NOTICE OF 2005 TAX-EXEMPT MULTI-FAMILY
PRIVATE ACTIVITY VOLUME CAP
Second Round

To:        Bond Counsel, Housing Underwriters and Housing Developers

From:    Bruce H. Bokony, Manager Multi-Family Housing Program
              Arkansas Development Finance Authority

Date:    March 9, 2005

Re:       2005 Tax-Exempt Multi-family Private Activity Volume Cap
             Second Round Application Deadline:  June 24, 2005
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The Arkansas Development Finance Authority (the “Authority”) is pleased to announce a second funding round for 2005 Tax-Exempt Multifamily Private Activity Volume Cap.  There is $23,918,000 available in tax-exempt multifamily private activity volume cap.   

For this particular funding round, the deadline for submitting applications and all required documentation is 4:30 p.m. on Friday, June 24, 2005.  You may access the 2005 Multi-Family Housing Application (“Housing Application”) and the Guidelines for Tax-Exempt Multifamily Volume Cap  (“Guidelines”) for further information on the application process at the Authority’s website listed below.  

The 2005 Housing Application must be complete and in compliance with the 2005 Housing Credit Program Qualified Allocation Plan (“QAP”), including all Threshold and Program requirements and exhibits for issuance of bonds and 4% tax credits.  The Housing Application, all required, supporting documentation, and a non-refundable application fee of $500.00 must be submitted to the Authority by the deadline date. 

The Authority expects applicant presentations and any approval of volume cap to occur at its August Board meeting scheduled for Thursday, August 18, 2005.  Please note, you will need to demonstrate the ability to close the bond transaction within sixty (60) days from the approval date.

The Housing Application, Guidelines and QAP are available on ADFA’s Website:

(Click Here to go to “Publications & Forms” then scroll down to “Multi-Family”)

If you have any questions or would like for a copy of the Housing Application, Guidelines and QAP, to be mailed to you, please contact me at (501) 682-5927. 

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