| Realizing the need for affordable rental housing all
across Arkansas, ADFA continues to search for methods to provide housing for lower-income
workers. ADFA uses an array of methods to encourage affordable rental housing development,
ranging from Federal tax credits and Federal grant funds, to the issuance of tax-exempt
bonds. These creative financing mechanisms are critical to meeting the housing needs of
Arkansas. As the state's population grows, so too does the pressure to create affordable
rental housing for its lower-income working families.
The Low Income Housing Tax Credit Program allows owners and developers of multi-family housing that is to be rented to low income families to apply for Federal tax credits.
Affordable rental housing for low and moderate income families is created by Tax Exempt Multi-Family Housing Bonds. ADFA is able to provide below-market interest rate mortgages to private developers who agree to set rents that are affordable to low to moderate income families. I
The HOME New Construction and Rental Rehabilitation Programs encourage owners and developers both to construct new units and to preserve and modernize existing property for Arkansas' lowest income families (families making 60% or below the median income). During the current fiscal year, HOME funds totaling $3,485,748 were committed to either build or preserve 404 units of affordable housing for low and very low income Arkansans.
ADFA administers other programs also sponsored or supported by the U.S. Department of Housing and Urban Development. The Tenant Based Rental Assistance Program provides direct payment assistance to very low income families, and the Financing Adjusted Factor (FAF) Affordable Housing Loan Program provides a bond refunding-driven supplemental source of funds for providing decent, safe and affordable housing to very low income families or persons.
Janette Bowman, resident at Higher Heights Apartments in Fordyce, AR
"I didn't think I would qualify to live here because I lived in a house. It was depressing to me because I was never able to fix it up like I wanted. It needed a roof, it needed a floor, it needed plumbing. The only water I had was in the kitchen sink and the commode. The other pipes had busted a year before and I wasn't financially able to fix them. I had friends who told me I qualified to live here. I said oh my goodness, is it possible that I can get in one. It wasn't long, just a few weeks, before I had my key.
I'd recommend this place to anyone. This is my home.
I'm comfortable and I'm enjoying it."
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