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Alabama Housing Finance Authority to Conclude Temporary Rental Assistance Program, Shift Focus to Long-Term Solution

So far, the Emergency Rental Assistance (ERA) Alabama program run by the Alabama Housing Finance Authority and backed by federal funding has provided more than $173 million in assistance to 39,000 of lower-income households across the state. As this program is becoming increasingly successful, its implementation will come to a close in the state of Alabama- just like it has everywhere else. Therefore, applications must be submitted by 8AM on December 15th 2022 at the latest if you wish to participate. “Based on present commitments and pending applications, the funding provided by the U.S. Treasury will be exhausted early next year,” said AHFA Multifamily Administrator David Young. “Emergencies are temporary by nature, and we have alleviated the most urgent pandemic-related needs for rental and utility assistance and eviction prevention for thousands of Alabama households statewide.” In March 2021, ERA Alabama was created to offer short-term aid for those who were financially impacted by the COVID-19 pandemic. As of now, more than 39 thousand households residing in all 61 counties within its jurisdiction have been given $173.5 million either as paid assistance or a pledge towards rent and utilities - primarily in rural areas across the state. Eight of Alabama's most populated counties - Baldwin, Jefferson, Madison, Mobile, Montgomery and Tuscaloosa County as well as the cities of Birmingham and Huntsville - were all allocated individual funds from the U.S Treasury to independently manage their own initiatives. “ERA Alabama has provided a ‘quick fix’ to bandage pandemic-related economic wounds,” said Young. “We have stopped the short-term bleeding, so now it’s time to focus on a long-term cure.” To address the affordable housing crisis, AHFA has committed a portion of its federal allocation to create a Revolving Loan Fund. This fund will provide support for developers in producing safe, decent and affordable housing for those most financially stretched by the pandemic. The decision to launch this loan was based on guidance from U.S Treasury and is aligned with National Low-Income Housing Coalition's need for greater investment into very low income rental properties nationwide. “The Revolving Loan Fund will support a long-range solution to our state’s affordable housing shortage,” said Young. “Recent economic indicators show that Alabama is ready to get back to work, with record highs in wages and job growth and historically low unemployment. We seek to further contribute to community stability by providing decent and affordable rental housing for this workforce.” If funding remains, ERA Alabama will proceed through all existing applications to find out if they are eligible for help. If you have an in-progress application, log into your account on the website of ERA Alabama and check the status. Alternatively, contact their Call Center at 1-833-620-2434 from Monday to Friday between 8am - 5pm. “Though the worst of the pandemic is over, we recognize the ongoing need for affordable multifamily housing in Alabama,” said Young. “AHFA remains committed to addressing that need by doing what we do best – funding the creation and repair of safe and economical rental housing that our state’s financially strapped renters can afford.”

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Cash For Houses Alabama