared, “I wanted to touch base and say THANK YOU and your team in helping us streamline the process for our properties. The Park at Forestdale was the first property tested, and we are ready to roll this out immediately to ALL of our other properties. Thank you for helping our team make this happen!”

Developers who want to take advantage of this streamlined process should contact era@ahfa.com to get started. 
Mortgage Assistance Alabama Update
Last month, AHFA launched Mortgage Assistance Alabama (MAA) to help homeowners struggling with mortgage delinquency. The U.S. Department of Treasury allocated $125.6 million to Alabama for mortgage payment assistance under its Homeowner Assistance Fund. We were designated to administer the program, and we named it "Mortgage Assistance Alabama."

Through MAA, qualified homeowners are eligible to receive past due mortgage-related expenses, up to 12 monthly mortgage payments, and other forms of financial assistance. Total assistance per eligible homeowner may not exceed $50,000.

A Weekly Update on MAA’s progress is included on the Resources page of the MAA website. The weekly update shares program highlights, current processing status, payment details, projected coverage, county participation, demographics, and servicer information.

Applications are accepted Monday-Friday. We have received a high demand for assistance. To shorten wait time and to ensure the prompt handling of applications, we will periodically close the application portal to process completed applications. A portal reopening date will be posted on the homepage of the website once these applications have been processed.

For more information, visit www.mortgageassistanceal.com
2022 Manager of the Year Nominations Due April 29
Give your top managers the recognition they deserve by nominating them for the annual Manager of the Year award from AHFA. Site and property managers for any development financed with AHFA-administered HOME funds or Housing Credits are eligible. You may nominate more than one manager.

AHFA will review all nominations and select the top nominee. The winner will be announced at the 2022 Alabama Affordable Housing Association (AAHA) conference or virtually in lieu of an in-person event.

Click here for a nomination package: https://bit.ly/3JT3y1g.
AAHA Resident Scholarship Accepting Applications for 2022
The Alabama Affordable Housing Association is accepting applications for its annual resident scholarship awards.

Applicants must be accepted or enrolled in an accredited vocational or technical school, college, or university; have at least a "B" average or 3.0 GPA; and meet all other application criteria.

Scholarship awards will be made to qualified tenants and resident family members living at an AAHA-member apartment complex and property/divisional management staff of AAHA-member companies and their children.

Applications must be received by March 4. For more information and to apply, visit www.theaaha.org.
Alabama Housing Finance Authority | Montgomery, Alabama | 334.244.9200 | Email | Website