Press Release
FOR IMMEDIATE RELEASE
FOR MORE INFORMATION:
Sara Braswell: 501.682.5927,
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 |
Fort Smith Neighborhood Renewal Project |
Fort Smith |
0 |
8 |
$1,317,339 |
|
|
City of North |
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
###