UPDATE: Alabama Housing Finance Authority (AHFA) released the Final 2014 HOME Investment Partnership Program Action Plan and the 2014 Alabama QAP. Tentatively, the HOME/Housing Credit Application Workshop will be in February and the application cycle will be early March

Please click here to view the Multi-Family Resources in Alabama.

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Alabama Housing Finance Authority (AHFA) released the 2014 HOME Investment Partnership Program Action Plan and the 2014 Alabama QAP. Comments will be accepted until November 4, 2013 and a public hearing will be held the 2014 on Thursday, October 3, 2013 at 10:00 AM. The public hearing will be held at:

Hampton Inn & Suites
7651 EastChase Parkway
Montgomery, Alabama, 36117

Some key changes to the 2014 Draft Alabama QAP include:

  • Updates to the disaster funding assistance form the April 27, 2011 storms, demonstrating that the federal funds granted to the state of Alabama is reflected in the allocation process.
  • Modified the Phase I Environmental Site Assessment requirements and clarified the requirements for Housing Credits and HOME funds.
  • Added language restricting developer fees for applicants submitting projects with existing AHFA HOME loans. For projects previously funded with AHFA HOME Funds that have been approved for an extension of the current HOME loan, the developer fee on the rehabilitation cost will be capped at 4% if any of the original owners, principals, individuals and/or related entities remains in the project’s development team. The developer fee on RD and Housing Credit previously funded projects will be capped at 8%. For projects previously funded with AHFA HOME funds that have been approved for an extension of the current HOME loan; the developer fee on the acquisition will be capped at 2% if any of the original owners, principals, individuals and/or related entities remains in the project’s development team.
  • Changes to the point scoring system:
    • Allow sites in all 43 disaster counties to be eligible for more than one project per county, provided the second project is located on a proposed site which was directly in the path of the April 27, 2011 storms.
    • Added Exterior Security Package and Unit Security Package as an option for amenities. (4 points each). Added an Access Gate as an option for amenities (3 points each).
    • Removed points for disaster counties since over 73% of AHFA project allocations for the past three years have gone to disaster counties and other preferences were added.
    • 2 points will be added to projects located in a census tract where the Median Family Income from the 2010 census data is 50% or more of the county’s current Median Family Income.

Please click here to access the 2014 Draft Alabama QAP.
Please click here to view a summary of the major changes to the 2014 Alabama.