Arkansas Administrative Code › Agency 211 - Arkansas Teacher Housing Development Foundation › Rule 211.00.07-001 - Arkansas Teacher Housing Incentive Program

Current through Register Vol. 49, No. 6, June, 2024
RULES AND REGULATIONS
I.
AUTHORITY AND PURPOSE
These rules are promulgated by the Arkansas Teacher Housing Development Foundation (ATHDF) under authority of Arkansas Code Annotated Section 6-26-302(a), for the purpose of administering an incentive program for Arkansas teachers by offering a forgivable home loan program and rental stipends to assist Arkansas teachers who teach in high priority school districts. This grant program will be known as the "Arkansas Teacher Housing Incentive Program."
These rules and regulations, as adopted by the Arkansas Teacher Housing Development Foundation Board, will be read consistently with the enabling legislation. Therefore, all terms should be given their plain meanings and/or terms should be read in context with the statutory definitions as outlined in the enabling legislation.
II.
INCENTIVE PROGRAMS
Pursuant to the Arkansas Teacher Housing Development Act, the Board of Trustees may develop, implement, and administer a home loan program to provide special home loan financing to teachers who choose to teach in high-priority school districts.
Based on available funding, the Foundation may offer a forgivable down payment assistance loan. The loan may be for an amount up to ten thousand dollars ($10,000.00). The forgivable down payment assistance loan may be used to pay for down payment, closing costs, and/or other cost related to home purchase.
However, the loan amount may not exceed ten percent (10%) of the purchase price of an eligible home. The teacher's home must be situated within thirty (30) miles of a high priority school district and not exceed the statutory purchase price limit.
If the teacher fulfills his or her obligation to teach for five (5) continuous years in a high priority school district, one hundred percent (100%) of the loan will be forgiven. Therefore, the forgivable loan will be interest free if the teacher fulfills his or her obligation within a high-priority school district.
One fifth (1/5) of the original loan amount will be forgiven annually based on the teacher's continual employment in a high-priority school district. In order to receive the assistance, the teacher must execute a Promissory Note(s) and an Arkansas Teacher Housing Development Forgivable Loan Agreement.
In addition to the forgivable down payment loan program, eligible teachers may also apply for up to $2,000.00 per year rental stipend (based upon available funds). Teachers must teach in a high priority school district.
The leased rental unit must be situated in a qualifying high priority school district or no more than thirty (30) miles away from a qualifying high priority school district. The teacher must be continuously employed by a high priority school district during the school year in which he/she receives the stipend.
Based upon the available funds, the Foundation will allocate housing incentives to an unspecified number of teachers for each applicable funding term.
III.
ELIGIBILITY
The Arkansas Teacher Housing Incentive Program (ATHIP) grants housing assistance to high performing teachers who agree to teach in high priority school districts.
To be eligible for ATHIP assistance, the teacher must:
(A) have at least three (3) years experience teaching the subject matter that will be taught in the high priority school district;
(B) possess a valid teaching license; and
(C) have previously taught in a high performing school district, or
(D) be currently teaching in a high priority school district or high performing school district.
High performing and high priority school districts are designated by the Board. The list of high performing and high priority school districts are available by contacting the Foundation and/or on the Foundation's website.