Funder: Alabama Housing Finance Authority
Due Dates (Anticipated): March 2027 (Annual application deadline)
Funding Amounts: Housing tax credits claimed annually for 10 years; 15% of annual HOME funds reserved for CHDO-owned projects
Summary: Supports new and rehabilitated affordable rental housing in Alabama through federal housing tax credits and HOME funding.
Key Information: Housing Credit owners generally commit to maintaining affordable units for 30 years.
Description
The Alabama Housing Finance Authority (AHFA) administers Housing Credits and the HOME Investment Partnerships Program to expand affordable rental housing across Alabama. Housing Credits support new construction and rehabilitation by offering investors federal income tax incentives. HOME provides funding to developers for new affordable rental housing and is combined with Housing Credits to reach additional low-income families.
AHFA awards funding through competitive application cycles guided by annual allocation and action plans. These plans address project selection, evaluation, design quality, environmental requirements, and compliance monitoring. Housing Credits are distributed statewide with an emphasis on areas of greatest need. A HOME set-aside supports projects owned by Community Housing Development Organizations (CHDOs), while the related HOME-ARP program supports new rental housing to reduce homelessness and improve housing stability for vulnerable populations.
