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109.04.1-IV. Housing Credit Allocation Standards.

AR ADC 109.04.1-IVArkansas Administrative Code

West's Arkansas Administrative Code
Title 109. Development Finance Authority
Division 04. Multi-Family Housing
Rule 1. Housing Credit Program Qualified Allocation Plan
Ark. Admin. Code 109.04.1-IV
109.04.1-IV. Housing Credit Allocation Standards.
Currentness
A. AMOUNT
The base amount of annual credit authority is based upon population estimates released each year by the Internal Revenue Service.
The maximum amount of Housing Credits that may be reserved for allocation to one individual development shall be no more than $600,000 of the annual Housing Credits available in the calendar year. HOWEVER, the maximum amount of Housing Credits that may be reserved for allocation to one individual development: 1) that is located in a Designated Low-Income County as defined in the currently applicable State Consolidated Plan; 2) whose structure(s) are individually listed in the National Register of Historic Places or have been determined to contribute to a Registered Historic District; 3) that is a qualified Assisted Living development; or shall be no more than $625,000 of the annual Housing Credits available in the calendar year.
Pursuant to Section 42(d)(5)(B)(v) of the IRC, the Authority designates that the eligible basis of any qualified low-income new building will be increased by thirty (30%) if:
1. it is a building within a qualified Assisted Living development;
2. it is located in any low-income county designated in the currently applicable State Consolidated Plan;
3. it is located in a county in which a tax credit award has not been made in the past three (3) years;
4. it is funded in part by Rural Development; or
5. it is a building that ADFA determines needs the boost to be economically feasible. However, it is not available to any building that would already qualify for boost under 1, 2, 3 or 4 above. This boost will not apply to any noncompetitive 4% application.
B. SET-ASIDE.
1. Non-Profit Set-Aside. Not less than ten percent (10%) of the Housing Credits will be set aside for developments involving any qualified non-profit organization that meets the standards set forth in IRC § 42(h)(5)(C). The organization shall be a qualified non-profit organization, as defined in IRC § 501(c)(3) or § 501(c)(4), which is not affiliated with or controlled by a for-profit organization and has included in its Articles of Incorporation, as one of its tax-exempt purposes, the fostering of low-income housing. The appropriate section of the MFHA (NON-PROFIT DETERMINATION) shall be completed and copies of the non-profit organization's Articles of Incorporation and Internal Revenue Service (“IRS”) documentation determining the organization exempt from federal income tax under IRC § 501(a) shall be included with the MFHA.

Credits

Amended Oct. 23, 2009; Nov. 5, 2010; Nov. 23, 2011; Nov. 21, 2012; Oct. 25, 2013; Dec. 19, 2014.
Current with amendments received through May 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 109.04.1-IV, AR ADC 109.04.1-IV
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