ADFA Approves Tax Credits, Program Funds For 1,069 Low-income Housing

The Arkansas Development Finance Authority (ADFA) was awarded $10,911,780 in federal low-income housing tax credits, $161,091 in state tax credits, $3,131,000 in federal HOME program funds, $1,444,783 in Rural Development Preservation Revolving Loan Funds, $450,000 in mortgage settlement funds, and $200,000 in Finance Adjustment Factor funds to help in the construction or renovation of affordable rental developments located throughout Arkansas.

In total, the amounts to more than $16 million. ADFA says that because federal tax credits are taken over a 10 year period of time, the award represents a financial incentive of over $100 million to developers and builders to produce affordable rental housing in Arkansas.

The funding will be used to build or renovate 1,069 affordable rental housing units for low-income households throughout the state.

“The Low Income Housing Tax Credit Program helps build strong partnerships between non-profit and private sector developers, investors and supporters of affordable housing in Arkansas,” said ADFA President Aaron Burkes. “This investment in affordable housing is important to the state’s future economic development efforts by ensuring we have quality rental housing constructed and available throughout the state.”

See this list of developments to be impacted by this new funding.