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15-5-1303. Affordable housing assistance activities and affordable housing units — Business firms proposing to provide — Procedure for approval and tax credit.

Arkansas Code — all titles (historical 2020) · legal_authorities

15-5-1303. Affordable housing assistance activities and affordable housing units — Business firms proposing to provide — Procedure for approval and tax credit.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-1303

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.

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Stable record: arkansas_code:legal_authorities:15-5-1303
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 57499d717f0649c86c96b62c5fe4c7def2fe43370ac2e6d7e095ff4b82497188

Source location: content.xml paragraph 9123

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15-5-1303. Affordable housing assistance activities and affordable housing units — Business firms proposing to provide — Procedure for approval and tax credit. (a) Any business firm which engages in providing affordable housing assistance activities in the State of Arkansas shall receive a tax credit as provided in § 15-5-1304 if the Arkansas Development Finance Authority or its delegate approves a proposal submitted by one (1) or more business firms for the provision of affordable housing units. (b) The proposal shall set forth: (1) A program of affordable housing to be conducted; (2) The location and number of affordable housing units; (3) The neighborhood area to be served; (4) Why the program is needed; (5) The time period for which affordable housing units shall be provided; (6) The estimated amount to be invested in the program; (7) Plans for implementing the program; and (8) A list of the business firms proposing to provide affordable housing assistance activities which are a part of the proposal. (c) In the case of rental affordable housing units, all proposals approved by the authority shall require a land-use restriction agreement stating the provision of affordable housing on the property for a time period deemed reasonable by the authority. (d)(1) In the case of owner-occupied affordable housing units, all proposals approved by the authority shall require a land-use restriction agreement for a time period deemed reasonable by the authority requiring any subsequent owner, except a lender with a security interest in the property, to be an owner-occupant whose income at the time of acquisition is at or below the level described in § 15-5-1302 and further requiring that the acquisition price to any subsequent owner shall not exceed by more than a five percent (5%) annual appreciation the acquisition price to the original, eligible owner at the time tax credits are first claimed. (2) The restriction shall be approved by the property owner and shall be binding on any subsequent owner of the property unless otherwise approved by the authority. (e) In approving a proposal, the authority may authorize the use of tax credits by one (1) or more of the business firms listed in the proposal and shall establish specific requirements regarding the degree of completion of affordable housing assistance activities necessary to be eligible for tax credits provided under this section. (f) If, in the opinion of the authority or its delegate, a business firm's investment can be made more consistently with the purposes of this section through contributions to a neighborhood organization, tax credits may be allowed as provided in this section. (g) The authority or its delegate is authorized to promulgate rules for: (1) Establishing criteria for evaluating such proposals by business firms for approval or disapproval; (2) Establishing housing priorities for approval or disapproval of such proposals by business firms; and (3) The certification of eligibility for tax credits authorized under this section. (h) The decision of the authority or its delegate to approve or disapprove a proposal pursuant to this section shall be in writing, and if approved, the maximum credit allowable to the business firm shall be stated. (i) A copy of the decision of the authority or its delegate shall be transmitted to the Secretary of the Department of Finance and Administration and to the Governor. (j) A copy of the certification approved by the authority and a statement of the total amount of credits approved by the authority, the amount of credits previously taken by the taxpayer, and the amount being claimed for the current tax year shall be filed in a manner and form designated by the secretary for any tax year in which a tax credit is being claimed.

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Arkansas Code — all titles (historical 2020) · legal_authorities

15-5-1302. Definitions.

15-5-1302. Definitions. As used in this subchapter: (1) “Affordable housing assistance activities” means money, real, or personal property expended or devoted to the construction or rehabilitation of affordable housing units developed by or in conjunction with any governmental unit or not-for-profit corporation, such costs to include related site and infrastructure costs and community and supportive services; (2) “Affordable housing unit” means: (A) For purposes of rental units, a housing unit or units which have restricted rents that do not exceed thirty percent (30%) of median income for the metropolitan area or county in which the project is located for: (i) At least forty percent (40%) of its units, which must be occupied by persons or families having incomes of sixty percent (60%) or less of the median income for the metropolitan area or county in which the project is located; or (ii) For at least twenty percent (20%) of its units, which must be occupied by persons or families having incomes of fifty percent (50%) or less of the median income for the metropolitan area or county in which the project is located; (B) In the case of owner-occupied units, a housing unit which is sold to a purchaser: (i) Whose family income does not exceed one hundred fifteen percent (115%) of the median income, adjusted for family size, of the county of standard metropolitan statistical area at the time of the initial purchase contract; (ii) Who has not owned a home for three (3) years prior to initial occupancy; and (iii) Who will occupy the housing unit as the family's principal residence; (C) In the case of rental units, the cost to the occupant shall be considered the amount of the gross rent; and (D) For purposes of owner-occupied units, the Arkansas Developm

Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-1302

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 15-5-1302. This identifies an authority to review, not proof of applicability.

Arkansas Code — all titles (historical 2020) · legal_authorities

15-5-1304. Tax credits authorized — Amount allowed annually — Exceeded when — Upper limits set — Carryover permitted.

15-5-1304. Tax credits authorized — Amount allowed annually — Exceeded when — Upper limits set — Carryover permitted. (a)(1) For proposals approved under § 15-5-1303, the amount of the tax credit shall not exceed thirty percent (30%) of the total amount invested in affordable housing assistance activities by a business firm. (2) Any tax credit not used in the period for which the credit was approved may be carried forward to any of the five (5) subsequent taxable years until the full credit has been allowed. (3) The total amount of tax credits granted for programs approved under § 15-5-1303 shall not exceed seven hundred fifty thousand dollars ($750,000) in any taxable year. (4) For taxable year 1997, at least one-half (½) of the tax credits shall be designated by the Arkansas Development Finance Authority to the affordable housing assistance activities in counties declared disaster areas by the Governor. (b)(1) For any year during the compliance period indicated in the land-use restriction agreement, the owner of the rental affordable housing units for which a credit is being claimed shall certify to the authority that all tenants renting claimed affordable housing units are income-eligible for the affordable housing units and that the rentals for each claimed affordable housing unit are affordable in compliance with the provisions of § 15-5-1302. (2) The authority is authorized, in its discretion, to audit the records and the accounts of the owner to verify the certification. (c)(1) In the case of owner-occupied affordable housing units, the qualifying owner-occupant, before the end of the first year in which credits are claimed, shall certify to the authority that the occupant is income eligible during the preceding two (2) years and at the time of the

Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-1304

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 15-5-1304. This identifies an authority to review, not proof of applicability.