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109.04.1-V. Allocation of State Housing Credits.

AR ADC 109.04.1-VArkansas 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-V
109.04.1-V. Allocation of State Housing Credits.
Ark. Code Ann. ยง 26-51-1702 provides that a taxpayer owning an interest in a low-income development qualifying for Housing Credits will be eligible for State Housing Credits equal to twenty percent (20%) of the allocated federal amount. The State statute limits the allocation of State Housing Credits to $250,000 in any one taxable year. Recognizing the limited availability of the State Housing Credits and with a desire to assign those credits where they are most needed, the applicant shall demonstrate need in the MFHA. Based on demonstrated need in the MFHA, the Authority will give an allocation of State Housing Credits to those developments as prioritized below:
1. Developments receiving an allocation of Housing Credits that are to be located entirely in any one of the low-income counties designated in the State Consolidated Plan will be awarded State Housing Credits equal to twenty percent (20%) of the applicable Federal Housing Credits.
2. In the event of a shortage of eligible developments in low-income counties designated in the Consolidated Plan, priority for State Housing Credits, equal to twenty percent (20%) of the applicable Federal Housing Credits, will be awarded to those qualified developments located within Qualified Census Tracts, beginning with the highest score under the scoring system set forth in the MFHA.
3. In the event of a shortage of eligible developments in low-income counties designated in the Consolidated Plan and eligible developments located within Qualified Census Tracts, priority for State Housing Credits, equal to twenty percent (20%) of the applicable Federal Housing Credits, will be awarded to developments located within counties identified herein as not having received an award of tax credits in the previous three (3) years, beginning with the highest score under the scoring system set forth in the MFHA.
4. To the extent that there are remaining State Housing Credits, the State Housing Credits will be allocated, equal to twenty percent (20%) of the applicable Federal Housing Credits, to remaining qualified developments until such time as the available State Housing Credits are exhausted, with priority given to those developments with the highest scores under the scoring system set forth in the MFHA.
5. The Authority expects to allocate no less than ten percent (10%) of State Housing Credits to non-profit organizations.
The Authority will annually notify the Arkansas Department of Finance and Administration of those developments that have been allocated State Housing Credits. The Arkansas Department of Finance and Administration will be notified of any revocation of State Housing Credits.

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 December 15, 2023. Some sections may be more current, see credit for details.
Ark. Admin. Code 109.04.1-V, AR ADC 109.04.1-V
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