ARKANSAS DEVELOPMENT FINANCE AUTHORITY

Press Release

For Immediate Release
May 24, 2007

Contact:  Communications Manager Derrick Rose – 501-692-5904

                       $87.7 Million Awarded for Affordable Housing

            The Arkansas Development Finance Authority has awarded $78,419,350 in federal and state tax credits and another $9,335,011 in federal HOME program funds to help in the construction or renovation of 26 projects located throughout Arkansas.  The funds will be used to build or renovate 992 affordable rental housing units for families, individuals and persons with special support needs in Arkansas and help provide greater housing choice and opportunity for low-income households. 

             “This latest funding round was very competitive with affordable housing developers making requests that exceeded recommended funding by over $40 million,” said Vice President for Housing Sara Braswell.

            The following developments were awarded Low Income Housing Tax Credits (LIHTC), HOME Program Funds or a combination of both:

Congressional District 1

Development                City                  LIHTC             HOME             # Units

 

Augusta Square Apts.        Augusta                $1,547,460              $100,000                 23 (renovation)

Cottonwood Apts.              Walnut Ridge        $1,577,710              $400,000                 25 (renovation)

Mountain Lodge                 Mountain View     $1,773,240              $400,000                 32 (renovation)

Congressional District 2

Development                City                  LIHTC             HOME             # Units

Auxora Arms Apts.             Little Rock             $3,750,480              $400,000                 100 (renovation)

Cumberland Manor              Little Rock             $4,000,000              $400,000                 42 (new construction)

Donaghey Court Phase II   Conway                 $4,611,170              $400,000                 32 (new construction)

Metropolitan Village        Little Rock             $4,000,000              $400,000                 42 (new construction)

Park Ridge at Conway II     Conway                 $4,000,000              $400,000                 38 (new construction)

Ridge at Searcy II                 Searcy                    $4,000,000              $400,000                 38 (new construction)

Rock Creek Apts.                 Conway                 $4,000,000              $400,000                 44 (new construction)

Congressional District 3

Development                City                  LIHTC             HOME             # Units

Lindenwood Apts.               Alma                       $1,320,220              $400,000                 24 (renovation)

NW Regional Supportive

Living Facility                       Harrison                 $3,090,110              $400,000                 40 (new construction)

River Bend Apts.                  Jasper                     $2,083,370              $300,001                 29 (renovation)

Rock Creek Apts.                 Fort Smith              $4,000,000              $400,000                 45 (new construction)

Valley Estates                       Clarksville              $4,000,000              $400,000                 38 (new construction)

Congressional District 4

Development                City                  LIHTC             HOME             # Units

Centennial Apts.                   Dumas                    $1,386,140              $400,000                 23 (new construction)

Creekwood Place              Warren              $1,189,240              $400,000                 40 (renovation)

Eudora Terrace Apts.           Eudora                   $1,470,000              $300,010                 32 (renovation)

Gardens, Whispering Knoll Pine Bluff              $3,768,880              $301,000                 40 (new construction)

Mountain View Apts.           Hot Springs           $4,000,000              none                       39 (renovation)

Mountain View Apts.           Paris                       $1,627,490              $334,000                 32 (renovation)

Park Ridge at Texarkana       Texarkana              $4,000,000              $400,000                 38 (new construction)

Peaks at Hope                        Hope                      $4,000,000              $400,000                 38 (new construction)

Pine Meadows                       Camden                 $1,223,840              $400,000                 50 (renovation)

The Oaks                                Mena                      $4,000,000              $400,000                 30 (new construction)

The Vineyards                       El Dorado               $4,000,000              $400,000                 38 (new construction)

Total:                                                                     $78,419,350          $9,335,011                   992 units

            ADFA administers the state HOME Program and Low Income Housing Tax Credit Program to finance affordable housing in partnership with local governments, non profit organizations and for-profit developers. 

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