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.
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.
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.
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.
HUD is making available $5,000,000 for Rural Capacity Building for Community Development and Affordable Housing Grants. The Rural Capacity Building for Community Development and Affordable Housing (Rural Capacity Building) program is intended to fund applicants with demonstrated expertise in affordable housing and community development in high-need rural communities.