AHFA Board of Directors Meets in December |
The AHFA Board of Directors met December 8. The business of the meeting included the annual election of officers. The following slate of officers was approved:
- Robert L. Smith, chairman
- Michael C. Toles, vice chairman
- James W. Rutland, IV, treasurer
- Carolyn Norman, secretary
- Robert Strickland, assistant secretary
The Board also approved an election to convert expiring 2019 carryforward bond cap to Mortgage Credit Certificates and approved the 2022 allocations of HOME Investment Partnerships Program funds and Low-Income Housing Tax Credits.
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2022 Funding for HOME, Housing Credits Approved |
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AHFA's Board of Directors approved a total of six applications from the 2022 competitive application cycle for funding during its December 8 meeting. The approved projects are located in Clarke, Dallas, Mobile, Greene, Montgomery, and Etowah Counties:
- 4 Elderly Communities
- 2 Family Communities
- 3 New Construction Projects
- 3 Acquisition/Rehabilitation Projects
- 3 utilizing Housing Credits and HOME Funds
- 3 utilizing Housing Credits only
- 290 Total Units
- 20 Units Set Aside for Disabled and/or Homeless Tenants
AHFA administers multifamily programs to create affordable rental housing by providing funding and tax incentives that help developers build or rehabilitate properties for Alabama’s low-income families.
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AHFA Names Single-Family Lender of the Year:
loanDepot’s Harris Baker of Montgomery Earns Top Recognition
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AHFA has recognized Sales Manager Harris Baker of loanDepot as its Leading Lender of the Year.
In the 2021-2022 fiscal year, Alabama lenders turned 717 families from 48 counties into homeowners with AHFA’s Step Up program. Step Up provides competitive 30-year fixed mortgage interest rates and up to $10,000 in down payment assistance for households who earn less than $130,600 annually.
Baker closed the most mortgage loans for these families and was instrumental in leading loanDepot to become AHFA’s top-producing mortgage lending company for the year as well.
“At AHFA we know the mission of helping low- to moderate-income Alabamians achieve their goal of homeownership is not something we do alone,” said AHFA Single-Family Administrator Carrie Hamaker. “We value and appreciate the hard work of our fellow Alabama loan officers, builders and realtors who utilize our programs and make them available in the markets they serve.”
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Watch Baker’s appearance at the AHFA Oscars here |
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In this past year with the Step Up program, Harris helped two teachers, a sheriff’s deputy, a nurse, a member of the military, a truck driver, several auto and building materials manufacturers, retail workers and a restaurant manager seize the dream of homeownership.
“The success you see today did not start this year,” said Baker. “Because I refused to accept the word ‘no’ when starting this career path, I’ve been able to say ‘yes’ to hundreds of families. I’d like to thank my loan assistant, processor, underwriter, closers and leadership at loanDepot, as well as the team at AHFA for the resources they provide.”
Since the year 2000, AHFA’s Step Up program has helped more than 20,000 Alabama homebuyers who can afford a monthly mortgage but need assistance with the down payment and closing costs. These funds can be combined with an Affordable Income Subsidy Grant and a Mortgage Credit Certificate to further boost their purchasing power. For more information, visit https://www.ahfa.com/homebuyers/programs-available.
“These families and the communities they live in will be better for the commitment and guidance of Harris Baker,” said Hamaker. “By giving these families a little extra time and attention to ensure their unique needs are met, Harris has helped ensure that they can build equity in homes that they can afford.”
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AHFA to Conclude Temporary Rental Assistance Program, Shift Focus to Long-Term Solution |
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AHFA's federally funded Emergency Rental Assistance (ERA) Alabama program has committed more than $173 million to 39,000 of the state’s lower-income households to date.
Due to its success, the program had to stop accepting applications on December 15.
“Based on present commitments and pending applications, the funding provided by the U.S. Treasury will be exhausted early next year,” said AHFA Multifamily Administrator David Young. “Emergencies are temporary by nature, and we have alleviated the most urgent pandemic-related needs for rental and utility assistance and eviction prevention for thousands of Alabama households statewide.”
ERA Alabama was designed to provide short-term relief to eligible renters experiencing financial hardship due to the COVID-19 pandemic. Since the program opened in March 2021, more than 39,000 households representing all 61 Alabama counties in its jurisdiction have received $173.5 million in paid or pledged assistance for rent and utilities, largely in the state’s rural counties. Eight highly populated areas – Baldwin County, Jefferson County, Madison County, Mobile County, Montgomery County, Tuscaloosa County, the City of Birmingham, and the City of Huntsville – received separate funding allocations from the U.S. Treasury to administer their own programs.
“ERA Alabama has provided a ‘quick fix’ to bandage pandemic-related economic wounds,” said Young. “We have stopped the short-term bleeding, so now it’s time to focus on a long-term cure.”
To this end, AHFA plans to devote a portion of its remaining federal allocation to establish a Revolving Loan Fund. These funds will encourage developers to preserve and increase the stock of safe, decent, and affordable housing for severely cost-burdened renters, whose lives were more significantly affected by the pandemic. The decision to create the Revolving Loan Fund was based on guidance from the U.S. Treasury and in accordance with the National Low-Income Housing Coalition’s stated need for federal investment in affordable housing for very low-income renters.
“The Revolving Loan Fund will support a long-range solution to our state’s affordable housing shortage,” said Young. “Recent economic indicators show that Alabama is ready to get back to work, with record highs in wages and job growth and historically low unemployment. We seek to further contribute to community stability by providing decent and affordable rental housing for this workforce.”
ERA Alabama will continue to review all current applications to determine if they qualify for assistance as long as funds are available. Individuals with applications in process can check their status by logging into their accounts on eraalabama.com. The ERA Call Center can also be reached at 1-833-620-2434 Monday through Friday, 8 a.m.-5 p.m.
“Though the worst of the pandemic is over, we recognize the ongoing need for affordable multifamily housing in Alabama,” said Young. “AHFA remains committed to addressing that need by doing what we do best – funding the creation and repair of safe and economical rental housing that our state’s financially strapped renters can afford.”
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Picture This: Outreach & Education in December |
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December 1: Fairway Independent Mortgage, Birmingham
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December 1: Guild Mortgage, Mountain Brook
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December 1: Mortgage Bankers Association of Alabama annual Christmas luncheon
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December 5: Interlinc, Dothan
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December 5: Success Mortgage, Anniston
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December 5: First Federal Mortgage, Gadsden
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December 5: Guild Mortgage, Gadsden
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December 5: Movement Mortgage, Sylacauga
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December 12: Gateway Mortgage, Cullman
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December 12: First Federal Mortgage, Cullman
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December 13: First Federal Mortgage, Florence
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December 13: Assurance Financial, Florence
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December 13: First Federal Mortgage, Huntsville
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December 13: Certainty Home Loans, Huntsville
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December 13: Fairway Independent Mortgage, Huntsville
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December 13: Assurance Financial, Huntsville
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December 14: Lunch & Learn with Keller Williams and First Federal, Hoover
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Let's Connect: Are you plugged in to what AHFA is doing? |
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New Participating Lenders Join Step Up Program
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AHFA Offices to Close for January Holidays
AHFA and ServiSolutions will be closed Monday, January 16 following the state's observance of the birthdays of M.L. King, Jr. and R.E. Lee. We will reopen at 8 a.m. on Tuesday, January 17.
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Alabama Housing Finance Authority | Montgomery, Alabama | 334.244.9200 | Email | Website
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