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Arkansas Development Finance Authority Announces More Than $70 Million to Build and Preserve 464 Affordable Housing Units

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The Arkansas Development Finance Authority (ADFA) Board of Directors today awarded federal housing tax credits to thirteen affordable rental projects totaling more than $70 million in equity to build and preserve 464 affordable housing units in Benton, Crawford, Crittenden, Desha, Faulkner, Garland, Mississippi, Pulaski and Washington counties.

“The housing tax credits awarded today are the single largest source of funding for the development of quality affordable rental housing in Arkansas and will provide nearly 500 individuals and families with homes,” said ADFA President Aaron Burkes.

The Internal Revenue Service makes an annual per capita allocation of federal tax credits to each state for the Federal Low Income Housing Tax Credit (LIHTC) program. ADFA is charged with allocating those credits to affordable housing developers. The developers who receive tax credits sell them to investors to generate equity for the housing developments.