Arkansas Administrative Code › Agency 109 - Arkansas Development Finance Authority › Division 04 - Multi-Family Housing › Rule 109.04.07-004 - 2008 Guidelines for Allocation of Private Activity Volume Cap

Current through Register Vol. 49, No. 6, June, 2024
I.
INTRODUCTION
.
The Arkansas Development Finance Authority ("ADFA") has as one
				of its primary purposes, the creation and preservation of affordable housing
				for low and moderate income persons. ADFA has available tax-exempt bond
				authority to provide financing to private developers for the development of
				multi-family housing. In return for receiving below market interest rate
				financing, the developer is required to set aside units in the development for
				low and moderate income families and persons. The tax-exempt multi-family
				housing program is intended to encourage the creation of new rental housing
				units as well as the rehabilitation of existing rental units.
II.
USE OF PRIVATE ACTIVITY
			 VOLUME CAP
.
Any tax-exempt bond authority allocated pursuant to this
				program must be used to provide permanent financing for the development. The
				authority is not intended for short-term escrow financing, construction
				financing or any other financing, which is not permanent financing for the
				development. All units must be rental units and be "complete" units.
III.
FEDERAL TAX
			 REGULATIONS AND REQUIREMENTS
.
The applicant is responsible for understanding and following
				all applicable tax law requirements for the proposed project.
IV.
CONTINUOUS FUNDING
			 ROUND
.
Approximately Ninety-eight Million Six Hundred Sixty-four
				Thousand Dollars ($102,494,000) will be available for reservation in 2008.
				Pursuant to Ark. Code Ann. §
									15-5-603, approximately
				$25,623,500 will be available for issuance by ADFA and approximately
				$76,870,500 will be available for issuance by any issuer authorized to issue
				such bonds.
V.
RECEIPT OF APPLICATION
.
Application for 2008 Multifamily Private Activity Volume Cap
				requires completion of a
2008 Multi-Family Housing Application and compliance
				with:
1. The Arkansas Development
			 Finance Authority Rules and Regulations Implementing the Law on the Allocation
			 of the State Volume Cap for Private Activity Bonds Pursuant to Act 1044 of 2001
			 ("Volume Cap Rules and Regulations") in effect at the time the Application is
			 filed;
2. These 2008 Guidelines for
			 Allocating Multi-Family Tax Exempt Activity Volume Cap; and
3) The Housing Credit Program 2008 Qualified
			 Allocation Plan ("QAP"). Applicants applying for tax-exempt bonds must utilize
			 the four percent (4%) Low-Income Housing tax credits. ADFA retains the
			 authority to determine eligibility to receive tax credits and the amount of tax
			 credits to be awarded to the development.
Only complete applications will be considered for funding.
				Facsimiles and e-mails will not be accepted.
All applications must be
				submitted online as provided by ADFA (if available) and by submitting a tabbed,
				3-ring bound hardcopy delivered to ADFA at the following address:
ARKANSAS DEVELOPMENT FINANCE AUTHORITY
Attn: Multi-Family Housing Department
423
Main Street, Suite 500
Little Rock, AR 72201
Telephone Number: 501-682-5900
Following review of any application by ADFA staff,
				applicants will be notified of the date and time the applicant will be required
				to make a formal presentation of its development for approval to the Board
				Housing Review Committee.