AUGUST 19, 2016 - Arkansas Development Finance Authority Announces More Than $74 Million to Rehabilitate and Preserve 746 Affordable Housing Units

FOR IMMEDIATE RELEASE

Media Contact:
Derrick Rose
Public Information Officer
501-682-5904
derrick.rose@adfa.arkansas.gov


ARKANSAS DEVELOPMENT FINANCE AUTHORITY ANNOUNCES MORE THAN 
$74 MILLION TO REHABILITATE AND PRESERVE 746 AFFORDABLE HOUSING UNITS 

Affordable Housing Projects to Move Forward in Arkansas, Carroll, Crittenden, Cross,
Jackson, Lawrence, Mississippi, Pope, Washington, and Woodruff Counties

LITTLE ROCK – The Arkansas Development Finance Authority (ADFA) Board of Directors on Thursday allocated federal Low Income Housing Tax Credits to affordable rental projects totaling more than $74 million to build and preserve 746 affordable housing units in 10 counties across Arkansas.

I congratulate the developers and organizations allocated tax credits for their projects and thank them for sharing in Arkansas Development Finance Authority’s commitment to advance affordable housing in Arkansas,” said ADFA President Aaron Burkes. Each of these communities will see the benefits of these projects for many years to come.”

The Internal Revenue Service makes an annual per capita allocation of federal tax credits to each state for the Low Income Housing Tax Credit (LIHTC) program. ADFA is charged with allocating those credits to affordable housing developers. The developers who receive LIHTCs sell them to investors to generate equity for the housing developments. The tax credits provide a dollar-for-dollar reduction to the investor’s federal income tax liability.

ADFA had $7,557,638 to allocate in the 2016 Tax Credit Round and received 37 applications requesting more than $19 million in LIHTCs. The ADFA Board of Directors awarded $7,416,979 million in Housing Tax Credits to 13 projects. The actual awards exceed $74 million because the credits are committed annually for a 10-year period. In addition to federal LIHTCs, ADFA allocated $250,000 in state LIHTC’s and loaned $1,800,000 in HOME Program funds. 

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.

-more- 

2016 Housing Tax Credit Awards

Development:  Barton Court - Phase II
County:  Crittenden
Address: 2306 Goodwin Avenue, West Memphis, AR 72301
Project Type:  Rehabilitation
Units:  57 low-income units
Federal Tax Credit Award: $625,000
State Tax Credit Award:  $125,000
HOME Program Funds:  $450,000
Developers:  ML Professional Properties, LLC,  Strategic Realty Developers, Inc., BAM Properties, Inc.

Development: Carroll House - Scattered Site
County:  Carroll
Address:  Berryville, Eureka Springs and Green Forest
Project Type: Acquisition/Rehabilitation
Units: 64 low-income units
Federal Tax Credit Award: $600,000
HOME (CHDO) Program Funds: $900,000
Developer:  Park-IAH Arkansas Development, LLC 

Development: Chapel Oaks
County:  Woodruff
Address: 211 E Rainey, McCrory, AR 72101
Project Type: Acquisition/Rehabilitation
Units:  60 low-income units
Federal Tax Credit Award: $625,000
State Tax Credit Award:  $125,000
Developer:  Park-IAH Arkansas Development, LLC 

Development: Cliffridge
County:  Cross
Address: 850 E Eldridge, Wynne, AR 72396
Project Type: Acquisition/Rehabilitation
Units: 64 low-income units
Federal Tax Credit Award: $600,000
Developer:   Park-IAH Arkansas Development, LLC

Development: Colony Square I
County:  Washington

Address: 1322 AQ Circle, Springdale, AR 72764
Project Type:  Acquisition/Rehabilitation
Units: 63 low-income units
Federal Tax Credit Award: $600,000
Developer:  Garth Development, LLC

Development:  Colony Square II
County:  Washington
Address: 1322 AQ Circle, Springdale, AR 72764 
Project Type:  Acquisition/Rehabilitation
Units:  55 low-income units
Federal Tax Credit Award: $600,000
Developer:   Garth Development, LLC

Development: Larkspur Gardens
County:  Lawrence
Address: 109 S. Larkspur Lane, Walnut Ridge, AR 72476
Project Type:   Acquisition/Rehabilitation
Units:  30 low-income units
Federal Tax Credit Award: $362,305
Developer:  White River Regional Housing

Development:  Nantucket Apartments
County:  Washington
Address: 611 E Nantucket Drive, Fayetteville, AR 72701
Project Type:   Acquisition/Rehabilitation - Senior
Units: 51 low-income units
Federal Tax Credit Award:  $379,674
Developer:  Leisure Homes Corporation 

Development: Riverwood Village
County:  Pope
Address: 1500 E 16th Street, Russellville, AR 72802
Project Type:    Acquisition/Rehabilitation
Units: 71 low-income units
Federal Tax Credit Award: $600,000
Developer: Richsmith Development, LLC

Development: Robindale East
County:  Mississippi
Address: 389 N Hollwood, Blytheville, AR 72315
Project Type:  Acquisition/Rehabilitation
Units: 55 low-income units
Federal Tax Credit Award: $600,000
HOME Program Funds:  $450,000
Developer:  Richsmith Development, LLC

Development: Stuttgart I
County:  Arkansas
Address: 507 West 1st Street, Stuttgart, AR 72160
Project Type:    Acquisition/Rehabilitation
Units: 56 low-income units
Federal Tax Credit Award:  $600,000
Developer:  Perfect Harmony, LLC & HughesSpellings, LLC

Development: Stuttgart II
County:  Arkansas
Address: 610 West 2nd Street, Stuttgart, AR 72160
Project Type:    Acquisition/Rehabilitation
Units: 56 low-income units
Federal Tax Credit Award:  $600,000
Developer:  Perfect Harmony, LLC & HughesSpellings, LLC

Development: White River
County:  Jackson
Address: 2900 Marion Drive, Diaz, AR 72112
Project Type:   Acquisition/Rehabilitation
Units:  64 low-income units
Federal Tax Credit Award: $625,000
Developer:  LHP-Buford Development

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