Project Financing

The Housing Enterprise of Central Alabama (HECA) and the Housing Fund of Central Alabama (the Fund) provide project financing for the purpose of constructing, acquiring and or rehabilitating single family and multifamily dwellings priced to accommodate families / persons whose incomes range from 60% to 80% of the Area Median Income (AMI) as defined by the U.S. Department of Housing and Urban Development. Please reference the Affordability Chart for additional information. In addition to affordability, HECA and the Fund are focused on building communities, and each loan will be evaluated on its overall community impact. The list below summarizes our goals for HECA/Fund-financed communities.

Goals for HECA/Fund-financed projects:

  • Relieve Housing Cost Burden that is Greater than 30% Income
  • Provide Housing in Areas of Opportunity
  • Innovative, Community-Oriented Design
  • Mixed-Income Properties (50% to 100% AMI)
  • Serve Single-Wage-Earner Families and their Children

See also: