Housing Fund Of Central Alabama

The Fund

Housing Fund of Central Alabama

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

The Fund operates with a $1.6 million grant pool in 12 counties in Central Alabama.

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: Regions Bank, Compass Bank, New South Federal Savings Bank ,First American Bank, Superior Bank, and Aliant 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, the Grants Officer for HECA who oversees the Fund.