Home Investment Partnerships
ADFA offers a number of programs to support the construction and preservation of affordable housing in Arkansas.
RENTAL HOUSING DEVELOPMENT PROGRAMS
ADFA currently monitors approximately 450 apartment complexes that contain over 20,000 affordable rental units across Arkansas.
OVERVIEW
ADFA receives HOME Investment Partnerships Act funding from HUD (the HOME Act, Title II of the Cranston-Gonzalez National Affordable Housing Act) as a state Participating Jurisdiction (PJ), and then makes awards to eligible organizations who, in turn, disburse the HOME funds to qualified households in Arkansas communities.
ELIGIBLE ORGANIZATIONS
Cities and counties; developers, including ADFA approved nonprofit Community Housing Development Organizations (CHDOs) proposing activities in eligible communities.
ELIGIBLE ACTIVITIES OF THE ADFA HOME PROGRAM
- New Construction. HOME funds may be used for new construction of both multi-family and single family housing.
- Rehabilitation. This includes the alteration, improvement or modification of an existing structure. HOME funds can be used to rehabilitate both multi-family and single family housing.
- Tenant Based Rental Assistance (TBRA). TBRA provides assistance to individual low-income households to enable them to rent market-rate units.
- Low Income Housing Tax Credit (LIHTC) Gap Financing. ADFA allows for a combination of HOME Program and LIHTC funds.
HOME PROGRAM OPERATIONS MANUAL
State Recipients, Subrecipients, and funded entities should read this manual to learn the rules and requirements associated with ADFA’s HOME Investment Partnerships Program. Different rules apply to different activities (homeowner, rental, TBRA and gap financing).
Forms & Documents
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Compliance and Monitoring
ADFA is designated as Arkansas' Low Income Housing Tax Credit, (LIHTC) compliance monitoring agency. Crucial elements of compliance ensure that the appropriate number of tax credit units have been occupied by eligible households, following income eligibility guidelines and restricting rents over a specified time period. ADFA also monitors to ensure LIHTC properties are decent, safe, sanitary, and in good repair. ADFA is available to provide guidance to owners in maintaining continuous compliance with federal and state LIHTC guidelines throughout the compliance period.
In addition to monitoring the LIHTC Program there are also several housing programs funded by ADFA that require monitoring. ADFA has a Tenant Data Tracking Software Program to assist with the compliance and monitoring for each program. The software and the tenant data that is uploaded is critical for property owners to maintain compliance as well as assisting ADFA in reporting LIHTC tenant data to HUD annually.
Click LINK to access the Tenant Data Reporting Software. For more information about the Tenant Data Reporting Software please contact Catrina Ingram , Compliance Department at 501-682-5937.
If you should have any questions regarding Housing Compliance and Monitoring please contact Tammy White, Compliance Manager, at 501-682-5928.
Venture Capital Partners
