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109.04.2-VI. Fees.

AR ADC 109.04.2-VIArkansas Administrative CodeEffective: January 29, 2018

West's Arkansas Administrative Code
Title 109. Development Finance Authority
Division 04. Multi-Family Housing
Rule 2. Guidelines for Reserving Volume Cap for Tax-Exempt Private Activity Bonds for Residential Rental Housing
Effective: January 29, 2018
Ark. Admin. Code 109.04.2-VI
109.04.2-VI. Fees.
A. APPLICATION FEE. A Five Hundred Dollar ($500) non-refundable application fee is payable at the time an application is submitted to ADFA. Applications submitted without the application fee will be considered incomplete.
B. ISSUANCE FEE (ADFA ISSUES ONLY). A one-time fee of 0.5%, based on the principal amount of bonds issued, is payable at the bond closing for bonds with a maturity date of five (5) years or less.
An annual fee of 0.125%, based on the principal amount of bonds issued, is payable on October 1 of each year the bonds remain outstanding for bonds with a maturity date in excess of five (5) years.
C. LOW-INCOME HOUSING TAX CREDITS (“LIHTC”) FEES.
1. RESERVATION OF CREDIT FEE. A non-refundable reservation fee of One Hundred Dollars ($100) per low-income unit will be required at the bond closing.
2. AWARD OF CREDIT FEE. An award of credit fee of One Hundred Fifty Dollars ($150) per low-income unit will be required at the time the credits are awarded (at issuance of IRS Form 8609).
3. COMPLIANCE/MONITORING FEE. A compliance and monitoring fee of six percent (6%) of the amount of annual credits is required to be paid at the time the credits are awarded (at issuance of IRS Form 8609). In addition, a monitoring fee of $50 per low-income housing tax credit unit inspected will be owed to the Authority following any on-site compliance and monitoring inspection conducted by the Authority during the extended period following the close of the 15-year compliance period.

Credits

Amended emergency effective Sept. 22, 2017. Amended Jan. 29, 2018.
Current with amendments received through December 15, 2023. Some sections may be more current, see credit for details.
Ark. Admin. Code 109.04.2-VI, AR ADC 109.04.2-VI
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