1. (a)

   1. (1) The Arkansas Development Finance Authority multi-family housing application (MFHA) shall set forth all other requirements, instructions, clarifications, and definitions for the year in which the application for LIHTC is submitted.
   2. (2) The MFHA and all other documents necessary for a complete application are available at the authority’s website, https://adfa.arkansas.gov/.
   3. (3) The terms and conditions of the MFHA will be incorporated into the carryover allocation documentation.
   4. (4) The MFHA will be used at final cost certification to ensure continued compliance with all requirements for the development.

2. (b)

   1. (1) Any material change to the original application, and all subsequent material changes, shall be submitted to the authority in writing at least thirty (30) days prior to the desired effective date of the change.
   2. (2) All changes shall be reviewed and approved by the authority’s multi-family housing staff, the authority’s Board Housing Review Committee, and/or the Board of Directors of the Arkansas Development Finance Authority, as appropriate.
   3. (3) Any change to the original application made without approval from the authority will be null and void and may result in remedial action by the authority, including, but not limited to, penalties on future applications or suspension from the tax credit program in Arkansas for a set period of time.

   4. (4)

      1. (A) A fee of five hundred dollars ($500) per change item submitted shall be submitted to the authority with all change requests.
      2. (B) Five hundred dollars ($500) shall be submitted for all such change requests, including, but not limited to:

3. (i) Change in unit size, configuration, location;

   1. (ii) Requests for approval of change of management company;

      1. (iii) Change in development team; and

         1. (iv) Transfer of ownership interest.

Codification Notes: “LIHTC” means low-income housing tax credit.