HOMEBUYER SUCCESS STORY
Bird Shi, Dadeville
Bird Shi was renting an apartment when his landlord informed him he would have to move out – quickly. In the video below, he shares his homebuying journey, including how his lender and Realtor made the process fast and easy. He also tells us how the Step Up program helped him buy the home that he and his wife and four kids now enjoy.
Step Up provides down payment assistance and a competitive 30-year, fixed interest rate for homebuyers who earn less than $97,300 and meet standards for creditworthiness. The down payment funds are secured by a 10-year second mortgage and are combined with a 30-year, fixed-rate first mortgage.
For even greater savings, Step Up can be combined with a Mortgage Credit Certificate, a tax credit that also frees up income to qualify for a mortgage. AHFA's down payment assistance and mortgage tax credits make homeownership affordable across Alabama.
Each quarter, we recognize the top loan officers who are closing the most deals using AHFA homeownership programs: Step Up, Affordable Income Subsidy Grant, and Mortgage Credit Certificates.
We are pleased to announce the FY19 Leading Lender is… Denise Weaver with DHI Mortgage! Congratulations, Denise! Thank you for promoting our programs and using them to make buying a home more affordable for your customers.
HABITAT FOR HUMANITY SUCCESS STORY
Yvonne Swanson, Tuscaloosa
Yvonne Swanson moved back to her hometown of Tuscaloosa in May 2013 after retiring. She rented a house near a neighborhood of homes built by Habitat for Humanity of Tuscaloosa.
"Prior to becoming a Habitat homeowner, Yvonne lived just down the street from her new three-bedroom, two-bath Habitat home," said Habitat Tuscaloosa Executive Director, Ellen Potts. "Her old, two-bedroom rental house was poorly sealed, and vermin could get inside. Her rent was nearly double what her Habitat mortgage payment is, and as she moved out, the landlord was about to increase the rent again."
Swanson had never heard of Habitat for Humanity, but she was intrigued by the houses she saw being constructed in the neighborhood, so she applied for a home of her own.
HHA Success Story
Barry and Rhonda Meredith, Hueytown
After many years of working with AT&T, Barry Meredith was laid off. That's when he and his wife Rhonda heard about Hardest Hit Alabama (HHA). They contacted HHA and were approved for mortgage payment assistance.
The Merediths share what HHA assistance meant to them and how it allowed them to keep their home.
Multifamily Success Story
Hidden Hills Trace, Phenix City
Newly constructed Hidden Hills Trace is the Phenix City Housing Authority's first phase in the redevelopment of its World War II-era Riverview Apartments housing complex.
Financed in part by $1.1 million in AHFA-administered Housing Credits, the development is part of the Phenix City Housing Authority's decision to replace their aging housing stock. The new properties have modern amenities such as central heat and air, wood flooring, sizable kitchens with dishwashers, washer-dryer hookups, and convenient parking.
Resident Sindy Lorvanis and her two children, Hannah and Isaac, relocated from Riverview to Hidden Hills Trace. She talks about what she enjoys most about Hidden Hills Trace, the periods of homelessness her family experienced before moving to Phenix City, and how affordable housing has changed their lives.
2019 Manager of the Year
Tony Petersen, manager of Annie Lee Gardens in Arab
Tony Petersen oversees the daily operations of Annie Lee Gardens' 40 affordable housing units. His nomination package, compiled by Olympia Management, included letters from residents, coworkers, and service agencies praising Petersen’s character and reputation.
Olympia Division Manager Misha Lewis wrote, “Tony is a caring manager who maintains a positive relationship with his tenants. Tony regularly checks on his tenants to ask them if they have any needs that he can assist them with. Tony takes pride in keeping the curb appeal of his property looking great. He encourages the tenants to have flowers and hanging plants. He always has his property well landscaped, which encourages prospective tenants to want to live there.”
Minutes after receiving his award during the Alabama Affordable Housing Association’s conference, Petersen said, “It’s fantastic. Just the recommendation was enough for me. The people I surround myself with make me who I am.”
AUDITED FINANCIAL STATEMENTS
The Alabama Housing Finance Authority is a public corporation and instrumentality of the State of Alabama created July 25, 1980, by Act No. 80-565 of the Alabama Legislature.
The bonds of the Alabama Housing Finance Authority are not obligations of the State of Alabama and are not repaid with tax dollars. AHFA is a self-sustaining organization which pays all operating expenses from program revenues.