Arkansas Administrative Code

15 CAR § 91-110. Barriers to addressing the ELI and veteran ELI population. (a)(1) Various obstacles to addressing the targeted ELI veterans population exist across Arkansas. (2) In the rural counties, transportation is a major issue. (3) The shortage of affordable permanent hous…

15 CAR § 91-111. Compliance with national Housing Trust Fund regulations. (a)(1) Each eligible recipient must certify that housing units assisted with national Housing Trust Fund (HTF) funds will comply with all HTF requirements. (2) The certification must include: (A) The number…

15 CAR § 91-112. Performance goals. (a) Arkansas Development Finance Authority’s goal in administering the national Housing Trust Fund (HTF) program is the new construction of decent, safe, and sanitary rental housing, primarily targeting a specific underserved group: the ELI vet…

15 CAR § 93-101. Purposes of the Arkansas Housing Trust Fund. As contained in Arkansas Code § 15-5-1702(3) of the Arkansas Housing Trust Fund Act of 2009, Arkansas Code § 15-5-1701 et seq., the purposes of the Arkansas Housing Trust Fund shall be: (1) To provide a flexible source…

15 CAR § 93-102. Eligible beneficiaries. As contained in Arkansas Code § 15-5-1709(a)(1) of the Arkansas Housing Trust Fund Act of 2009, Arkansas Code § 15-5-1701 et seq., eligible beneficiaries of Arkansas Housing Trust Fund activities must have total annual household incomes eq…

15 CAR § 93-103. Eligible activities. As contained in Arkansas Code § 15-5-1708(b) of the Arkansas Housing Trust Fund Act of 2009, Arkansas Code § 15-5-1701 et seq., the eligible activities of the Arkansas Housing Trust Fund may include, without limitation or priority, the follow…

15 CAR § 93-104. Eligible applicants. As contained in Arkansas Code § 15-5-1708(c) of the Arkansas Housing Trust Fund Act of 2009, Arkansas Code § 15-5-1701 et seq., eligible applicants of assistance from the Arkansas Housing Trust Fund shall include, without limitation or priori…

15 CAR § 93-105. Eligible uses of Arkansas Housing Trust Fund resources. As contained in Arkansas Code § 15-5-1708(a) of the Arkansas Housing Trust Fund Act of 2009, Arkansas Code § 15-5-1701 et seq., the uses of the Arkansas Housing Trust Fund shall be to provide assistance for …

15 CAR § 93-106. Minimum requirements. As contained in Arkansas Code § 15-5-1709(a) of the Arkansas Housing Trust Fund Act of 2009, Arkansas Code § 15-5-1701 et seq., for an activity to be eligible for Arkansas Housing Trust Fund support, the following minimum requirements must b…

15 CAR § 93-107. Other minimum requirements. (a) Applications or proposals for use of Arkansas Housing Trust Fund resources for development or redevelopment activities may not provide for fewer than five (5) affordable housing units. (b) All applications or proposals for use of A…

15 CAR § 93-108. Fund distribution — Set-asides, incentives, inducements. (a) As contained in Arkansas Code § 15-5-1709(b) of the Arkansas Housing Trust Fund Act of 2009, Arkansas Code § 15-5-1701 et seq., the following rules shall apply to distribution of any Arkansas Housing Tr…

15 CAR § 93-109. Other fund distribution requirements. (a) Arkansas Housing Trust Fund resources will be provided to approved recipients in a manner consistent with fund distribution of other Arkansas Development Finance Authority housing resources. (b) This requirement includes …

15 CAR § 93-110. Terms of Arkansas Housing Trust Fund loan assistance. (a) If Arkansas Housing Trust Fund funds are provided to eligible recipients in the form of a loan, the funds will be loaned at a minimum interest rate of one percent (1%) per annum for a minimum loan term of …

15 CAR § 93-111. Program income. (a) Arkansas Housing Trust Fund activity that generates program income, as defined in the Arkansas Housing Trust Fund grant or loan agreement between the recipient and the Arkansas Development Finance Authority, as a direct result of Arkansas Hous…

15 CAR § 93-112. Evaluation criteria. (a) As contained in Arkansas Code § 15-5-1709(b)(3) of the Arkansas Housing Trust Fund Act of 2009, Arkansas Code § 15-5-1701 et seq., the following evaluation criteria, without limitation, shall be used to determine recipients of funding fro…

15 CAR § 93-113. Affordable rents. Rents for eligible tenants will be considered to be affordable if the rent does not exceed thirty percent (30%) of the household’s income at eighty percent (80%), sixty percent (60%), fifty percent (50%), and thirty percent (30%) of the United S…

15 CAR § 93-114. Project reporting. (a) All Arkansas Housing Trust Fund recipients will be required to and are responsible for reporting information related to the uses of Arkansas Housing Trust Fund resources to the Arkansas Development Finance Authority in a timely manner to fa…

15 CAR § 93-115. Project monitoring. (a)(1) All activities funded by Arkansas Housing Trust Fund resources will be periodically monitored for compliance. (2) During project implementation, Arkansas Development Finance Authority inspectors will inspect any work completed using Ark…

15 CAR § 94-101. Generally. (a)(1) The Arkansas Development Finance Authority (the authority) is responsible for administering the Finance Adjustment Factor (FAF) and Below Market Interest Rate (BMIR) funds. (2) FAF funds arose from the refunding of bonds and recapture of Section…

15 CAR § 94-102. Eligibility. (a) The Finance Adjustment Factor and Below Market Interest Rate (FAF/BMIR) Loan Fund is available to any entity that conforms to the requirements for providing affordable housing under any of the Arkansas Development Finance Authority’s affordable r…

15 CAR § 94-103. Underwriting requirements. (a) All underwriting requirements and provisions in the Qualified Allocation Plan in effect at time of application submission are applicable to applicants for Finance Adjustment Factor (FAF) and Below Market Interest Rate (BMIR) loan fu…

15 CAR § 94-104. Minimum design requirements. All developments for which owners are awarded Finance Adjustment Factor (FAF) and Below Market Interest Rate (BMIR) funds (“recipients”) must comply with the Multi-Family Housing Minimum Design Standards, 15 CAR pt. 96, and all other …

15 CAR § 94-105. Market need. (a) All applicants for Finance Adjustment Factor (FAF) and Below Market Interest Rate (BMIR) funds must submit a market study, dated within six (6) months of the application, that evidences the primary market area’s need for the development as it is …

15 CAR § 94-106. Capital needs assessment. (a) All rehabilitation developments applying for Finance Adjustment Factor (FAF) and Below Market Interest Rate (BMIR) funds must submit a capital needs assessment that includes a: (1) Thorough description of the work that is needed to f…

15 CAR § 94-107. Application fee and deadline. (a)(1) The applicant must submit payment by check made payable to the Arkansas Development Finance Authority in the amount of five hundred dollars ($500) with each Finance Adjustment Factor (FAF) and Below Market Interest Rate (BMIR)…

15 CAR § 94-108. Loan terms. Finance Adjustment Factor (FAF) and Below Market Interest Rate (BMIR) loans shall bear a fixed interest rate of one percent (1%) per annum and shall be amortized and repayable over twenty (20) years unless otherwise approved by the Board of Directors …

15 CAR § 94-109. Land use restriction agreement. (a) All recipients must execute and record in the real property records of the county in which the development is located a Finance Adjustment Factor (FAF) and Below Market Interest Rate (BMIR) land use restriction agreement (LURA)…

15 CAR § 94-110. Compliance. (a)(1) Recipients shall be monitored by the Compliance Department of the Arkansas Development Finance Authority at a minimum of once every three (3) years. (2) Continuing requirements on recipients will include, but not be limited to, maintaining file…

15 CAR § 94-111. FAF/BMIR Agreement. (a) All recipients must execute a Finance Adjustment Factor (FAF) and Below Market Interest Rate (BMIR) Agreement, which shall be prepared by the Arkansas Development Finance Authority. (b) The agreement shall set forth all requirements with w…

15 CAR § 94-112. Preconstruction meeting. (a) All recipients must participate in a preconstruction meeting with the Arkansas Development Finance Authority staff prior to beginning any work on the development. (b) A final set of plans must be submitted to the authority’s staff for…

15 CAR § 94-113. Arkansas Fair Housing Commission certification. Effective January 1, 2012, all principals of all applicants, developers, management companies, consultants, and architects on an applicant’s development team must submit a copy of certification evidencing completion…

15 CAR § 94-114. Reimbursements. (a) No development may be reimbursed for predevelopment interest. (b) Predevelopment interest is all interest paid and accrued prior to the closing of Finance Adjustment Factor (FAF) and Below Market Interest Rate (BMIR) funds by applicant or any …

15 CAR § 94-115. Other applicable requirements. The QAP in effect at time of the Finance Adjustment Factor (FAF) and Below Market Interest Rate (BMIR) application shall control as to all matters arising that are not specifically addressed herein.

15 CAR § 97-101. Generally. (a)(1) These market study guidelines ("guidelines") apply to all applicants seeking: (A) Housing tax credits under Arkansas’s low-income housing tax credit program (LIHTC); (B) Tax-exempt bond financing under Arkansas’s volume cap for private activity …

15 CAR § 97-102. Table of contents. (a) Each section of the market study must be identified with the corresponding page number. (b) Any exhibit or chart within the market study must be numbered for easy reference.

15 CAR § 97-103. Photographs. (a) All photographs should be labeled and placed in the section of the market study where referenced. (b)(1) Good, quality color photographs of the subject property must be included. (2) The photographs must be properly labeled and include north, sou…

15 CAR § 97-104. Executive summary and conclusions. The following must be included: (1)(A) A concise description of the site and adjacent parcels, particularly neighborhood housing. (B) The description must include the development's: (i) Name; (ii) Street address (if available); …

15 CAR § 97-105. Development description. The following must be included: (1) A detailed description of the development location, including: (A) Closest streets; (B) Number of acres; (C) Site configuration; (D) Contiguous land use; and (E) Zoning; (2) Total proposed development u…

15 CAR § 97-106. Delineation of market area. The following must be included: (1)(A) An identification of the geographic market area by census tracts, jurisdictions, street names, or other geography forming the boundaries from which potential renters will be drawn (include a map t…

15 CAR § 97-107. Market area economy. Except independent senior, assisted living, and supportive housing for disabled persons' developments, the following information regarding the market area must be included: (1) Employment by industry type, i.e., manufacturing, service, financ…

15 CAR § 97-108. Demographic data. (a)(1) All proposals shall provide the following demographic information for the market area: (A) Population trends: (i) Total population; (ii) Population by age group; (iii) Number of senior and non-senior (senior developments only); and (iv) O…

15 CAR § 97-109. Need analysis. (a) In preparing its analysis of the need for the proposed development in the market area, it is the responsibility of the market analyst to be aware of the applicable income and gross rent restrictions and requirements of the applicable affordable…

15 CAR § 97-110. Absorption period. (a)(1) The market study should define and justify the absorption period for the development. (2) The absorption period is considered to start as soon as the first units are released for occupancy. (b) The analysis must provide an estimate of th…

15 CAR § 97-111. Comparable units and developments. (a)(1) The market study must identify all comparable units and developments in the primary market area. (2) There is no minimum or maximum number of comparable developments as all such developments must be included. (3)(A) Do no…

15 CAR § 97-112. Appendix. (a)(1) The national proprietary data provider for any data entry in the market study must be referenced by footnote with a copy of the source document page included in the appendix. (2) The footnote should identify the appendix number of the source docu…

15 CAR § 97-113. Disclaimer. (a)(1) The Arkansas Development Finance Authority reserves the right, in its sole and absolute discretion, to evaluate the need for the affordable housing proposed to be developed in the market area. (2) The authority is not bound by any recommendatio…

15 CAR § 97-114. Compliance. (a) Failure of the market analyst to comply with any guidelines set forth herein may result in rejection of the proposed development’s application from consideration for an award of federal low-income housing tax credits and all other Arkansas Develop…