May 22, 2013 Edition
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The Arkansas Development Finance Authority has awarded $177,833 in federal low-income housing tax credits (LIHTC) and $219,300 in federal home program funds to Parkwood Apartments in Hoxie for renovation efforts.
The announcement was made on Thursday with funds awarded to 14 affordable rental developments throughout the state.
The authority awarded $7,248,907 in federal low-income housing tax credits, $250,000 in state tax credits, $4,269,300 in federal HOME program funds and $2,026,000 in mortgage settlement funds to help with construction or renovation.
The funds granted to Parkwood Apartments will be used to renovate the affordable rental housing units for families, individuals or those with special support needs. The funds will also help provide greater housing choices and opportunities for low-income households in the state.
The equity investment reduces the need for financing thereby reducing operating costs, which is passed along in the form of reduced rents
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