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109.04.6-I. Scope of the Monitoring Inspection.

AR ADC 109.04.6-IArkansas Administrative Code

West's Arkansas Administrative Code
Title 109. Development Finance Authority
Division 04. Multi-Family Housing
Rule 6. Compliance Monitoring Policies and Procedures Manual for the Home Program
Ark. Admin. Code 109.04.6-I
109.04.6-I. Scope of the Monitoring Inspection.
When a project is selected for review, ADFA staff will contact the owner or manager at least two (2) weeks before the scheduled visit. ADFA staff will schedule an initial review of multi-family projects within the first year of project completion, or as soon thereafter as possible, to review tenant files; property management and financial viability; marketing procedures; tenant selection criteria; rent and occupancy records; project financial records (e.g. bank statements, income and expenses, security deposit account, reserve account income and expenses). After the initial visit, ADFA staff will schedule monitoring reviews as follows:
Multi-family rental projects will be selected based on the total number of units in the project:
1 - 4 units
every three years
5 -25 units
every two years
26 or more units
annually
Homeowner rehabilitation and Homebuyer projects will be reviewed annually.
Agencies that administer Tenant-Based Rental Assistance (TBRA) will be monitored annually during the term of the TBRA assistance.
For projects of up to 5 units, ADFA staff will review all tenant files and units. For projects of more than 5 units, ADFA staff will randomly select a minimum of five (5) or 20% of tenant files and units for monitoring. Staff will focus in the areas of record keeping, fair housing, tenant files, housing quality standards (hqs), and other terms or conditions. Additionally, owners or recipients must complete and submit the Annual Project Compliance Reports for Rental, Homebuyer and Homeowner projects. Samples of the Compliance Reports are attached hereto as Exhibits A.
Required Period of Affordability
Rehabilitation or acquisition of existing structures with HOME investment per unit of:
Period of Affordability
Less than $15,000
5 years
$15,000 - $40,000
10 years
$40,000 or more
15 years
Refinance of Rehabilitation project:
Any Amount
15 years
New construction, including acquisition of new units:
Any amount
20 years
Current with amendments received through December 15, 2023. Some sections may be more current, see credit for details.
Ark. Admin. Code 109.04.6-I, AR ADC 109.04.6-I
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