1. The Arkansas Development Finance Authority Rules and Regulations Implementing the Law on the Allocation of the State Volume Cap for Private Activity Bonds Pursuant to Act 1044 of 2001 (“Volume Cap Rules and Regulations”) in effect at the time an application is filed;

2. These 2009 Guidelines for Reserving Volume Cap for Tax-Exempt Private Activity Bonds for Residential Rental Housing (“2009 Bond Guidelines for Residential Rental Housing”); and

3. The Housing Credit Program 2009 Qualified Allocation Plan (“QAP”). Applicants applying to reserve volume cap for tax-exempt bonds must utilize the four percent (4%) low-income housing tax credits. ADFA retains the authority to determine eligibility to receive tax credits and the amount of tax credits to be awarded to the development.

Each applicant must complete an “Application for Reservation of Volume Cap”, (see Appendix A-1 to the Volume Cap Rules and Regulations) and a 2009 Multi-Family Housing Application. Only complete applications will be considered for funding. Facsimiles and e-mails will not be accepted. The 2009 Multi-Family Housing Application must be submitted online as provided by ADFA and by submitting a tabbed, 3-ring bound hardcopy delivered to ADFA at the following address:

Following assignment of a Priority Number pursuant to Section 3.4 of the Volume Cap Rules and Regulations, the applicant will be notified of the date and time the applicant will be required to make a formal presentation of its development for approval to the Board Housing Review Committee.