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Arkansas Development Finance Authority

 

Press Release
 

For Immediate Release

June 21, 2012

Contact: Public Information Officer Derrick Rose – 501-692-5904
               Multifamily Housing Manager Jason McVay – 501-682-5927

 

 Funding Approved to Build or Renovate 14 Affordable Housing Developments in Arkansas

 

The Arkansas Development Finance Authority (ADFA) Board of Directors today approved 14 applications to develop or rehabilitate 747 affordable multifamily rental units across the state for families, individuals and persons with special support needs.  Eleven of the projects approved are to acquire and/or rehabilitate existing properties and three are for new construction. 

 

For the 2012 multifamily funding cycle, ADFA awarded $6,555,264 in Federal Low Income Housing Tax Credits (LIHTC), $250,000 in State LIHTCs, $1,220,445 in HOME Program funds, $900,000 in HOME Community Housing Development Organization (CHDO) funds, and $750,000 in Finance Adjustment Factor / Below Market Interest Rate Program (FAF/BMIR) funds. 

 

It is important to note that a project’s tax credit award is received each year for the first 10 years of a development’s operating period.  For example, a $500,000 reservation results in a total tax credit award of $5 million. 

 

Developments are structured so that the sale of a project’s housing tax credits and other tax benefits provides a source of capital for the development of affordable rental housing.  This equity investment reduces the need for financing thereby reducing operating costs, which is passed along in the form of reduced rents. 

 

The following developments received 2012 funding:
 

Congressional District 1
 

Development and City LIHTC  HOME FAF/BMIR # Units
Imperial Homes South, West Memphis $421,820 – Federal 
$ 75,400 - State
    56
Holly Grove Manor LP II, Holly Grove  $205,281 - Federal   $248,945   24
Dogwood Cottages, Blytheville  $600,000 – Federal     36
Homewood Village, Ash Flat $572,999 – Federal
$114,600 – State
    45
Pine Ridge, West Memphi $429,901 – Federal     57
Twin City Manor, West Helena $600,000 – Federal   $250,000 64

  

Congressional District 2
 

Development and City LIHTC  HOME FAF/BMIR # Units
Albert Pike, Little Rock $625,000 – Federal     130
Asbury Park, Little Rock $600,000 – Federal   $250,000 106

 

 

Congressional District 3

 

Development and City LIHTC  HOME FAF/BMIR # Units
Inglewood Manor, Russellville $292,210 - Federal  $311,000    36
Stone Brook Park, Russellville  $508,515 - Federal $900,000 – CHDO   32
West End Village, Russellville $563,121 – Federal     30
Savannah Park, Farmington $326,568 – Federal $450,000   36

 


Congressional District 4

 

Development and City LIHTC  HOME FAF/BMIR # Units
Park Place, Hot Springs  $600,000    $250,000 71
River Oaks, Arkadelphia $209,849 $210,000    24

 

 

More information about ADFA and its affordable housing development programs can be found on ADFA’s website www.arkansas.gov/adfa

 

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State Map highlighting counties where the project is located - Map
 

Detailed Spread Sheet - Spread Sheet

 

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