(a) In order for a proposal to be an activity eligible for support, the following minimum requirements must be present:
(1) Beneficiaries of the activity must have household incomes equal to or less than eighty percent (80%) of the median household income;
(2) Housing to be funded must meet the same requirements for duration of affordability as set forth in the rules of the Arkansas Development Finance Authority for its HOME Investment Partnership Program;
(3) Housing to be funded must adhere to the universal design criteria set forth in the rules and regulations of the authority;
(4) Housing to be funded must meet all building and maintenance standards set forth in the rules of the authority; and
(5) No more than ten percent (10%) of the project budget may be spent on administrative costs.
(b) (1) Activities to be funded by the Arkansas Housing Trust Fund shall be selected through a competitive process under rules to be promulgated by the authority.
(2) The rules of the authority shall include incentives, set-asides, or inducements for the development of housing, including without limitation for the following:
(A) Persons with very low income;
(B) Persons living in rural areas;
(C) Homeless persons;
(D) Persons with disabilities;
(E) Elderly persons; and
(F) Victims of domestic violence.
(3) The rules of the authority shall also set forth evaluation criteria, which shall include without limitation the following:
(A) The experience of the entity making the proposal, determined through consideration of the proposer's past history in completing activities of a similar scale and nature;
(B) If rental housing is being proposed, an evaluation of the property management history of the developer and management agent;
(C) The timeliness with which units will be developed or the activity implemented;
(D) The number of years a development shall maintain units at affordable rental or sales prices and the strength of enforcement mechanisms to ensure long-term affordability;
(E) The number of affordable units being made available to households with household incomes at or below thirty percent (30%) of area median household income;
(F) The degree to which housing trust fund moneys are used to leverage additional funding and the extent to which housing trust fund moneys will be returned through repayment;
(G) The extent to which the activity will leverage or augment local community affordable housing goals or locally adopted affordable housing plans such as revitalization areas or other geographic areas targeted for investment;
(H) The extent to which the activity will minimize negative impacts on existing tenants and community members, with particular emphasis on displacement;
(I) The extent to which housing produced will be part of a mixed income development or neighborhood;
(J) The extent to which the activity serves households with special needs, including persons who are elderly, disabled, mentally ill, homeless, or victims of domestic violence;
(K) The extent to which the activity adheres to energy efficiency and other environmental and sustainability standards;
(L) The extent to which housing will be located near transit, shopping, community services, and other amenities;
(M) The extent to which financial and home ownership counseling is provided to households served by the activity; and
(N) The amount of the activity budget spent on administrative costs.
Section: Previous 15-5-1702 15-5-1703 15-5-1704 15-5-1705 15-5-1706 15-5-1707 15-5-1708 15-5-1709Last modified: November 15, 2016