Planning for Affordable Housing Every state has departments that are responsible for the planning and funding of affordable housing projects. Alabama's is called the Alabama Housing Finance Authority or AHFA. In statements released late last year, the AHFA announced that its Board of Directors has approved both its HOME Action Plan and Low-Income Housing Tax Credit State Qualified Action Plan. These are two of the primary tools used by the AHFA to promote low-income housing development. Click here know more about Signature Global Sector 79 Gurgaon
The HOME Action Plan defines several AHFA housing priorities for 2011, which will be used to determine how HOME funds are distributed. Those priorities include: adding to existing lowincome housing stock, funding projects that could not otherwise include affordable units without HOME funds, and ensuring that HOME funds are evenly distributed throughout the state.
Over $16.5 million has been allocated for HOME funds for the 2011 fiscal year. Of that, about $2.5 million is designated for Community Housing Development Organizations (CHDOs), which are the primary drivers for low-income housing creation.
Alabama's LIHTC Plan lists the same priorities as its HOME Action Plan, focusing on increased affordable housing stock and an even distribution of tax credits across the state. The LIHTC Action Plan includes credit ceilings, requirements for the application process, and required progress once tax credits have been reserved.
Though the AHFA Board of Directors has approved both plans, they are not finalized. The HOME Action Plan still has to be approved by the U.S. Department of Housing and Urban Development. The LIHTC plan requires approval by Alabama's Governor. As a result, both plans are still subject to change. Current versions of both the HOME and the LIHTC plans are available online. They are great examples of the tools states use to ensure that proper attention and funding is given to affordable housing projects. Visit signature global 79 gurgaon to know more about