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February 2003

Arkansas Development Finance Authority
423 Main Street, Suite 500

P.O. Box 8023
Little Rock, AR 72203-8023

ADFA HOME Program,

Flexibility is the Key

Flexibility is the key to the ADFA HOME Program, an affordable housing development program, that in fiscal year 2002 provided funding for 67 rental units and 128 single family homes across 28 counties in Arkansas. This program also provided funding in the form of rental assistance for 180 Arkansas families.

The funds come from a U.S. Housing and Urban Development (HUD) grant and are administered at the state level by the Arkansas Development Finance Authority (ADFA). Eligible applicants include cities and counties, public agencies such as public housing authorities, non-profit organizations, private developers, and Community Housing Development Organizations (CHDOs).

ADFA provides HOME funds statewide, with the exception of the following cities which receive direct funding from HUD: Little Rock, N Little Rock, Pine Bluff and Ft. Smith.

HOME funds may be used for rental and homeowner rehabilitation, new construction, and tenant-based rental assistance for very low and low-income families.

In order to be user friendly, ADFA allows participants maximum flexibility by offering a continuous funding cycle. Unlike many programs that have application or funding cycles, HOME Program participants can submit applications throughout the year.

This home is located in the Eastgate Subdivision in Greenwood, Arkansas. Ronald/Ragon, Inc. was allocated $300,000 in HOME Program Funds to assist low-income individuals in purchasing 27 new homes in the Eastgate Subdivision and the Kingsberry Subdivision in Van Buren, Arkansas. Presently, seventeen units have been constructed and sold to qualifying persons. Individual subsidies were based on need and ranged from $7,500 to $12,000.

 

Board Actions
( February meeting)

ADFA Board of Directors took the following actions during its February 2003 board meeting.

n Approved an additional $30 million in tax-exempt single family housing bonds for below market, first time homebuyer loans through ADFA’s HomeToOwn Loan Program.

n Approved $200,000 in HOME funds for Leisure Homes to rehabilitate Gardengate Apartments, a 29-unit property located in Green Forest, AR.

n Approved $132,247 in HOME funds for Financing Ozarks Rural Growth & Economy (FORGE). The organization is using the funds for Homeowner Rehabilitation on seven projects located throughout Carrol and Madison counties.

n Welcomed Art Morris of Siloam Springs to the ADFA Board of Directors. Morris is president and CEO of Arkansas State Bank in Siloam Springs, Gentry and Tontitown.