15 CAR § 85-103 – Limits on allocation of credits

(a) The Internal Revenue Code requires that the Arkansas Development Finance Authority determine “the [housing credit] dollar amount allocated to the development will not exceed the amount the housing credit agency determines is necessary for the financial feasibility of the development and its viability as a qualified low-income housing development throughout the credit period.”
(b) Housing credits will be limited to the amount the authority, in its sole discretion, deems necessary.
(c) Housing credits are not intended to provide the primary or principal source of financing for a development, but are intended to provide financial incentives sufficient to fill gaps that would otherwise exist in developing affordable rental housing for low-income households.