Allocations will spur affordable housing creation and robust construction jobs
LITTLE ROCK, Ark. — The Arkansas Development Finance Authority announced today that it will award $104,962,000 in federal 9% Low-Income Housing Tax Credits (LIHTC) to 10 multifamily housing developments across Arkansas. The 2025 awards are expected to generate about $84.5 million in equity from private investors and support the development of 524 affordable rental units. Approximate total development cost is $110 million.
“As reported by the National Association of Home Builders, constructing 100 rental apartments typically generates 161 local jobs,” stated Rod Coleman, chair of the ADFA Board Housing Review Committee. “Based on this, our developments will create approximately 805 direct and indirect jobs during the 12-to-24-month construction phase. Additionally, ongoing property management, maintenance, and other services will contribute to the creation of 231 full-time positions. This investment represents a substantial commitment to Arkansas’ economy, delivering meaningful returns for the state and its residents.”
The awarded developments are located in eight counties across the state: Grant, Hempstead, Independence, Johnson, Lonoke, Montgomery, Pulaski, and Washington. Eight of the properties will provide workforce housing for families and two will be built exclusively for senior tenants.
Applicants who receive an allocation of tax credits agree to maintain the development as affordable housing for 30 to 35 years. The properties are monitored for quality and program compliance by ADFA.
“These federal tax credit awards will produce vital affordable housing needed for hard working families and retired Arkansans,” said Mark Conine, ADFA President. “These projects reflect our goal of creating more affordable housing opportunities in every corner of the state.”
2025 Arkansas Low-Income Housing Tax Credit Awardees
Avalon at Clarksville
Location: Clarksville/Johnson County
Total Development Cost: $11,976,435
LIHTC (Federal): $1,221,000
Total Units: 60
Avalon at Hope
Location: Hope/Hempstead County
Total Development Cost: $11,953,761
LIHTC (Federal): $1,221,000
Total Units: 60
Enclave Estates at Batesville
Location: Batesville/Independence County
Total Development Cost: $11,956,054
LIHTC (Federal): $1,221,000
Total Units: 60
Homes at Willow Bend
Location: Fayetteville/Washington County
Total Development Cost: $12,399,999
LIHTC (Federal): $1,193,500
Total Units: 62
Mount Ida Housing
Location: Mount Ida/Montgomery CountyTotal Development Cost: $5,237,691
LIHTC (Federal): $360,800
HOME Funds: $1,125,000
NHTF Funds: $940,000
Total Units: 18
Pine Ridge Place
Location: Little Rock/Pulaski County
Total Development Cost: $12,594,933
LIHTC (Federal): $1,235,300
HOME Funds: $2,000,000
NHTF Funds: $466,486
Total Units: 61
Timber Ridge
Location: Sheridan/Grant County
Total Development Cost: $12,506,556
LIHTC (Federal): $1,201,200
HOME Funds: $1,720,000
NHTF Funds: $1,000,000
Total Units: 60
Villas at Spring Valley (Senior)
Location: Cabot/Lonoke County
Total Development Cost: $9,894,000
LIHTC (Federal): $884,400
HOME Funds: $2,000,000
NHTF Funds: $642,645
Total Units: 46
Waystone Batesville Family
Location: Batesville/Independence County
Total Development Cost: $11,999,930
LIHTC (Federal): $1,188,000
HOME Funds: $2,114,431
NHTF Funds: $379,500
Total Units: 60
Waystone Batesville Senior
Location: Batesville/Independence County
Total Development Cost: $7,852,778
LIHTC (Federal): $770,000
HOME Funds: $1,692,778
Total Units: 40
For more information about the Low-Income Housing Tax Credit Program visit adfa.arkansas.gov .
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About the Arkansas Development Finance Authority (ADFA)
The Arkansas Development Finance Authority (ADFA) is dedicated to promoting economic growth and community development across the state. Since 1985, ADFA has provided affordable financing options for business expansion, housing initiatives, infrastructure, public health initiatives, and higher education funding.
ADFA operates as an independent instrumentality of the state, vested with the authority to perform essential financing functions to further the state’s economic development objectives.