ARKANSAS, USA — The Arkansas Development Finance Authority (ADFA) has awarded more than $75 million in federal Low-Income Housing Tax Credits (LIHTC) that will generate approximately $64 million in equity.
The tax credits will be used to build nine affordable multi-family housing developments with 499 units for Arkansas families, seniors, and people with disabilities.
According to reports, the total construction cost is approximately $89 million and will create hundreds of jobs in the state.
In addition to the federal LIHTC, the ADFA also loaned approximately $16 million in federal HOME Investment Partnerships Program funds to developers.
“Developing high-quality and affordable housing is vital for the success of our state,” said Secretary of Commerce Hugh McDonald. “The Low-Income Housing Tax Credits program encourages capital investment and will support the construction of multi-family developments, creating hundreds of new housing units as well as new jobs for Arkansans.”
Applicants who will be receiving 2023 LIHTC awards are listed below:
The LIHTC program is an important resource for creating affordable housing in Arkansas, as well as the state’s primary means of drawing private capital toward the acquisition, rehabilitation, or construction of rental housing for lower-income households.
“ADFA is working to ensure Arkansans have access to safe, affordable places to call home, so they can build better lives for themselves and their families,” said ADFA President Mark Conine. “The LIHTC program is a great example of how public and private dollars can come together to serve Arkansans and benefit the overall economic health of our state. These quality multi-family units will provide excellent homes for working families and seniors to combat the growing shortage of affordable rental housing in Arkansas.”