AHFA issues multifamily housing revenue bonds (bonds) on a project-specific basis for the acquisition, renovation, and new construction of affordable rental housing. Bonds provide debt financing to developers using proceeds from the sale of tax-exempt bonds in exchange for developers reserving a portion of their units for tenants earning less than the area’s median income. Because most of these bonds are tax-exempt, developers may also qualify for housing credits. The sale of these credits offer developers additional funds for the production of affordable rental housing. Combining these funding sources ensures programs benefit the greatest number of Alabamians possible by encouraging the leveraging of additional loan, grant, and philanthropic sources.
No other eligibility requirements
20% of units at or below 50% AMI OR 40% of units at or below 60% AMI