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109.04.1-VIII. Clarifications.

AR ADC 109.04.1-VIIIArkansas 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-VIII
109.04.1-VIII. Clarifications.
The Authority is charged with allocating no more Housing Credits to any given development than is required to make that development economically feasible. This decision shall be made solely at the discretion of the Authority, but in no way represents or warrants to any sponsor, investor, lender or anyone else that the project is, in fact, feasible or viable.
ADFA's review of documents submitted in connection with the allocation is for its own purposes. ADFA makes no representations to the owner or anyone else as to compliance with the Code, Treasury regulations, or any other laws or regulations governing Housing Credits. The applicant and owner of the development are responsible for understanding and following all applicable tax law requirements for the development.
No director, officer, agent or employee of ADFA shall be personally liable concerning any matters arising out of, or in relation to, the award or allocation of Housing Credits, the rejection of any MFHA for housing credits, the award or lack of award of any other ADFA-administered resource whether federal or state in origin, the closing of any awarded funds or lack of closing, or the failure of a development to comply with federal, state or local laws, regulations, or other governing instruments, or the recapture of any credits or funds from any development, or the failure of any development to remain financially feasible, or the failure of any development to meet federal, state, or local deadlines.
ADFA reserves the right to amend this Qualified Allocation Plan as necessary to prudently administer ADFA-administered funds or to comply with state or federal law. ADFA reserves the right to adopt rules ancillary to this Qualified Allocation Plan as necessary to prudently administer ADFA-administered funds. ADFA reserves the right to make any and all necessary technical changes to this Qualified Allocation Plan as circumstances may warrant. ADFA reserves the right to do or require all things necessary or convenient to carry out its purposes, pursuant to Ark. Code Ann. Section 15-5-207(b)(20)(A) and Ark. Code Ann. Section 15-5-207(b)(26).
It is the policy of ADFA to prohibit applicants from contacting ADFA staff in any manner regarding any application after submission of application and during the ADFA review period, unless ADFA staff has initiated contact for clarification of material or questions pertinent to application underwriting. ADFA review period concludes when the ADFA Board of Directors approve successful applicants. Violations of this policy will be brought to the attention of the Board Housing Review Committee and could result in a downgrade to the final scoring, rejection of the application from consideration for an award of federal or state housing credits, or suspension or disqualification from the ADFA housing tax credit program.
The provision of these policies and procedures shall apply to any multi-family housing program administered or multi-family housing transaction funded by ADFA. ADFA retains the right to suspend for good cause any entity who does not exhibit the capacity to effectively administer, manage, and/or utilize resources provided by ADFA to further affordable housing in Arkansas. By action of ADFA's Board of Directors dated August 21, 2003, the President of ADFA shall have full authority to suspend for good cause persons or organizations from participation in ADFA housing programs. Any appeal of such suspension shall be presented in writing to the ADFA President for possible consideration. The appeal shall provide written justification for the appeal request. The President of ADFA shall review the written appeal request and make a recommendation to the ADFA Board Housing Review Committee as to the merits of the justification provided in the appeal request. The decision to allow any appeal of suspension shall reside with the Board Housing Review Committee, which will set the time, date, terms, and requirements associated with any appeal process granted by the ADFA Board Housing Review Committee.

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 February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 109.04.1-VIII, AR ADC 109.04.1-VIII
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