ADFA AWARDS $7.4 MILLION IN LOW INCOME HOUSING TAX CREDITS

Date: 08.10.18

Little Rock, July 20, 2018 - The Arkansas Development Finance Authority (ADFA) Board of Directors on July 19, awarded federal housing tax credits to 10 affordable rental projects totaling more than $7.4 million to build 547 affordable housing units in Benton, Crittenden, Desha, Garland, Miller, Pulaski and Washington counties.

“Arkansas families that have access to affordable housing have more income to save for their future and more dollars to make spending decisions that improve their quality of life,” said ADFA President Aaron Burkes. “For its 2018 award cycle, ADFA received 20 applications representing over $14.6 million in requests, demonstrating the highly competitive nature for this federal resource.”

The Internal Revenue Service makes an annual per capita allocation of federal tax credits to each state for the Federal Low Income Housing Tax Credit (LIHTC) program. Since 1986, ADFA has awarded federal tax credits to affordable housing developers in Arkansas. The developers who receive tax credits sell them to investors to generate equity for housing developments.

ADFA’s Board of Directors awarded slightly more than $7.4 million in housing tax credits to 10 projects. The actual awards exceed $74 million in equity because the credits are committed annually for a 10-year period. In addition to federal LIHTC’s, ADFA loaned $5,600,000 in federal HOME Program funds. Low Income Housing Tax Credits and HOME Investment Partnerships Program funds, as primary ADFA funding sources, create affordable rental housing by providing funding and tax incentives that help developers build or rehabilitate properties for Arkansas’s low-income families.

ADFA is charged with promoting the production of more affordable new housing units for very low, low, and moderate income individuals and families in the state. It also promotes the preservation and rehabilitation of existing units for such persons.

2018 HOUSING TAX CREDIT AWARDS

The Heights at Seneca Address: 305 Terry St., Hot Springs, AR 71913 Units / Eligibility: 60 affordable units for families Tax Credit Award: $825,000 HOME funds: $450,000 Project Type: New Construction Developer: Phillips Development Corp

Meadowbrook at Jacksonville Address: Taylor St. & S. First St., Jacksonville, AR 72076 Units / Eligibility: 64 affordable units for families Tax Credit Award: $800,000 HOME funds: $450,000 Project Type: New Construction Developer: KWL Properties, LLC

Mill St. Mansion, Senior Citizen Apartments Address: 913 Mill St., Springdale, AR 72764 Units / Eligibility: 50 affordable units for seniors Tax Credit Award: $715,414 HOME funds: $450,000 Project Type: New Construction Developer: Leisure Homes Corporation

Park at Barton Address: 900 East Barton Ave., West Memphis, AR 72301 Units / Eligibility: 64 affordable units for families Tax Credit Award: $825,000 HOME funds: $450,000 Project Type: New Construction Developer: TCCM Development, LLC

Park at Olive Address: Northern Terminus of N. 16th St., Rogers, AR 72756 Units / Eligibility: 44 affordable units for families Tax Credit Award: $605,599 Project Type: New Construction Developer: TCCM Development, LLC

Ridge at Little Rock Address: 1500 Leander Drive, Little Rock, AR 72204 Units / Eligibility: 47 affordable units for families Tax Credit Award: $699,311 HOME funds: $450,000 Project Type: New Construction Developer: RichSmith Development, LLC

The Ridge at Texarkana Phase III Address: 3002 Preston St., Texarkana, AR 71854 Units / Eligibility: 47 affordable units for families Tax Credit Award: $696,457 HOME funds: $450,000 Project Type: New Construction Developer: RichSmith Development, LLC

Stonebrook Park of Sunset Address: 490 John H. Johnson Blvd, Sunset, AR 72364 Units/ Eligibility: 60 affordable units for families Tax Credit Award: $825,000 HOME funds: $450,000 Project Type: New Construction Developer: Strategic Realty Advisors, Inc.

Stoneridge Duplexes of Siloam Springs Address: Timothy St. & Kenwood St., Siloam Springs, AR 72761 Units/ Eligibility: 60 affordable units for families Tax Credit Award: $800,000 HOME funds: $2,000,000 Project Type: New Construction Developer: Strategic Realty Advisors, Inc.

Valley Estates of Mabelvale Phase III Address: 1 RichSmith Circle, Mabelvale, AR 72103 Units/ Eligibility: 47 affordable units for families Tax Credit Award: $685,040 HOME funds: $450,000 Project Type: New Construction Developer: Burleson Development, LLC Read More
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Arkansas Development Finance Authority
2018-08-10 14:49:25
Little Rock, July 20, 2018 - The Arkansas Development Finance Authority (ADFA) Board of Directors on July 19, awarded federal housing tax credits to 10 affordable rental projects totaling more than $7.4 million to build 547 affordable housing unit...