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15-5-1304. Tax credits authorized — Amount allowed annually — Exceeded when — Upper limits set — Carryover permitted.
Arkansas Code — all titles (historical 2020) · legal_authorities
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:15-5-1304
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 871232b23ff1d5cc44b015fd6b89d26aff540a5fd8227bf9a546fbf8605268f5
Source location: content.xml paragraph 9153
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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 initial purchase contract, but not thereafter.
(2) The qualifying owner-occupant shall further certify to the authority before the end of the first year in which credits are claimed that during the compliance period indicated in the land-use restriction agreement, the cost of the affordable housing unit to the occupant for the claimed affordable housing unit can reasonably be projected to be in compliance with the provisions of § 15-5-1302.
(3) Any succeeding owner-occupant acquiring the affordable housing unit during the compliance period indicated in the land-use restriction agreement shall make the same certification.
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Arkansas Code — all titles (historical 2020) · legal_authorities
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
15-5-1303. 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 mor
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. The source passage cites 15-5-1303. This identifies an authority to review, not proof of applicability.