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Press Release 


FOR IMMEDIATE RELEASE

FOR MORE INFORMATION:

Sara Braswell: 501.682.5927, sbraswell@adfa.state.ar.us
Derrick Rose: 501.682.5904,
drose@adfa.state.ar.us

ADFA Awards $17.64 Million in Federal Funds to Assist
Abandoned or Foreclosed Homes and Residential Properties.

November 20, 2009 On Thursday, the Arkansas Development Finance Authority (ADFA) Board of Directors awarded $17.64 million in Neighborhood Stabilization Program (NSP) funds, a program established by Congress, for the purpose of stabilizing neighborhoods that have suffered the most from foreclosures and abandonment. The funds were awarded by ADFA in the form of zero interest loans to developments in Little Rock, North Little Rock, Fort Smith, Fayetteville, and Rogers.

In 2008, the NSP was authorized by the Housing and Economic Recovery Act (HERA). The funds were then allocated by HUD on formula basis to states and local governments. ADFA received a total allocation of $19.6 million, which can be used to aid in the purchase, rehabilitation and redevelopment of foreclosed, abandoned or blighted homes for affordable rental or sale to stabilize neighborhoods and stem the decline of property values of neighboring homes.

All activities funded by NSP must benefit low- and moderate-income persons whose incomes do not exceed 120 percent of area median income (AMI). In addition, at least 25 percent of the funds appropriated must be used to house individuals or families whose incomes do not exceed 50 percent of AMI.


The following NSP developments were approved by the ADFA Board of Directors on Thursday, November 19, 2009:

Developer

Development Name

Location

Multi-Family Units

Single Family

Amount

Leisure Homes

The Meadows of Rogers

Rogers

50

0

$4,732,000

ALS Management, LLC

South Creekside

Fayetteville

136

0

$7,748,974

Fort Smith
Housing Authority

Fort Smith Neighborhood Renewal Project

Fort Smith

0

8

$1,317,339

City of North
Little Rock /
Argenta CDC

Baring Cross Project

 

North Little Rock

0

13

$2,003,503

Reed Property, LLC

Scattered Sites

Little Rock

0

30

$1,838,184

Total single family and multi-family awards: $17,640,000

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