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Arkansas Development Finance Authority

FOR IMMEDIATE RELEASE

For Immediate Release

July 18, 2014

Contact: Public Information Officer Derrick Rose 501-692-5904
              Multi-Family Manager Kuhl Brown - 501-682-5927

Funding Approved to Build or Renovate 672 Affordable Rental Units

July 18, 2014 - Thursday afternoon the Arkansas Development Finance Authority awarded $6,996,431 in federal low-income housing tax credits (LIHTC), another $250,000 in state tax credits, $2,500,000 in federal HOME program funds, $1,706,000 in mortgage settlement funds, and $115,761 to help in the construction or renovation of 16 affordable rental developments located throughout Arkansas.

Because federal tax credits are taken over a 10 year period of time, the award represents a financial incentive of over $70 million to developers and builders to produce affordable rental housing in Arkansas. The funds will be used to build or renovate 672 affordable rental housing units for families, individuals and persons with special support needs in Arkansas and help provide greater housing choice and opportunity for low-income households.

Projects are structured so that the sale of a projects housing tax credits and other tax benefits provides a source of capital for the development of affordable rental housing. The amount of federal tax credits listed is received each year for the first 10 years of a projects operating period. For example, a $500,000 reservation results in a total tax credit award of $5 million.

The equity investment reduces the need for financing thereby reducing operating costs, which is passed along in the form of reduced rents.

ADFA administers the state HOME Program, Low Income Housing Tax Credit Program, and $9 million the State of Arkansas received as part of the national bank mortgage settlement to finance affordable housing in partnership with local governments, nonprofit organizations and for-profit developers.

See below for a list of developments awarded a combination of federal LIHTC, state LIHTC, HOME Program Funds, national bank mortgage settlement funds and FAF Funds.


2014 TAX CREDIT RECIPIENTS

 

 

CONG.DIST. COUNTY

(TOTAL) UNITS (LIHTC)

 

APPLICANT

DEVELOPER

DEVELOPMENT

HOME

PROGRAM

MSF                          FAF

TAX CREDITS

FEDERAL                     STATE

 

 

1

Arrington Place, LLC Dale Lancaster

P.O. Box 672

Madison, MS 39130

601-707-8715

Arrington Developers LLC Dale Lancaster

P.O. Box 672

Madison, MS 39130

601-707-8715

Arrington Place

15th & Main Street

Heber Springs 72543

NC.....Detached

1st

Cleburne

 

 

40                       40

 

 

 

429,347

 

 

 

2

Eudora Partners, L.P. Clifton E Bates

124 One Madison Plaza, Ste 1500

Madison, MS 39110

601-321-7623

TCCM Development, LLC Clifton E Bates

124 One Madison Plaza, Ste 1500

Madison, MS 39110

601-321-7623

Chicot Apartments

604 E Compress St

Eudora 71640

Acq/Rehab

1st

Chicot

 

 

50                       50

450,000

 

 

538,438

71,948

 

 

3

CGH of Lake Village AR 2011, LP Gary R Gibbs

4410 Leisure Time Drive

Diamondhead, MS 39525

228-255-4857

Coastal Phoenix Investments

Gary R Gibbs

4410 Leisure Time Drive

Diamondhead, MS 39525

228-255-4857

Cypress Grove Homes

Connerly Road

Lake Village 71653

NC.....Detached

1st

Chicot

 

 

37                       36

 

 

 

466,581

 

 

 

4

CGH of McGehee AR 2011, LP Gary R Gibbs

4410 Leisure Time Drive

Diamondhead, MS 39525

228-255-4857

Coastal Phoenix Investments

Gary R Gibbs

4410 Leisure Time Drive

Diamondhead, MS 39525

228-255-4857

Cypress Grove Homes

Ashley St

McGehee 71654

NC.....Detached

1st

Desha

 

 

37                       36

 

 

 

465,885

 

 

 

5

CGH of Warren AR 2011, LP Gary R Gibbs

4410 Leisure Time Drive

Diamondhead, MS 39525

228-255-4857

Coastal Phoenix Investments

Gary R Gibbs

4410 Leisure Time Drive

Diamondhead, MS 39525

228-255-4857

Cypress Grove Homes W Pine / Halligan Warren 71671

NC.....Detached

4th

Bradley

 

 

37                       36

 

 

 

483,725

 

 

 

6

Emerald Village at Hope, LP Steve Perry

109 E Madison

Bastrop, LA 71220

318-281-1974

KWL Properties, LLC Steve Perry

109 E Madison

Bastrop, LA 71220

318-281-1974

Emerald Village

2406 Rocky Mound Rd

Hope 71801

Acq/Rehab...Senior

4th

Hempstead

 

 

48                      48

450,000

 

 

468,094

 

 

 

7

Marianna Partners II, LP Clifton E Bates

124 One Madison Plaza, Ste 1500

Madison, MS 39110

601-321-7623

TCCM Development, LLC Clifton E Bates

124 One Madison Plaza, Ste 1500

Madison, MS 39110

601-321-7623

Foster Collier

100 Sarah Sauls Dr

Marianna 72360

Acq/Rehab

1st

Lee

 

 

36                       36

450,000

 

 

331,537

45,173

 

 

CONG.DIST. COUNTY

(TOTAL) UNITS (LIHTC)

 

APPLICANT

DEVELOPER

DEVELOPMENT

HOME

PROGRAM

MSF                          FAF

TAX CREDITS

FEDERAL                     STATE

 

 

8

Marianna Partners, LP Clifton E Bates

124 One Madison Plaza, Ste 1500

Madison, MS 39110

601-321-7623

TCCM Development, LLC Clifton E Bates

124 One Madison Plaza, Ste 1500

Madison, MS 39110

601-321-7623

Hicky Garden

785 Hicky Road

Marianna 72360

Acq/Rehab

RD

1st

Lee

 

 

56                       56

450,000

 

 

485,696

97,139

 

 

9

Hughes Villas LP II Billy W Bunn

901 Main Street

Arkadelphia, AR 71923

870-246-6709

 

 

Billy W Bunn

901 Main Street

Arkadelphia, AR 71923

870-246-6709

Hughes Villas

321 Bush Street

Hughes 72348

Acq/Rehab

RD

1st

St Francis

 

 

21                        20

250,000

 

115,761

178,701

35,740

 

 

10

Building Blocks of W Memphis

Gerald A Krueger

20250 Harper Avenue

Detroit, MI 48225

313-841-3751

American Community Developer

Gerald A Krueger

20250 Harper Avenue

Detroit, MI 48225

313-881-8150

Imperial Homes North

2950 Jackson Avenue

West Memphis 72301

Acq/Rehab

N/P

1st

Crittenden

 

 

64                        64

 

 

 

559,912

 

 

 

11

Meadows at Forrest City, LP Steve Perry

109 E Madison

Bastrop, LA 71220

318-281-1974

KWL Properties, LLC Steve Perry

109 E Madison

Bastrop, LA 71220

318-281-1974

Meadows Dawson Road Forrest City 72335

NC

1st

St Francis

 

 

48                        48

450,000

 

 

468,890

 

 

 

12

JPM Development

Brian Parent

4110 Southpoint Blvd, Suite 206

Jacksonville, FL 32216

904-279-0131

Westbrook Housing Development

John Dupont

4835 Towne Centre Rd, Suite 203

Saginaw, MI 48604

989-233-6274

Millwood Place Millwood Road Clarksville 72830

NC

4th

Johnson

 

 

48                        48

 

450,000

 

600,000

 

 

 

13

MACO Development

Jason Maddox

111 N Main Street

Clarkton, MO 63837

573-448-3000

MACO Development

Jason Maddox

111 N Main Street

Clarkton, MO 63837

573-448-3000

Pinewood

308 Elm/813 Vine

Corning 72422

Acq/Rehab...Senior

RD

1st

Clay

 

 

29                      29

 

 

 

177,652

 

 

 

14

Housing Solutions Alliance

Arthur J Schuldt, Jr

1935 Airline Drive, #200

Bossier City, LA 71112

318-213-6502

White River Reg Hsg Dev Corp

Darlene Wilson

P.O. Box 799

Melbourne, AR 72556

870-291-4606

Silver City Courts

701 West 18th St

North Little Rock 72114

NC PHA

2nd

Pulaski

 

 

48                      48

 

450,000

 

584,713

 

 

 

CONG.DIST. COUNTY

(TOTAL) UNITS (LIHTC)

 

APPLICANT

DEVELOPER

DEVELOPMENT

HOME

PROGRAM

MSF                           FAF

TAX CREDITS

FEDERAL          STATE

 

 

15

Huntsville Town Branch LP Elizabeth S Small

1501 N University, Suite 740

Little Rock, AR 72207

501-666-9629

PDC Companies

Richard Pierce

1501 N University, Suite 740

Little Rock, AR 72207

501-666-9629

Town Branch

301 Amber Street

Huntsville 72740

Acq/Rehab....Senior

RD

4th

Madison

 

 

25                      24

 

 

 

 

 

 

356,000

 

151,160

 

 

 

16

JPM Development

Brian Parent

4110 Southpoint Blvd, Suite 206

Jacksonville, FL 32216

904-279-0131

Westbrook Housing Development

John Dupont

4835 Towne Centre Rd, Suite 203

Saginaw, MI 48604

989-233-6274

West Helena Village

801 MLK Jr Drive

Helena 72390

NC

1st

Phillips

 

 

48                      48

 

450,000

 

606,100

 

TOTAL

2,500,000

1,706,000

115,761

6,996,431

250,000

Rural Development                                             Non Profit

 

 

 

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