HOME – Single Family New Construction (SFNC)
The HOME Investment Partnerships Program (HOME) offers critical funding and resources to developers, local governments, and community organizations for the creation and preservation of affordable housing. By supporting a range of activities such as new construction, rehabilitation, and tenant-based rental assistance, HOME plays a vital role in addressing the housing needs of low-income families, seniors, and individuals in Arkansas.
About the Program
The Arkansas Development Finance Authority (ADFA) supports the development of affordable single family homebuyer units for low-income households with its annual funding allocation from the U. S. Department of Housing and Urban Development’s (HUD) HOME Investment Partnerships Program (HOME program). ADFA’s HOME funds will be used to provide financing to projects that will be marketed and sold to buyers with incomes at or below 80% of the Area Median Income (AMI) for the county in which the project is located.
For Profit and Non-profit Developers, CHDOs, Cities and Counties.
Applicants requesting a Single Family New Construction Homebuyer Program loan will sign a note with a maximum term of two (2) years, that will bear interest at zero percent (0%) repayable when the home is sold to a low-income homebuyer.
ADFA has established a maximum cap on its investment in a single home.
ADFA’s maximum cap in a single home: 0 BR- $112,500, 1 BR- $135,000, 2 BR- 157,500, 3 BR-$180,000, 4 BR- $200,000.
Homebuyers for units produced under ADFA’s Single Family New Construction (SFNC) Homebuyer Program must have incomes at or below 80% AMI, not own another home at the time of purchase, and meet the other eligibility criteria set forth in the Buyer Underwriting section of the (SFNC) guidelines.
Purchase price limit: HOME Homeownership Value Limits | HUD USER