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Goals and Uses
Goals
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To contribute to economic growth through increased housing production, employment, and tax revenues;
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To leverage additional private investment in Arkansas communities;
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To provide a dedicated, flexible source of funds for communities to address their affordable housing needs;
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To help families build wealth and economic stability; and,
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To revitalize distressed neighborhoods and build healthy, vibrant communities by developing high quality affordable housing.
Eligible Uses
Housing Trust Fund dollars will be used to provide grants, loans, loan guarantees, and/or loan subsidies to eligible applicants to fund residential housing and/or related activities. Eligible activities will include, but are not limited to:
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Affordable housing projects consisting of new or rehabilitation
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Construction of rental or homeownership housing
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Rental assistance
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Land acquisition
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Pre-development costs
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Infrastructure
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Transitional housing
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Down payment assistance
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Housing and foreclosure counseling
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Technical assistance
Allocations
Housing Arkansas celebrated an important step forward in its campaign to secure a dedicated source of revenue with the passage of SB 728 in 2013. SB 728 (Act 1518) allocated $500,000 to the Arkansas Housing Trust Fund to create pilot housing options in each of the four congressional districts, the first investment of state funds since the Housing Trust Fund was established. Arkansas Development Finance Authority's Board of Directors approved the following Arkansas Housing Trust Fund allocation in February, 2015:
Old Fort Homeless Coalition $250,000 To develop comprehensive services for homeless populations *
City of Little Rock $230,000 To provide housing rehabilitatioin assistance to elderly homeowners *
Hope Continuum $20,000 For rental and utility deposits for formerly homeless persons *
* Additional details available from ADFA.
