FOR IMMEDIATE RELEASE
May 14, 2014
Temporary Housing Assistance for Tornado Victims
The Arkansas Development Finance Authority (ADFA) will authorize approval for the Owners of Low Income Housing Tax Credit, (The Owner) rental units in Arkansas to provide temporary emergency housing for low income families. The approval allows Owners to immediately move-in low income families without providing all the necessary documentation required under section 42 of the Internal Revenue Code.
The approval will only assist low income families that were displaced from their principal place of residence as a result of the major tornado disaster in Faulkner County and the newly expanded Presidentially-declared disaster counties that include Pulaski, White and Randolph.
Temporary housing relief will be authorized for a period not to exceed 4 months beyond the date of the President‘s major disaster declaration on April 29, 2014. After the 4-month period, the Owner must obtain all required documentation to support the tenant’s continued status as a qualified low-income household.
Owners may rely on self-certifications signed under penalties of perjury that the displaced tenants are low income and such income will not exceed the applicable income limits of section 42 of the Internal Revenue Code at the beginning of the tenancy. They must also self-certify that they were displaced as a result of the major tornado disaster in Faulkner County.
ADFA will require Owners to maintain a list of the names of the displaced individuals, and the dates the displaced individual began and ceased temporary occupancy.
For more information or to locate Low Income Housing Tax Credit financed developments, go to ADFA’s web site at www.arkansas.gov/adfa and click on the “Apartment Finder” button or call 501-682-5900.