Lender Spotlight: Debra Alford, First Federal Mortgage

12/1/2016

December's Lender Spotlight shines on Debra Alford, a top performer with First Federal Mortgage's Tuscaloosa branch

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Alabama enjoys 4 percent growth in home sales during 3Q

11/22/2016

Alabama residential sales during the third quarter of 2016 continued to improve, up 3.7 percent compared to the same period a year earlier, according to the most recent sales report from Alabama Center for Real Estate (ACRE). Total sales of 15,032 units represent the best third quarter since 2007. With that said, third-quarter sales are still 9.8 percent below the quarterly peak established in 2005, when 16,674 units were sold.

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Success Stories: Jennifer Chambers, Somerville

11/15/2016

The Chambers family's Habitat home provided mom Jennifer with peace of mind during breast cancer treatment and recovery

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Development Spotlight: Canterbury Apartments, Greensboro

11/1/2016

Spotlight on Canterbury Apartments in Greensboro

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Realtor Spotlight: Thomas Patterson, Montgomery Metro Realty

10/3/2016

Thomas Patterson of Montgomery Metro Realty in Montgomery is the subject of our October Realtor Spotlight.

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$10 million affordable housing project begins leasing to Huntsville families

9/15/2016

Flint River Apartments is now leasing to families with low-to-moderate income levels in the Huntsville area.

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New Income Limits for MCCs Begin September 1

8/29/2016

AHFA has updated the maximum family income limits used for the Mortgage Credit Certificate program, effective September 1. The newly revised income limits were released by the U.S. Department of Housing and Urban Development and are based upon the state's median income, which is $55,500. Home buyers can earn up to $83,250 in urban areas and $77,700 in rural areas, depending on family size and location.

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Newly Renovated Senior Housing Development Opens in Monroeville

8/26/2016

An open house and ribbon cutting for Candlewick Senior in Monroeville was held August 25. The newly rehabilitated development was financed in part by $501,914 in Housing Credits administered by AHFA.

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The Housing Market Is Finally Starting to Look Healthy

8/24/2016

More new homes were sold nationally in July than in nearly a decade. Signs are pointing to a healthier housing market. Thank millennials and thank homebuilders who are starting to produce more of the starter houses young people demand.

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Success Stories: Kalvin Daffin, Louisville

8/23/2016

Step Up helped Louisville's Kalvin Daffin find independence with a home purchase in his hometown. He said, “I got my nice home, and I also got peace of mind in knowing I’m not working just to take care of the house. I wanted something that allowed me to live outside of making my payments, and I have that."

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AHFA Bids Gary Donegan Farewell

8/18/2016

Gary L. Donegan, AHFA's research & planning manager, retired August 19 after more than 23 years of distinguished and outstanding service to AHFA and the citizens of Alabama. Please join the AHFA board and staff in extending him sincere congratulations and best wishes for a long and happy retirement.

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Student Spotlight: Bethune family, Angela Meadows

8/16/2016

Sisters Morgan and Taylor Bethune, residents of Angela Meadows in Albertville, have both benefited from the Alabama Affordable Housing Association's annual resident scholarship.

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Lender Spotlight: Julia McCreight, AuburnBank

8/8/2016

Julia McCreight of AuburnBank and winner of the 2016 #LendersTakeASelfie contest is the subject of our summer Lender Spotlight.

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Step Up Informational Flyer Now Available for Participating Lenders and Realtors

8/3/2016

AHFA has produced a Step Up program flyer, that can be distributed by participating lenders and Realtors, to inform Alabama homebuyers about Step Up. The flyer allows participating lenders and Realtors to input their contact information prior to printing and matches other Step Up marketing materials.

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Success Stories: Cobblestone Village, Clanton

7/26/2016

In a convenient location just off Interstate 65, a grand opening was held in February 2016 for Cobblestone Village in Clanton. The development, which received more than $812,000 in Housing Credits from AHFA in 2014, is targeted to seniors 55 and older. Five percent of the units in the 56-unit development were designed and constructed to be readily accessible to individuals with mobility impairments.

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Congratulations to our #LendersTakeASelfie 2016 Winner

7/11/2016

More than 1,900 votes were cast in our #LendersTakeASelfie contest, and the winner is Julia McCreight of Auburn Bank, and her customers, Jason and Kaitlin Smith of Opelika!

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AHFA Bids Neal Acker Farewell

6/30/2016

Neal H. Acker, AHFA's general counsel, retired on June 30 after 25 years of distinguished and outstanding service to AHFA and the citizens of Alabama.

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Success Stories: Micah & Alyssa Long, Montgomery

6/22/2016

Lacking savings and with student loan debt, Micah & Alyssa Long of Montgomery didn't believe homeownership was an option. Thanks to AHFA's Step Up financing, the Longs were able to purchase their first house - a home that has become the central location for their small group bible study. And, the monthly payment is less than they were paying in rent.

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Development Spotlight: Hurricane Creek Trace, Tuscaloosa

6/2/2016

Read more about Hurricane Creek Trace, a 50-unit development for seniors in Tuscaloosa that HOME and Housing Credit financing.

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AHFA Announces 2016 Multifamily Housing Development Allocations

6/2/2016

On June 2, the AHFA Board of Directors approved the developments selected to receive allocations of 2016 HOME Investment Partnerships Program funds and/or Low-Income Housing Tax Credits. Ten developments were approved and are expected to create 634 units of affordable housing across Alabama.

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Greensboro Manager Honored for Exceptional Service

5/27/2016

LaWanda Miller, manager of Canterbury and Griffin-Mandela Apartments in Greensboro, has been honored as the Alabama Housing Finance Authority's 2016 Manager of the Year.

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New MCC Sales Price Limits Effective May 22

5/23/2016

AHFA has revised the sales prices limits for borrowers using a Mortgage Credit Certificate. The maximum home purchase price for a loan with a MCC is $255,573 (borrowers in a target area can buy a home costing as much as $312,361).

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Guest Post: Why We Appreciate the High-Touch Help HFAs Can Offer

5/17/2016

Mary Ann McGarry, CEO of Guild Mortgage Company, explains why the homeownership options available through housing finance agencies - like AHFA - continue to be smart investments for first-time homebuyers.

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'Woodlawn is on the way back:' $13.6 million mixed-income development opens

5/10/2016

A grand opening for The Park at Wood Station was held May 9. AHFA is proud to have played a part in its construction. The 64-unit development received more than $1.1 million in AHFA-administered Housing Credits.

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Success Stories: Tew family, Demopolis

5/6/2016

Clay and Tara Tew and their two daughters were looking for safety and space in a new home. The family of four was strained for space in the trailer they owned, and they also hated leaving anytime there was bad weather. Step Up financing from AHFA made their search easier. Now the Tew family is enjoying more space, a bigger kitchen, and being closer to their jobs. Tara said, “We probably wouldn’t have been able to get a home without it. The down payment assistance was really what made it happen.”

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Grand Opening & Ribbon Cutting Announced for Eufaula Estates

5/2/2016

Grand opening and ribbon-cutting ceremonies will be held for Eufaula Estates on Monday, May 16 at 10 a.m.

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Alabama February New Home Sales Jumped 32 Percent over a Year Ago

4/21/2016

According to The Alabama Center for Real Estate's (ACRE's) new construction report for February 2016, new home sales totaled 309 units in February, a 32 percent increase from the same period last year. February sales of new homes were 19.3 percent above January sales.

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As Foreclosure Rates Fall, Housing Market Being Built on More Solid Ground Versus ‘House Of Cards’

4/21/2016

The number of completed foreclosures continues to fall nationwide and in Alabama. There has also been a significant drop in foreclosure inventory. As of November 2015, the national foreclosure rate stood at 1.1 percent, which is right in line with November 2007 levels, according to CoreLogic’s December 2015 National Foreclosure Report. These trends, among others, are having a positive effect on the housing market on a national level and in Alabama, where the inventory of foreclosed homes stood at 0.7 percent during December.

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Success Stories: Stroud family, Auburn

4/13/2016

Jennifer and Jay Stroud of Auburn welcomed baby number three recently, and found themselves in need of more space and a place to make their forever home. They got what they wanted with the help of AHFA’s Step Up program.

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Alabama Multifamily Loan Consortium Celebrates 20th Anniversary

4/7/2016

The Board of Directors and other members of the Alabama Multifamily Loan Consortium (AMLC) recognized the organization’s recent 20th anniversary during its annual membership meeting on April 7.

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Alabama February Home Sales Rose 11 Percent over Same Period in 2015

3/29/2016

Alabama home sales totaling 3,577 units during February were an increase of 11 percent from the same month a year ago. Sales for the month continued to trend upward for the state, which bottomed out at 2,376 during February 2010.

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Success Stories: Kendrick's Way, Montgomery

3/9/2016

Kendrick's Way, a 72-unit development nestled in the middle of Montgomery, provides security and affordable living in a picturesque location for its elderly residents.

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Foundation Accepting Scholarship Grant Nominations

3/3/2016

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New 60-unit Apartment Complex for Senior Citizens Coming to Huntsville

2/9/2016

Ground-breaking ceremonies were held February 8 for Lenox Park, a 60-unit senior living apartment complex in Huntsville.

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Grand Opening & Ribbon Cutting Held for Cobblestone Village in Clanton

2/5/2016

A grand opening for Cobblestone Village in Clanton was held February 4. The 56-unit development was financed in part by $812,048 in Housing Credits administered by AHFA.

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Leasing Underway for new Affordable Senior Apartments in Huntsville

2/3/2016

Leasing is underway at Huntsville's Clarkston Square, 56-unit property which targets residents ages 55 and older with income levels at or below 60 percent of the area median income.

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Celebrating 25 Years of HOME

2/1/2016

AHFA is celebrating its 25th anniversary of administering the HOME Investment Partnerships Program (HOME) for the state of Alabama.

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We're Looking for a Few Good Managers

1/26/2016

Give your top managers the recognition they deserve by nominating them for AHFA's annual Manager of the Year award. Site and property managers for any development financed with AHFA-administered HOME funds or Housing Credits are eligible. Nominations are due April 29.

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Grand Opening & Ribbon Cutting Announced for Cobblestone Village

1/22/2016

Grand opening and ribbon-cutting ceremonies will be held for Cobblestone Village (35 Cobblestone Drive, Clanton) on Thursday, February 4 at 11 a.m.

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2016 HOME/Housing Credit Application Workshop Scheduled for February 16 in Montgomery

1/20/2016

AHFA will host its annual free HOME/Housing Credit Application Workshop Tuesday, February 16 in Montgomery. This workshop is designed specifically for multifamily housing developers interested in applying for 2016 HOME Investment Partnerships funds and/or Housing Credits.

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Grand Opening & Ribbon Cutting Held for The Flats at Colebridge in Tarrant

1/19/2016

A grand opening for The Flats at Colebridge in Tarrant was held January 15. The 56-unit development is financed in part by $1.3 million in HOME Investment Partnerships program funds and $640,374 in Housing Credits, both administered by AHFA.

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FHLBank Atlanta to host Webinars for AHP Competitive Applicants

1/14/2016

Join FHLBank Atlanta for a webinar to learn about AHP Competitive requirements for 2016 and important tips for submitting a successful application.

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9 Tax Breaks Every First-Time Homebuyer Must Know

1/8/2016

For new homeowners, a house is an asset that can lower their tax liability. First-time homebuyers should be aware of the housing tax deductions and credits that can save them thousands and offset the cost of ownership. It might require a little more paperwork to claim these benefits, but the savings can make the effort well worth it. Whether you bought a home for the first time in 2015 or are planning to do so next year, find out how these homeowner tax breaks can keep more money in your pocket.

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AAHA Accepting Applications for 2016 Resident Scholarship

1/6/2016

AAHA is accepting applications for its annual resident scholarship. Applications must be received by March 4. Click for more details and to download an application package.

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AHFA to Host Multifamily Essentials Training

1/5/2016

Are you interested in developing low-income rental housing in Alabama, but have not previously applied for AHFA funding? Learn about the HOME and Housing Credit programs at our Essentials training on January 28. Seated is limited. Register today!

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AHFA Releases FY15 Annual Report & Audited Financial Statements

12/21/2015

We are pleased to announce the release of our FY15 Annual Report, which highlights our 35th anniversary as well as our work in FY15.

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2016 HOME/Housing Credit Allocation Plans Approved

12/18/2015

The AHFA Board of Directors approved the 2016 HOME/Housing Credit allocation plans during its December 17 meeting.

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Congress Passes Omnibus Spending and Tax Bill with Permanent 9 Percent Minimum Housing Credit Rate, HOME Increase

12/18/2015

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10 Housing Trends Coming Your Way in 2016

12/16/2015

What will 2016 hold for homebuyers, sellers and renters? Here are the top real estate trends to watch for next year.

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Grand Opening & Ribbon Cutting Held For Deer Ridge II in Fort Payne

12/11/2015

A grand opening for Deer Ridge II Apartments in Fort Payne was held December 3. The 52-unit development is financed in part by $1.6 million in HOME Investment Partnerships program funds and $585,275 in Housing Credits, both administered by AHFA.

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Grand Opening & Ribbon Cutting Held for The Timbers at Rayleigh in Gadsden

12/11/2015

A grand opening was held for The Timbers at Rayleigh in Gadsden on December 1. The 72-unit development is financed in part by more than $1 million in Housing Credits, administered by AHFA.

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Development Spotlight: AHEPA 310, Mobile

12/4/2015

Read more about AHEPA 310 Apartments, a 96-unit development for elderly residents in Mobile that received Bond and Housing Credit financing.

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Federal Home Loan Bank of Atlanta Awards $19.7 Million for Affordable Housing Development

12/1/2015

Federal Home Loan Bank of Atlanta (the Bank) recently announced that it has awarded $19.7 million to assist in the funding of 53 affordable housing projects in 11 states as part of its 2015 Affordable Housing Program (AHP). The projects represent $477,360,366 in total housing development. Developments in Alabama, in partnership with FHLBank Atlanta member financial institutions, will use $1.32 million of the AHP funds to assist in the acquisition, new construction, rehabilitation, or preservation of 230 affordable rental and homeownership units in our state. FHLBank Atlanta awards AHP funds annually through a competitive application process. Applications for the 2016 AHP funding round will be accepted beginning March 1, 2016.

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Alabama’s October Home Sales Rose 3 Percent over Last Year

11/30/2015

The Alabama Center for Real Estate (ACRE) reports, in its October residential sales report, that Alabama residential sales totaling 3,889 units during October reflect an increase of 2.7 percent growth from the same period a year earlier. Sales for the month continue to trend upward for the state, which bottomed out at 2,467 sales during October 2010, but has improved each year since. Sales are 22.3 percent above the October five-year sales average (2010-14) of 3,179 units.

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Google Launches Mortgage Comparison Tool with Zillow

11/24/2015

Google is launching its own mortgage comparison tool via its Compare service. Beginning very soon, consumers all over the country will be able to shop for a mortgage on Google. The mortgage comparison tool is currently available in California, with more states to follow.

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Where Alabama Ranks for Mortgage Health

11/24/2015

Alabama's housing market has improved since the recession as more jobs are coming to the state, and recent data from NerdWallet showed just where Alabama ranked among U.S. states for mortgage health. Alabama ranked 29th for its mortgage health, with an overall score of 64.22. North Dakota finished with the highest score for U.S. states at 98.13. Florida scored the lowest for Alabama's neighboring states at 20.17.

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Success Stories: Bessie & Eddie Cochran, Abbeville

11/23/2015

Bessie and Eddie Cochran knew full well the 500 hours of required "sweat equity" they had to fulfill by helping build other Habitat homes before construction would begin on their home in Abbeville. The Cochrans made the work a family affair, completed 800 hours, and continue to assist their local affiliate, Wiregrass Habitat for Humanity.

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Tornado Recovery Project in Phil Campbell Receives Honor

11/16/2015

The Village at Oliver Place has been named as the Low Income Housing Coalition of Alabama's 2015 Excellence in Affordable Housing project. The project replaces housing destroyed by one of a series of tornadoes that struck Alabama on April 27, 2011, and provides families with an affordable and safe place to live. The Village at Oliver Place is a partnership between the town of Phil Campbell, the Community Action Partnership of North Alabama and the Alabama Department of Economic and Community Affairs and received an allocation of Housing Credits from AHFA.

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Alabama’s September New Construction Home Sales up 13 Percent over Last Year

11/13/2015

Alabama new home sales totaling 378 units in September increased 12.5 percent from the same period last year, states the Alabama Center for Real Estate's September 2015 New Construction Report.

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Success Stories: Joanne Renfroe, Decatur

11/12/2015

Step Up helped Joanne Renfroe purchase a secure, comfortable and affordable home for her and her granddaughter.

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Alabama Third Quarter Home Sales up 15 Percent from Prior Year

11/6/2015

Alabama residential sales during the third quarter of 2015 continued to improve, up 15.4 percent compared to the same period a year ago. Total sales of 14,504 units represent the best third quarter since 2007 (15,000 units). With that said, third quarter sales are still 13 percent below the quarterly peak in 2005 when 16,674 units were sold.

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Hardest Hit Alabama Offering More Help for Homeowners

11/2/2015

Changes to the Hardest Hit Alabama program, effective November 1, now provide more options and increased financial assistance to eligible homeowners facing financial hardships and possible foreclosure.

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Success Stories: The Village at Oliver Place, Phil Campbell

10/29/2015

The Village at Oliver Place is one example of Phil Campbell continuing its recovery from the devastating April 2011 tornadoes that destroyed much of the town. The Cleghorn family is enjoying living at the development. "We love the space, layout, upstairs area - it just suits our needs perfectly. We appreciate this place and love it," Cleghorn says.

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Alabama September Residential Sales up 17 Percent over Last Year

10/26/2015

Alabama residential sales totaling 4,618 units in September reflect an increase of 16.7 percent growth from the same period a year earlier. Sales for the month continue to trend upward for the state, which bottomed out at 2,788 sales in September 2010, but has improved each year since, with the exception of a slight dip in 2012.

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Success Stories: Valor Grove, Tuscaloosa

1/22/2015

The Department of Veterans Affairs estimates that nearly 50,000 U.S. veterans are homeless on any given night. The VA is working to change that, starting in Alabama.

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Success Stories: Pinecrest Apartments, Tuskegee

10/19/2015

Pinecrest Apartments residents talk about living at Pinecrest and the recent improvements they now enjoy thanks to an innovative rehabilitation project.

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Success Stories: Gidget Maxwell, New Market

10/19/2015

Gidget Maxwell used the Mortgage Credit Certificate to help her afford a home that met all of her needs.

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Baytown Senior Village in Semmes Opens

10/15/2015

A grand opening for Baytown Senior Village Apartments in Semmes was held October 13. The 48-unit development is financed in part by $1 million in HOME Investment Partnerships program funds and $542,659 in Housing Credits, both administered by AHFA.

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What do Closing Costs Look Like in Alabama?

10/15/2015

Closing costs for a home in Alabama are slightly below the national average, according to data provided by Bankrate. According to the website, which provides financial and real estate data, the average closing costs for Alabama home buyers is $1,842. The national average is $1.847, the website said. Homebuyers who use AHFA's Step Up financing option can offset those costs with down payment assistance combined with a 30-year, fixed-rate mortgage. Participants who earn less than $97,300 are eligible for the Step Up program, regardless of household size or location.

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AHBI Wins National Award

9/29/2015

AHFA's Alabama Home Buyer Initiative has been honored with a program excellence award at the NCSHA Annual Conference in Nashville. The initiative was the top entry in the "Homeownership: Empowering New Buyers" category.

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Clarion Cove Opens in Pell City

9/25/2015

Clarion Cove Apartments in Pell City held its grand opening Thursday, September 24.The newly-constructed development was financed in part by $736,756 in AHFA-administered Housing Credits.

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More Alabama Homeowners Gaining Equity

9/21/2015

American homeowners nationwide are coming out from underwater mortgages. Alabama, like many states, is no exception to this positive trend. Only 6.5 percent of mortgaged properties in the state are underwater, compared to the 8.7 percent national statistics. Alabama currently has around 406,000 mortgaged properties, according to CoreLogic, with only around 26,000 currently in negative equity.

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Heads-up for millennials and First-Time Home Shoppers Carrying Student Debt

9/17/2015

Millennials and first-time home shoppers carrying student debt could face more hurdles qualifying for a mortgage, with new FHA rules for deferred student debt and down payment gifts.

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MBA Launches Educational Resource for New Know Before You Owe (TRID) Regulations

9/16/2015

The Mortgage Bankers Association launched a set of resource guidelines to educate both consumers and lenders and their business partners needing to comply with the new Know Before You Owe or TILA/RESPA Integrated Disclosure regulations that go into effect on Oct. 3. These new regulations require new mortgage disclosure forms and will change the way that real estate transactions are processed and closed. It is the intent of these resources to help educate consumers, industry partners and service providers and to speed the process of these transactions. The resources comprise several documents designed to assist consumers and the broader real estate community in plain, easy-to-understand language.

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AHFA Celebrates 15 Years of Step Up Homeownership Program

9/8/2015

The Alabama Housing Finance Authority is celebrating 15 years of its Step Up program, AHFA’s flagship homeownership program. Step Up began on September 8, 2000, and made Alabama the first state to provide this type of innovative financing and down payment assistance for moderate-income homebuyers.

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Alabama Residential Sales in July up 20%; 84% of Local Markets Experience Sales Increase from Last July

8/31/2015

The Alabama Center for Real Estate's July residential sales report states that Alabama home sales for the month exceeded 5,000 units for first time since July 2007. This year, Alabama residential sales totaled 5,293 units for July, an increase of 19.8 percent growth from the same period a year earlier. Sales are 40.2 percent above the July five-year sales average('10-'14) of 3,779 units. Year-to-date sales through July are up 14.4 percent from 2014.

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Moody's Report Finds HFAs in Strong Position to Capitalize on Surge in Millennial Homebuyers

8/26/2015

Moody's Investors Service reports that housing finance agencies (like AHFA) are in a strong position to capitalize on the wave of millennial homebuyers that are prepared to entire the market because of programs targeting first-time homebuyers. HFAs are able to offer down payment and closing cost assistance programs to first-time homebuyers, making millennials a natural fit for HFA loans. Roughly 15 percent of millennial homebuyers financed 100 percent of the purchase price of their homes and Moody's anticipates this number growing as more millennials become homeowners.

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New Public Housing in Huntsville Aims to 'Break the Cycle of Generational Poverty'

8/25/2015

Chestnut Glen, a 40-unit development by Huntsville Housing Authority, officially opened on Monday, August 24. The development, financed in part by multifamily bonds from AHFA, is a hybrid property with a mix of both public and affordable housing. Seven of the 40 units at Chestnut Glen have been claimed by public housing residents; the rest are being leased by families earning between 50 percent and 60 percent of the area's median income.

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FHFA Adopts Final Rule on 2015-2017 Housing Goals for Fannie Mae and Freddie Mac

8/21/2015

The Federal Housing Finance Agency (FHFA) has adopted a final rule establishing single-family and multifamily housing goals for Fannie Mae and Freddie Mac (the Enterprises) for 2015 through 2017. The final rule sets identical benchmarks for both Enterprises in all categories and establishes goals for the first time, for rental units affordable to low-income families in small (5- to 50-unit) multifamily properties.

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The U.S. Declared War On Veteran Homelessness — And It Actually Could Win

8/11/2015

Alabama has reduced its number of homeless veterans by 49 percent since 2009. A significant step was the opening of Valor Grove Apartments in Tuscaloosa last November. Located on the campus of the Tuscaloosa Veterans Affairs Medical Center, the development offers affordable housing for homeless veterans who pay rent based on their income until they are able to support themselves in the community. Financed in part by AHFA-administered Housing Credits, Valor Grove is the first of a VA initiative to identify and revitalize unused VA land and buildings in support of the VA's goal to end veteran homelessness.

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Birmingham Ranks in Top 10 Easiest Places to Buy a Home

8/10/2015

Birmingham's healthy, steady housing market helped it to rank at #4 on realtor.com's EasytoBuy Index. The index takes into account the full cost of homeownership; whether it’s a buying or renting market; and local conditions such as mortgage rates, insurance, taxes, and supply of affordable inventory.

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Income & Sales Price Limits Increase for MCCs

8/3/2015

More Alabama families will qualify for AHFA's Mortgage Credit Certificate program, thanks to increases in allowable household income and maximum sales price limits. The maximum sales price in target areas is now $316,177 and $258,690 in non-target areas. Home buyers can earn up to $83,250 in urban areas and $77,700 in rural areas, depending on family size and location.

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Alabama New Home Sales in June up 15.9% over Last Year

7/31/2015

Alabama new home sales in June increased 15.9 percent from last June. Consistent with seasonal trends, sales also increased by 82 units or 24.6 percent from the prior month. New construction inventory increased 5.6 percent from June 2014.

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Alabama Residential Sales in June Up 17%; 92% of Local Markets Improve YTD from Last Year

7/24/2015

The Alabama Center for Real Estate (ACRE) reports that Alabama residential sales totaling 5,200 units in June reflect an increase of 17.5 percent growth from the same period a year earlier.

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Realtor.com Debuts First-Time Buyer Videos

7/22/2015

In new campaign efforts to bring millennials into the homebuying pool, realtor.com® is launching a five-part online video series that gives first-time buyers a humorous look at the stages of the purchase cycle. The "webisodes" feature Emmy-nominated actress Elizabeth Banks and are dubbed “The Home-Buying Process in Plain English with Elizabeth Banks.”

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MHA Receives $1M in Aid, Thousands Wait for Housing

7/21/2015

The Montgomery Housing Authority, with its joint venture partner North Star Development, recently received $1,220,117 in AHFA-administered Housing Credits. With that money, MHA will be able to move forward with plans to develop Columbus Square, a housing community that will be on the fringes of Old Alabama Town.

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56-Unit Apartments to Open in Spring in Andalusia

7/20/2015

Hummingbird Landing, a new 56-unit apartment complex for people aged 55 and over, is now under construction in Andalusia and expected to be finished in late spring 2016.

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Which Alabama Cities are Most Attractive to First-Time Home Buyers?

7/15/2015

NerdWallet found the most affordable city for first-time buyers is Greenville, which is located about 45 miles south of Montgomery. Second on the list is Bay Minette, followed by Opp, Moores Mill, Roanoke, Hamilton, Lincoln, Arab, Tuscumbia and Tillman's Corner.

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Inaccurate Zillow 'Zestimates' a Source of Conflict over Home Prices

7/14/2015

Home shoppers, sellers and buyers routinely quote Zillow's automated property value estimates — known as Zestimates — to realty agents as gauges of market value. Are they accurate? Zillow CEO Spencer Rascoff says that nationwide Zestimates have a “median error rate” of about 8%.

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Tuscaloosa's Somerville Apartments Opens

7/13/2015

Somerville Apartments, a 50-unit development for seniors, held its grand opening on July 10. The apartments accept occupancy for eligible persons 55 years of age and older featuring spacious and accessible 2 bedroom and 2 bath apartment homes with porch balconies. Somerville is conveniently located at 5701 McFarland Boulevard East in Tuscaloosa.

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Harvard's Joint Center for Housing Studies Releases Annual Housing Report

6/29/2015

Harvard's Joint Center for Housing Studies (JCHS) has released its annual report entitled The State of the Nation's Housing 2015. This year's report highlights low homeownership rates and continuing rental housing cost burdens as areas of concern. The Joint Center's report concludes that the housing market, buoyed by the persistent strength and demand of the rental market and continued employment growth, can regain some of the recovery momentum that was lost during 2014.

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AHFA Announces Multifamily Housing Development Allocations

6/26/2015

On June 24, the staff and board of the Alabama Housing Finance Authority announced the 19 multifamily housing developments selected to receive allocations of 2015 Low-Income Housing Tax Credits (Housing Credits) or Housing Credits combined with HOME Investment Partnerships Program (HOME) funds. The HOME funds combined with Housing Credits awards are contingent upon approval of AHFA’s 2015 HOME Action Plan by HUD.

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2015 HOME/HC Funding Awards Announced

6/24/2015

On June 24, the AHFA Board of Directors approved the developments selected to receive allocations of 2015 Home Investment Partnerships Program funds and/or Low-Income Housing Tax Credits. Nineteen developments were approved and are expected to create 1,071 units of affordable housing across Alabama.

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Alabama Residential Sales in May up 10%; 88% of Local Markets Improve YTD from Last Year

6/23/2015

The Alabama Center for Real Estate (ACRE) releases the May residential sales report.

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FTC and HUD Issue Warning about Section 8 Website Scams

6/19/2015

The Federal Trade Commission (FTC) and the Department of Housing and Urban Development (HUD) are working together to alert consumers of scams aimed at people who are seeking Section 8 housing.

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Affordable Housing News Summer 2015 Issue Features AHFA

6/17/2015

AHFA is featured as a leading lender in the Summer 2015 issue of Affordable Housing News magazine. Check us out on pages 28-29.

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Theodore Manager Honored for Exceptional Service

6/10/2015

Amy Cable, manager of four affordable housing developments in Theodore, was recently honored as the Alabama Housing Finance Authority's Manager of the Year.

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Success Stories: Mary Bland, Troy

6/2/2015

Single mother and long-time renter, Mary Bland of Troy finds homeownership an affordable option with the help of AHFA's Step Up program and the Alabama Home Buyer Initiative.

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June is National Homeownership Month!

6/2/2015

Throughout the month, AHFA will be sharing “Making Homeownership Happen” posts each Tuesday and Thursday on our Facebook page. Follow us on Facebook for details.

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Alabama Residential Sales in April Up 13%; 76% of Local Markets Improve from Last Year

5/29/2015

The Alabama Center for Real Estate (ACRE) has released the April edition of its Alabama residential home sales report, which shows improving markets across the state.

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FHLBank Atlanta Now Accepting Applications for Affordable Housing Program’s Competitive Funds

5/28/2015

Applications are now available for the FHLBank Atlanta’s 2015 Affordable Housing Program Competitive Program. AHP Competitive will award up to $500,000 per project in real estate equity for the acquisition, construction, rehabilitation, and development of affordable rental and ownership housing. If you are a housing developer, public entity, contractor, or community builder looking for funding for affordable housing, funds are available to support projects of all sizes and scope. The deadline for submitting applications and all supporting documentation is July 2, 2015.

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Applications for New Home Purchases Ticked up in April

5/19/2015

The Mortgage Bankers Association Builder Application Survey data for April 2015 shows that March and April builder applications were at their highest levels since the MBA began tracking them in August 2012, indicating that borrowers who were able to enter the market got a head start on the traditional spring buying season. Now is the time to buy. And AHFA can help. We offer programs to provide down payment assistance and tax credits that help low- to moderate-income buyers purchase a home. The generous sales price and income limits make qualifying easy.

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Cities Where the Middle Class is Rising

5/13/2015

Alabama's middle class is booming, according to personal finance and economics website NerdWallet. Placing second on their list was Athens--where middle class residents have increased their share of income by 8.56 percent since 2007. The average middle class household income in the north Alabama town is now $51,046, while average housing costs are only $670 a month. Enterprise, Tuscaloosa and Northport also made the top 100.

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Greater Birmingham Habitat for Humanity blitz builds 10 homes in 1 week in Clay

5/12/2015

Habitat for Humanity Greater Birmingham teamed up with 11 builders to build 11 homes in one week. During this year’s Home Builders Blitz, 11 families achieved their dream of homeownership, thanks to the skilled labor provided by the local professional homebuilders and construction companies. AHFA was proud to help sponsor this year's blitz build.

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MBA: Mortgage Delinquencies, Foreclosures at Lowest Rate Since 2007

5/8/2015

The Mortgage Bankers Association is reporting that delinquency rates for mortgage loans have fallen to their lowest levels since second quarter 2007. The MBA National Delinquency Survey said the delinquency rate fell to 5.54 percent of all loans outstanding at the end of the first quarter, seasonally adjusted, down by 14 basis points from the previous quarter and 57 basis points from one year ago. These national figures coincide with AHFA posting its lowest-ever delinquency ratios at the close of the first quarter of 2015. ServiSolutions, the mortgage servicing department of AHFA, reported a total delinquency ratio of 3.9 percent as of March 31. This marks AHFA's lowest total delinquency ratio ever and a significant decrease from the average delinquency ratios of approximately 17 percent that were being reported when ServiSolutions acquired the portfolio and began servicing in 2005.

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First applications go out for Woodlawn's Park at Wood Station

5/1/2015

The Park at Wood Station, an AHFA-financed development in Birmingham's Woodlawn neighborhood, is accepting applications from potential residents. More than 500 people have expressed interest in the 64-unit mixed income residential community that broke ground last July. The development received more than $1.1 million in AHFA-administered Housing Credits.

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Notice of Declaration of Emergency: Emergency declared to allow expedited purchase of equipment for AHFA’s IT systems

5/1/2015

Emergency declared to allow expedited purchase of equipment for AHFA’s IT systems

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Alabama Residential Quarterly Report: "1st Quarter Sales up 13% from Prior Year"

4/30/2015

The Alabama Center for Real Estate (ACRE) is reporting continued improvement of Alabama residential home sales during the first quarter of 2015--an increase of 13 percent over the same period last year. Total sales of 10,305 units represent the best first quarter since since 2007 (12,748 units).

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Millennials Are Moving Out of Basements and Into Apartments

4/29/2015

Millennials finally seem to be striking out on their own. According to recent Census data, the number of households grew by 1.48 million in the first quarter from a year earlier, following a 1.66 million increase in the final three months of 2014. This marks the fastest back-to-back gains in household formation since the second half of 2005. While data shows that the households being formed these days are rentals, any and all household formation is positive for the economy.

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A Dozen Alabama Properties Rehabilitated Using 4 Percent LIHTCs

4/15/2015

An article, highlighting the rehabilitation of 12 properties under a single 4 percent low-income housing tax credit (LIHTC) transaction, that appeared in the April 2015 issue of the Novogradac Journal of Tax Credits.

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Changes to Accepted PMI Coverage/Certificates for Step Up Loans

4/13/2015

Effective April 16, AHFA is changing the accepted PMI premium coverage types and the list of allowed PMI providers. Click the heading above for details.

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Dothan's Beverlye Crossings II Opens

4/7/2015

The second phase of Beverlye Crossings in Dothan held its grand-opening and ribbon-cutting ceremonies on April 6. AHFA staff was on hand to help celebrate. The development provides an additional 64 units of affordable housing for families in Dothan and was financed in part by $887,228 in AHFA-administered Housing Credits.

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Alabama Home Buyer Initiative Ends Year-Long Run: Program Paid PMI Costs for More Than 1,600 Borrowers

3/30/2015

The Alabama Housing Finance Authority is announcing the end of the limited-time Alabama Home Buyer Initiative (AHBI). AHFA allocated allotted funds to more than 1,600 homebuyers, generating approximately $243 million in home sales since the initiative’s introduction in March 2014.

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Alabama ranked 12th in nation for delinquent mortgages

3/27/2015

A recent study by Corelogic, a global property information and analytic provider says Alabama is ranked 12th in the nation for delinquent mortgages.

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Uh-oh: Most millennials don’t know about closing costs

3/26/2015

Two out of every three millennials planning to be homebuyers don’t know what closing costs are, says a recent survey. But, millennials are hardly alone in this regard. Approximately 34% of all ages also know little or nothing about closing costs.

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AHFA Accepts 2015 HOME/Housing Credit Funding Applications

3/20/2015

AHFA's multifamily staff accepted 45 requests for HOME Investment Partnerships and Housing Credit program funding during the March 17-19 application cycle. Click to view a list of applications submitted for 2015 program funding.

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What First-Time Buyers Should Look for in a Starter Home

3/17/2015

First-time homebuyers must make tough decisions to match their expectations with their budget. Here are some things to consider:

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2015 HOME/Housing Credit Application Cycle Results of the Seventh Tiebreaker

3/17/2015

In Accordance with Addendum A (Number 7, Page 2) of the 2015 Housing Credit Qualified Allocation Plan, “If a tie still remains, priority will be given to the applicant whose application received priority in accordance with the drawing for applications that are submitted by 11 a.m. on the first day of the application cycle. The drawing will be held as soon as practical in AHFA’s boardroom that same day to determine the order of awards in the event of a tie. An impartial person will be selected to draw. The drawing will be open to the public and the results will be posted on AHFA’s website.”

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What Millennials Want in Home Might Surprise You

3/12/2015

Expectations remain high that millennials (those born in the early 1980s on up to the early 2000s) will enter the housing market in greater numbers soon. So what were some of the key features they are looking for in homes?

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Development to Revitalize Inner City Birmingham

3/11/2015

Now under construction, The Park at Wood Station is a key component of the revitalization of Birmingham's historic Woodlawn neighborhood. The development was financed in part by AHFA-administered Housing Credits. Construction at The Park at Wood Station should be completed later this summer.

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AHFA’s ServiSolutions Celebrates 10 Years and $3 Billion in Loans

3/9/2015

On March 1, 2015, ServiSolutions®, the mortgage servicing department of the Alabama Housing Finance Authority celebrated its first decade of home loan servicing and exceeding $3 billion in total loan volume. AHFA Executive Director Robert Strickland said, “The growth of ServiSolutions®, and as a result AHFA, continues to be an extraordinary journey.”

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Housing Market has Positive Signs: Shoals Home Sales up so far This Year

3/5/2015

A growing national housing market appears to be catching up with the Shoals, reports the TimesDaily. Last month, preliminary reports show 102 homes were sold in the Shoals, a strong performance for February, a traditionally weak month in real estate because of its unfriendly weather, short length, and cold days with limited sunlight. Area real estate and mortgage banking professionals are optimistic about the upcoming spring home buying season.

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Alabama Residential Quarterly Report: "4th quarter sales highest since 2007"

2/23/2015

Alabama residential sales during the fourth quarter continued to gradually improve, up 7.5 percent compared to the same period a year earlier, says the Alabama Center for Real Estate. The fourth quarter represents the best performing quarter in 2014 and an improvement over the 3.3 percent growth experienced in the third quarter.

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2015 Initial HOME/Housing Credit Applications

2/20/2015

Click on the heading above to view a list of all 2015 HOME/Housing Credit applicants who submitted initial application items.

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Despite Recovery, Many Find Home Loans Still Hard To Get

2/19/2015

Tighter lending standards by some lenders in the wake of the housing crash are preventing people from getting into homeownership, says the Center for Responsible Lending. Not true for AHFA. We continue to offer affordable financing to buyers whose incomes can afford a mortgage, but need help with the down payment and closing costs. To qualify for Step Up's 30-year, fixed rates & down payment assistance, you must buy a new or existing home in Alabama, have an annual household income of less than $97,300, have a credit score of 620 or higher, and apply for an FHA or conventional loan through one of our participating lenders.

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FHA Lowers Mortgage Insurance Premium Rate

2/3/2015

The Federal Housing Administration (FHA) announced on January 8 that it would lower the costs of government mortgages by reducing the annual premiums new borrowers will pay by half of a percent (50 basis points) beginning January 26. FHA projects the action will save more than two million FHA homeowners an average of $900 annually and spur 250,000 new homebuyers to purchase their first home over the next three years.

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Pinecrest Rehabilitation is First of 13 Properties

1/30/2015

On January 13, AHFA, along with developer ARD, Inc., celebrated the opening of the first of 13 aged properties financed, in part, with $13.8 million in multifamily private-activity, tax-exempt bonds issued by AHFA.

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HUD Releases Report on Housing Credit Tenant Data

1/27/2015

HUD recently published a report describing Housing Credit tenant data submitted by Housing Credit allocating agencies. The report, titled Understanding Whom the LIHTC Program Serves: Tenants in LIHTC Units as of December 31, 2012, is the first public release of information HUD is collecting annually on the characteristics of Housing Credit property residents, including data on household demographics, such as race, ethnicity, disability status, and age; household income; and monthly rent burden.

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AHFA is proud to announce the release of its 2014 Annual Report

1/22/2015

We are affordable housing. Thank you to each of our partners and stakeholders who help make our success possible each year.

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Success Stories: Spring Branch, Huntsville

1/22/2015

Residents of Huntsville’s Spring Branch Apartments, a 70-unit development funded in part by $565,399 in AHFA-administered Housing Credits, enjoy activities like fall planting in the community garden. “These small amenities that many of us would take for granted are helping us create an environment that encourages community, which is the first step in strengthening this neighborhood,” said Mary Ellen Judah, executive director of Neighborhood Concepts, Inc.

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Success Stories: Emily Dykes, Birmingham

1/22/2015

Emily Dykes, a marketing director for a real estate firm in Birmingham, found herself ready to purchase a home and not sure how she could afford the down payment.

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Success Stories: Jones Family, Trussville

1/22/2015

Chad and Lori Jones of Trussville were looking for a home that offered safety and security for Bevyn, their 5-year-old daughter with special needs.

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2015 HOME/Housing Credit Application Cycle Set

1/9/2015

AHFA will accept applications for 2015 HOME funds and/or Housing Credits beginning at 9AM on Tuesday, March 17 and ending at 5PM on Thursday, March 19. It is mandatory that ALL applicants submit Initial Applications items to AHFA no later than 5PM on February 17, 2015.

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Annual HOME/HC Workshop Scheduled for February 17

1/9/2015

AHFA's annual application workshop will be held Tuesday, February 17 at Montgomery's Renaissance Hotel & Spa at the Convention Center.

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2015 HOME/Housing Credit Allocation Plans Approved

12/18/2014

The AHFA Board of Directors approved the 2015 HOME/Housing Credit allocation plans during its December 16 meeting.

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2015: Year of the First-Time Home Buyer

12/10/2014

Predictions for the 2015 housing market are optimistic and forecast a resurgence of first-time buyers.

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Somerville Apartments for seniors in Tuscaloosa will open early next year

12/1/2014

Tuscaloosa's Somerville Apartments are expected to open in February and will provide affordable housing for 50 area elderly residents.

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Homebuyers using state program to help with down payment

12/1/2014

Lauren and Jeff Larkin purchased a home in Morgan County with the help of AHFA's Step Up program.

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Greystone Closes $43.7 Million Affordable Housing Transaction in Alabama

12/1/2014

Innovative Financing Structure Allows for Major Rehabilitation of Multifamily Housing Communities

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Housing Cost Burdens Continue to Strain Renters

11/21/2014

According to the newly-released 2013 American Community Survey (ACS), housing cost burdens declined for the third straight year in 2013. Last year, 39.6 million households spent more than 30 percent of their income on housing, down from 40.9 million in 2012 and a peak of 42.7 million in 2010. Still, just over a third of U.S. households (34 percent) were cost burdened in 2013, including about a quarter of all homeowners (26 percent) and half of all renters (49 percent).

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Tuscaloosa's Valor Grove to house homeless vets

11/13/2014

Valor Grove in Tuscaloosa is the first of a VA initiative to end veterans' homelessness. AHFA was honored to have played a part in the financing of the development.

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Alabama Residential Quarterly Report: "3rd quarter sales highest since 2007"

11/12/2014

Alabama residential sales during the third quarter while sluggish continued to gradually improve, up 3.3 percent compared to the same period a year earlier. This is an improvement over the 2.3 percent growth experienced in the second quarter of the year. Total sales of 12,469 units represent the best third quarter since 2007 (15,051 units).

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Standard and Poor's Report Finds HFAs Financially Stable

11/5/2014

In a report released earlier this month, Standard and Poor's Rating Service (S&P) found that HFAs' financial ratios remained stable in fiscal year (FY) 2013 after two consecutive years of improvement.

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Tuxedo Park apartments to break ground in Ensley

11/3/2014

Tuxedo Park, a 42-unit apartment complex at 2009 Ave. Q in Ensley, will officially begin the construction process in November. The $8.2 million project is funded through the Alabama Housing Finance Authority, the city of Birmingham, ADECA and IberiaBank.

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ADECA to Host Public Forum Regarding Impediments to Fair Housing Choice

10/27/2014

The Alabama Department of Economic and Community Affairs (ADECA) Community and Economic Development Unit invites the general public to attend a public forum scheduled to be conducted on Thursday, November 13, 2014 at 10:30 a.m. at the Perdido Beach Resort Hotel located at 27200 Perdido Beach Blvd., Orange Beach, Alabama 36561.

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First Comes Income Gains, Then Comes Housing?

10/1/2014

If income growth is key for greater household formation, housing analysts say some recent progress on the salary front may soon unleash pent-up housing demand among younger adults.

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Alabama residential sales slip 2 percent in August while median sales price continues to improve

9/23/2014

ACRE Research reports that Alabama residential sales totaled 4,139 units in August, a decrease in sales growth of 2.1 percent from the same period a year earlier and 210 units shy of our monthly forecast. Nationally, sales were off 5.3 percent in August from the prior year.

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AHFA to Accept Comments on 2015 HOME/HC Allocation Plans

9/23/2014

AHFA will hold a public hearing regarding the 2015 HOME/Housing Credit allocation plans on October 8. Comments will be accepted through November 7.

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New home sales in Alabama increase 2% in July from prior month

9/16/2014

The Alabama Center for Real Estate reports that Alabama new home sales in July increased 2.1 percent from the prior month but slipped 9.5 percent from the same period a year earlier.

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Advice for First-Time Homebuyers

9/5/2014

Are you a first-time homebuyer? RealtyTimes offers tips to help you prepare for your home purchase.

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Alabama Residential Sales Improve 2% in July

9/2/2014

The Alabama Center for Real Estate's Alabama residential sales report shows growth of 2.1 percent for July, compared to last year. July sales are now up 51 percent from its July bottom in 2010.

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Greystone Place Opens in West Mobile

8/29/2014

Ribbon-cutting ceremonies were held on August 27 for Mobile's Greystone Place, a 56-unit, townhouse-style development for families.

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What Matters More to Housing: Price or Rates?

8/27/2014

With home prices easing, rate fluctuations may be the key to predicting whether first-time buyers will enter the housing market this year.

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Fed Study: 40% of Households Still Face 'Financial Stress'

8/22/2014

A survey by the Federal Reserve Board said five years after the onset of the Great Recession, 40 percent of U.S. households still report that they face “financial stress.”

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Work Begins on New Somerville Apartments for Seniors

8/14/2014

The Morrow Realty Co. held a ground-breaking for Somerville Apartments, an $8 million public-private partnership, that will be available to people 55 years old and older. Guests gathered at the site for the ceremony August 12.

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How Weak is Housing? Five Charts Tell the Story

8/8/2014

A big question at the beginning of the year was whether this would finally be the year housing contributed in a big way to economic growth. The answer so far: Nope.

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Borrowers Saving More Than Anticipated with Alabama Home Buyer Initiative

8/8/2014

Homebuyers using the Alabama Home Buyer Initiative are saving an average of $150 per month--fifty dollars more than original estimates.

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HOME-Funded Development to Ease Demand for Senior Housing in Mobile

8/8/2014

Baytown Senior Village, which broke ground on June 30, will provide affordable housing for 48 seniors in Semmes when it is completed in March 2015.

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Birmingham Mixed-Income Housing Development Part of Historic Neighborhood Revitalization

8/8/2014

On July 25, ground-breaking ceremonies were held for the first phase of Woodlawn's The Park at Wood Station. The Park at Wood Station is a mixed-income residential community that will serve citizens in the Birmingham community of Woodlawn.

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ACRE Says 2nd Quarter Sales Highest Since 2007

8/8/2014

ACRE Research's AL Residential Quarterly Report says 2nd quarter residential home sales highest since 2007.

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Mike King Named MBAA Vice President

7/16/2014

In May, AHFA Single-Family Administrator Mike King was named vice president of the Mortgage Bankers Association of Alabama (MBAA) for 2014-15

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AHFA's Servicing Department: $2 Billion and Growing

7/16/2014

ServiSolutions®, a department of the Alabama Housing Finance Authority, passed the $2 billion mark in total mortgage loans serviced.

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Success Stories: Harris Carden, Prattville

7/16/2014

Carden, a 23-year-old Ashley Furniture warehouse manager, planned and saved to prepare for purchasing his first home--an existing home near Prattville.

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Arbor Pointe, Prichard

6/5/2014

100 Dairy Road | Prichard, AL 36612

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2014 HOME/HC Funding Awards Announced

6/3/2014

AHFA Board of Directors Selects 17 Developments to Receive 2014 HOME/Housing Credit Funds

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Huntsville Manager Honored for Exceptional Service

5/28/2014

AHFA names Lisa Reeves of Olympia Gardens Apartments in Huntsville as 2014 Manager of the Year.

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Apartments Now Under Construction Part of Phil Campbell Rebuilding Efforts

4/30/2014

Ground-breaking ceremonies were held on April 25 for The Village at Oliver Place, an AHFA-financed development that will create 24 units of affordable housing in Phil Campbell, one of the area's hardest hit by the April 27, 2011, tornadoes.

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Success Stories: Lauren Clayton, Prattville

4/29/2014

Hair stylist Lauren Clayton was able to benefit from Step Up’s affordable rates and down payment assistance in purchasing her Prattville home.

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Success Stories: Mary Anding, Fort Payne

4/29/2014

Echoing the sentiments of local country music group, Alabama, Mary Anding is proud to make her home in Alabama—specifically Fort Payne. Mary is not your typical mom of two and grandmother of six. She is an avid outdoor enthusiast with a ‘larger than life’ personality. So when she visited the state for a turkey hunt in the mid 90s, Northeast Alabama’s serene nature stole her heart.

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Success Stories: Habitat for Humanity 500th Loan Purchase

4/29/2014

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Success Stories: Oliver family, Auburn

4/29/2014

In early 2010, Adrian and Jasmine Oliver had little idea they would be proud homeowners by summer. The owners of their then rental home in Auburn decided to put the home on the market, but first offered the Oliver family the chance to buy. Intrigued by the idea of homeownership, Jasmine was prompted to do some research, and the couple was delighted to discover that they, in fact, qualified for a mortgage. AHFA’s Step Up program smoothed the way with assistance with the upfront costs needed to purchase a home.

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Success Stories: Chastain Manor, Tuscaloosa

4/29/2014

Sitting in the direct path of the tornado’s fury on April 27, 2011, was the newly built Chastain Manor in Tuscaloosa, a 56-unit affordable senior development that was only 40 percent leased at the time of the storm. Within minutes, the community was destroyed and two residents had sadly lost their lives.

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Success Stories: Rosedale Courts, Tuscaloosa

4/29/2014

Rosedale’s 88 units off 10th Avenue in Tuscaloosa gleam with newness and hope, giving no hint of the development’s storied past. Originally built in 1952, Rosedale is the oldest public housing community in Tuscaloosa. Plans to rebuild were a long time in the works. Then the storms hit. April 27, 2011.

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Multifamily Division Accepts 2014 Funding Applications

3/25/2014

AHFA's multifamily staff accepted 42 requests for HOME Investment Partnerships and Housing Credit program funding during the March 18-20 application cycle.

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Unemployed? Help is Available.

3/19/2014

Hardest Hit Alabama (HHA), a foreclosure prevention program, is available for homeowners struggling to pay their mortgage payments. The State of Alabama was allocated approximately $162 million to provide assistance for financially distressed homeowners. The U.S. Department of Treasury's "Hardest Hit Fund" is authorized under the Emergency Economic Stabilization Act of 2008 and is available in 18 states and the District of Columbia. HHA offers programs including mortgage payment assistance for unemployed homeowners, as well as loan modification and short sale options for borrowers facing financial hardships. HHA assistance is available statewide to qualified homeowners on a first-come, first-served basis.

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2014 HOME/Housing Credit Application Cycle Results of the Seventh Tie Breaker

3/18/2014

According to Addendum A (Page 3, Tie Breaker Number 7) of the Low-Income Housing Tax Credit 2014 State Qualified Allocation Plan, "AHFA will fund the project that has the earliest submission date as evidenced by the time and date stamped by AHFA. Applications that are submitted by 11 a.m., on the first day of the application cycle will be entered into a drawing. The drawing will be held as soon as practical in AHFA's boardroom that same day to determine the order of funding in the event of a tie. An impartial person will be selected to draw. The drawing will be open to the public and the results will be posted on AHFA's website."

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New Mortgage Initiative to Cover PMI for Homebuyers

3/18/2014

For a limited time, homebuyers can benefit from a new mortgage enhancement--the Alabama Home Buyer Initiative--that will provide private mortgage insurance (PMI) at no cost to the borrower. The initiative will pay the up-front single PMI premium--saving the average homebuyer approximately $100 each month.

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MCCs Simplified

11/1/2013

How much can you save on your mortgage with a Mortgage Credit Certificate?

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Prattville Family Receives 500th Habitat Loan Through AHFA

8/8/2013

AHFA purchased its 500th loan with the $23 million it committed to the Habitat for Humanity Loan Purchase Program, which helps affiliates in their mission to provide no-interest, no-down-payment loans to the state’s lower-income citizens, for the Nixon family in Prattville.

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Sweet Home Alabama Gets Update

7/31/2013

AHFA has updated its comprehensive demographic analysis--Sweet Home Alabama:A Census-Based Snapshot of Selected Housing Conditions--with data drawn from the 2010 Census.

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