The Arkansas Development Finance Authority (ADFA) announced the availability of $7.5 million in funding from the National Housing Trust Fund (NHTF) for the construction of rental housing for extremely low-income (ELI) veterans. ELI is defined as households with incomes of 30 percent of area median income (AMI) or below the poverty line (whichever is greater). Preference will be given to ELI Veterans:
- With special needs,
- Who are homeless or may become homeless,
- With mental health issues, and/or
- Vets who are leaving correctional facilities.
Under Title 38 of the Code of Federal Regulations, a Veteran is defined as a person who served in the active military, naval, or air service, and who was discharged or released under conditions other than dishonorable.
Eligible recipients are an organization, agency, or other entity (including a public housing agency, or a for-profit entity or a nonprofit entity) that receives NHTF assistance from a grantee as an owner or developer to carry out an NHTF-assisted project. A single proposed multi-family development may not contain less than four (4) units designated and reserved for ELI Veterans’ households.
Applications, which are available here under the National Housing Trust Fund section, are due by Aug. 19, 2019 or until funds are depleted. ADFA will award these funds as forgivable grants to recipients whose proposed developments are approved for funding. The grant will remain a forgivable grant, as long as the development remains in compliance with ADFA and NHTF requirements for the entire thirty-year affordability period.