The Fund

• Who We Are
• What We Do
• Purpose
• Current Projects and Grants
• What's New
• Housing and Community Development Resources

The Fund

The Housing Fund of Central Alabama (the Fund) opened in 2003 to increase the production of moderately priced housing by providing grants to non-profits for core operating support on a limited basis, technical assistance and programs related to capacity building in the non-profit affordable housing development community.

The Fund is the non-profit affiliate of the Housing Enterprise of Central Alabama (HECA), an affordable housing lender.

The Fund may partner with HECA to provide gap financing to qualified private and non-profit developers. This may take the form of a grant, mezzanine debt or a forgivable loan. This partnership capability is unique in the region, and was purposeful on the part of the founders of the Fund and HECA.

Projects eligible for financing must serve families/persons whose incomes range from 60% to 80% of the Area Median Income. In addition to affordability, HECA and the Fund are focused on building communities, and each loan is evaluated on its overall community impact.

Through its grants program, the Fund also supports ancillary services such as homebuyer training and credit counseling that help to guarantee the success and sustainability of communities.

Organizations eligible for Fund grants are non-profits with a focus on significantly increasing the supply of moderately priced housing in the Fund's 12-county footprint. This includes organizations whose mission is to build or rehabilitate single-family, for-sale homes or multifamily rental units for families of modest means, or those that provide homeownership counseling and assistance in qualifying clients for homeownership opportunities. Grant cycle deadlines are May 1 and November 1. The Fund awards grants twice annually - in January and July. (See Guidelines for Grant Applications.)

One of the primary focuses of the Fund is capacity building in the affordable housing development community. To that end, The Fund will open an Incubator in fall 2005 for non-profit affordable housing developers and homeownership counselors.

The non-profit incubator is a two-year program that will be open to five or six participants from throughout the Fund's service area. More than 30 classes in areas such as governance, agency management, resource development and housing development will be offered. The Fund is partnering with a national organization, the Local Initiative Support Corporation (LISC), and the Birmingham-based Nonprofit Resource Center of Alabama (NRCA) in this initiative.

A common Board of Directors oversees HECA and the Fund. Mr. Ted Kennedy, one of the founders of BE&K, is Chair of the Board.

The Fund is also advised by the Capacity Building Advisory Committee (CBAC). The 17 volunteers are from the corporate and philanthropic community, neighborhood and community leaders and members of the affordable housing development industry. CBAC reviews grant requests and provides input in the creation, development and management of new projects such as the incubator. Mrs. Mimi Tynes and Ms. Maria Campbell, longtime advocates for affordable housing and members of the HECA Board, are Co-Chairs.

In addition to increasing the affordable housing stock and capacity building, HECA/Fund goals aim to:

• Serve as the clearinghouse for information regarding affordable housing;
• Advocate housing initiatives in the region;
• Serve as catalysts for neighborhood revitalization, economic development, and the creation of housing opportunities in areas not typically accessible to families of moderate means.

HECA and the Fund's founders believed - and their research into successful affordable housing efforts proved - that solving the affordable housing crisis would call for a true regional collaboration of strong, community-spirited financial institutions and community foundations.

The Fund is proud to have as its contributors The Community Foundation of Greater Birmingham, the Stringfellow Health Fund of the Community Foundation of Calhoun County and the Walker Area Community Foundation as well as HECA's investor institutions: AmSouth Bank, Regions Bank, Compass Bank, New South Federal Savings Bank and First American Bank. The Fund is organized and operated to serve as a vehicle for its foundations to collectively pursue and advance affordable housing initiatives.

For more information, please contact Lois Chenier (bio), the Grants Officer for HECA who oversees the Fund.

View a list of grants and other projects of the Fund.

Get information on the Fund's Non-Profit Incubator.

Download a Fund fact sheet (pdf).