May 2021
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7 Tips for HOME Loan Closings
  1. The person designated in the Project Application as the Project Contact is the single point of contact to whom all closing correspondence will be directed. Any changes to this contact are the responsibility of the Responsible Owner.
  2. Submit the Certificate of Occupancy to AHFA upon receipt. Certificates of Occupancy are a critical step in the preparations for closing and are the first document which should be submitted to AHFA.
  3. Make note of the HOME Closing Deadline in the HOME Written Agreement. The closing deadline is an important date which should be met. However, should unforeseen delays in construction occur, an extension request (detailing delays and additional time requested) should be submitted to AHFA as soon as possible. Please note, not all extension requests may be granted as there are hard deadlines tied to HOME funding which, if not met, can result in the loss of HOME funds.
  4. A Closing Checklist and AHFA Closing Document Templates will be provided (or made available) to the Project Contact. Collect and prepare the documents required by AHFA prior to closing as soon as they become available. These documents should be submitted to AHFA (in hard copy and digital format) together, at one time. All documentation must be received before a tentative closing date is discussed.
  5. Execute signatures on AHFA Certifications just prior to sending document package to AHFA. All certifications must be original and should be dated as close to the closing as possible.
  6. A final Rent Roll (in AHFA format) must be brought to closing. It will be certified at closing.
  7. Disbursement of HOME funds will only occur after AHFA's legal counsel receives confirmation that the closing documents have been recorded. 
2021 Income & Rent Limits Coming Soon
The 2021 HOME and Housing Trust Fund program Income and Rent Limits will be placed on AHFA’s website June 1, 2021. Please check https://www.ahfa.com/multifamily/compliance/income-rent-limits for more information.

HUD’s effective date for these limits is June 1, 2021.
Updates to Compliance COVID-19 FAQs
Q: Has AHFA suspended its compliance audits/inspections of multifamily-funded properties? 

A: For now, we have suspended all physical inspections and will be completing electronic file 
reviews. We will contact the management for information they will need for a household file review. 

Q: Will the closure of amenities, common areas, and the suspension of tenant services that require resident gatherings be suspended until conditions improve? 

A: Please reference IRS Notice 2021-12 allowing amenity or common area closure in response to the COVID-19 pandemic until September 30, 2021. AHFA is depending on the ownership/management of each property to decide when to open amenities or common areas until the September 30, 2021, IRS deadline. Services that require resident gatherings can be suspended temporarily during this time of uncertainty. If quarterly or seasonal resident services have been suspended due to COVID-19 this year, these services should be conducted later in the year. 

Q: Will AHFA suspend DMS online reporting for recertification and move-ins due to the COVID- 19 pandemic? 

A: We will consider an extension of the monthly due dates for tenant data referenced in Section I. 8. of Addendum D of both the 2021 Housing Credit Qualified Allocation Plan and the 2021 HOME Action Plan when conducting electronic file reviews. We will require a reason why the tenant data was not entered in a timely manner, along with an-adequate plan for entering the required data. 
Ozark Family Receives Rental Assistance from
ERA Alabama
Darrell Watkins and his family recently received help from Emergency Rental Assistance Alabama. Darrell lives in Ozark, and began a tax business on January 1, 2020. Just after the COVID-19 pandemic hit, he was saddened to have to close his new business. He says, “I didn’t have a clue what we were going to do.”

Darrell had been keeping up with the news and shares, “When I heard about the rental assistance program, I called right away, but it had not started yet. So the date it began, I started the application process.”
 
Darrell noted that the process was easy to understand and, “My landlord was great. They gave me all the information I needed to complete the application, and they were very patient with me.”

Darrell was approved for assistance to cover past due rent expenses plus 3 months of future rent. He says, “This is giving us time to get caught up. I am thankful for the help, and I would tell others who are struggling not to hesitate to apply.”

For more information about ERA Alabama and to apply, visit www.eraalabama.com. 
Alabama Housing Finance Authority | www.AHFA.com