ADFA Announces More Than $70 Million to Build and Preserve 464 Affordable Housing Units

Arkansas Development Finance Authority Announces More Than $70 Million to Build and Preserve 464 Affordable Housing Units

Affordable Housing Projects in 9 Arkansas Counties Receive Federal Housing Tax Credits

LITTLE ROCK, AUGUST 17, 2017 – The Arkansas Development Finance Authority (ADFA) Board of Directors today awarded federal housing tax credits to thirteen affordable rental projects totaling more than $70 million in equity to build and preserve 464 affordable housing units in Benton, Crawford, Crittenden, Desha, Faulkner, Garland, Mississippi, Pulaski and Washington counties. 

“The housing tax credits awarded today are the single largest source of funding for the development of quality affordable rental housing in Arkansas and will provide nearly 500 individuals and families with homes,” said ADFA President Aaron Burkes. 

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. ADFA is charged with allocating those credits to affordable housing developers. The developers who receive tax credits sell them to investors to generate equity for the housing developments.  

ADFA had more than $7.1 million available to allocate in the 2017 tax credit round and received 34 applications requesting more than $19 million in housing tax credits.

ADFA’s Board of Directors today awarded slightly more than $7 million in housing tax credits to 13 projects. The actual awards exceed $70 million because the credits are committed annually for a 10-year period. In addition to federal LIHTC’s, ADFA loaned $3,365,000 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.   

2017 Housing Tax Credit Awards

Gateway Senior Apartments

  • Address: 1503 W Persimmon St., Rogers, AR
  • Units/Eligibility: 30 affordable units for seniors 62 plus
  • Tax Credit Award: $495,799
  • HOME funds: $266,555
  • Project Type: New Construction
  • Developer: Leisure Homes Corp.: 870-424-7460

Hearthside Senior

  • Address: 3190 E Robinson Rd., Springdale, AR
  • Units/Eligibility: 24 affordable units for seniors 55 plus
  • Tax Credit Award: $365,387
  • Project Type: New Construction
  • Developer: Vecino Bond Group LLC: 417-720-1577

Old Conway Village

  • Address: 809 Siebenmorgen Rd, Conway, AR
  • Units/Eligibility: 35 affordable units for families
  • Tax Credit Award: $620,000
  • Project Type: New Construction
  • Developer: DHTC Development, LLC: 417-224-3035

Peaks at Springdale

  • Address: 1300 Cooper Drive, Springdale, AR
  • Units/Eligibility: 47 affordable units for families
  • Tax Credit Award: $625,000
  • HOME funds: $450,000
  • Project Type: New Construction
  • Developer: Boykin Enterprises: 501-225-3277
Pines Cottages 
  • Address: Keiser and Country Club, Osceola, AR
  • Units/Eligibility: 38 affordable units for families
  • Tax Credit Award: $625,000
  • Project Type: New Construction
  • Developer: MRE Dogwood Developer: 417-224-3035 

Ridge III at North Little Rock

  • Address: 940 W Scenic Drive, North Little Rock, AR
  • Units/Eligibility: 48 affordable units for families
  • Tax Credit Award: $625,000
  • HOME funds: $450,000
  • Project Type: New Construction
  • Developer: Richsmith Development LLC: 501-758-0050

Ridge III at West Memphis

  • Address: 210 W Jackson, AR
  • Units/Eligibility: 48 affordable units for families
  • Tax Credit Award: $625,000
  • HOME funds: $450,000
  • Project Type: New Construction
  • Developer: Richsmith Development LLC: 501-758-0050

StoneBrook Park II

  • Address: 207 N 38th Street, Van Buren, AR
  • Units/Eligibility: 24 affordable units for families
  • Tax Credit Award: $331,909
  • HOME funds: $900,000
  • Project Type: New Construction
  • Developer: Crawford-Sebastian CDC: 479-785-2303

Tapestry Place

  • Address: 3190 E Robinson Rd.
  • Units/Eligibility: 36 affordable units for families
  • Tax Credit Award: $564,874
  • Project Type: New Construction
  • Developer: Vecino Bond Group: 417-720-1577

Valley Apartments

  • Address: 301 Robinwood Ln, McGehee, AR
  • Units/Eligibility: 27 affordable units for families
  • Tax Credit Award: $357,725
  • Project Type: Acquisition/Rehabilitation
  • Developer: Leisure Homes Corporation: 870-424-7460

Valley Springs Cottages

  • Address: Geyer Springs and Valley Drive, Little Rock, AR
  • Units/Eligibility: 35 affordable units for families
  • Tax Credit Award: $620,000
  • Project Type: New Construction
  • Developer: DHTC Development: 417-224-3035

Village at Gulpha Creek

  • Address: Raymond and Wise Street, Hot Springs, AR
  • Units/Eligibility: 32 affordable units for families
  • Tax Credit Award: $528,807
  • HOME funds: $450,000
  • Project Type: New Construction
  • Developer: S & B Development, LLC: 501-812-6251

Wedington Apartments

  • Address: N 46th & N Broyles Ave, Fayetteville, AR
  • Units/Eligibility: 40 affordable units for families
  • Tax Credit Award: $625,000
  • HOME funds: $398,651
  • Project Type: New Construction
  • Developer: Leisure Homes Corporation: 870-424-7460
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