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109.04.6-IV. Record Retention.

AR ADC 109.04.6-IVArkansas 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-IV
109.04.6-IV. Record Retention.
1. For rental housing, general records must be kept for five (5) years after project completion, and tenant income, rent, and inspection information must be kept for the most recent five years, until five years after the affordability period ends;
2. Homeownership records must be kept for five (5) years after project completion. For resale/recapture, records must be kept for five years after the affordability period ends;
3. TBRA records must be kept for five (5) years after rental assistance ends;
4. Written agreements must be kept for five (5) years after the agreement ends;
5. Displacement and acquisition records must be kept for five (5) years after final payment to displaced persons; and
6. Litigation, claim negotiation, audit, monitoring reports, inspections or other action reports must be kept until end of action or a specified required period, whichever is later.
Owners and managers must be aware that some developments may have utilized other federal funding or Low Income Housing Tax Credits (LIHTC). The record retention requirements of those programs may differ from the HOME requirements. Owners must comply with the record retention requirements of each program.
Current with amendments received through December 15, 2023. Some sections may be more current, see credit for details.
Ark. Admin. Code 109.04.6-IV, AR ADC 109.04.6-IV
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