- (a) The Arkansas Development Finance Authority has as one (1) of its primary purposes the creation and preservation of affordable rental housing for low-income and moderate-income persons.
- (b) The authority has available volume cap for reservation in the issuance of tax-exempt bond authority to provide financing to private developers for the development of multi-family rental housing.
- (c) In return for receiving below market interest rate financing, the developer is required to set aside units in the development for low-income and moderate-income families and persons.
- (d) The reservation of volume cap in the tax-exempt bond multi-family housing program is intended to encourage the creation of new rental housing units as well as the rehabilitation of existing rental units.